A logbook loan is a secured loan with the promptness of approval of an unsecured loan. Since there is no property to value in case of unsecured loans, they are approved faster than secured loans. However, unsecured loans are an expensive financial option. Logbook loans arranged by Chance For Loans combine the advantages of secured as well as unsecured loans.

Logbook loans are secured against the logbook of your vehicle. Logbook in legal parlance is the registration form V5. A logbook has entries regarding the current registration mark, VIN number or the chassis number, and details about the registered keeper of the logbook. The logbook loan requires you to keep the logbook with the lender until the loan amount has been repaid in full.

Chance For Loans sees that you get fast approval on your logbook loan. Service is offered immediately on the day of the application. This is a distinctive feature of logbook loans. Service is offered the same day.

The money through the logbook loan is also received the same day as application. The application for logbook loans has been made easier. You may apply through the online application form, mentioning the details of the loan and the details of the car that is being kept collateral. This is a small application form, and within a few minutes, the application for a logbook loan is ready to be processed for approval.

At Chance For Loans, bad credit history is given little credence. Logbook loans, in general, are given less consideration when deciding eligibility. Borrowers with bad credit history find it more convenient to get logbook loans. Logbook loans entail no credit check. Thus, borrowers who have been refused the regular loans can easily resort to logbook loans.

You must fulfil certain criteria to be eligible for a logbook loan:

• The vehicle must not be more than 8 years old.
• All finance taken against the vehicle must be cleared where vehicle ownership has already been pawned for other loans.
• Taxes and insurance due on the vehicle must be paid in full before the vehicle logbook is pledged for a logbook loan.
• The vehicle must have passed the MOT test to be eligible for a logbook loan. Every British vehicle has to undergo a test every 3 years to ensure that it is safe to ride.
• The logbook-loan borrower must have a regular income.
• The logbook must be in the name of the borrower.

Chance For Loans can arrange logbook loans even when certain prerequisites have not been met. A logbook loan quote gives you a better idea of the terms at which the loan will be rendered.