Using Your Car For Money During COVID-19

There are many different options available for individuals who need to borrow money nowadays and debt discharge is one of it. From payday loans to bank loans, the options are well and truly endless. Nevertheless one of the most popular forms of lending at the moment is definitely a logbook loan. In this post, you will get all of the information you require regarding logbooks loans, i.e. the benefits, the eligibility criteria, and more. So, keep on reading to find out more…

How Debt Discharge Can Help You During COVID-19? First and foremost, let’s begin by revealing who can apply for this type of loan. Of course, you will need to be over the age of 18 years old and you will have to hold a full driving license. Aside from this, you must prove that the car you are securing the loan against has been paid for in full and that the insurance, MOT, and alike are up to date. Moreover, one of the most important things to prove is that you have the ability to meet the monthly repayments. The lender needs to know that you are a credible person to lend money to. Therefore, income slips or similar documentation will be required. If you have already taken out a number of loans, this may not be the right route to go down. Instead, look into DTSS Debt Discharge to get onto the path to financial freedom.

So, how much money can you borrow and how long can you expect to wait for your loan to be approved? Unfortunately, there are no definitive answers to these questions. In general, most lenders will give you the option to borrow up to 70 per cent of your vehicle’s current value. However, you don’t need to borrow the full 70 per cent, you can opt for less. When it comes to the application process, every application is different, and so it is impossible to say how long it will take for yours to be approved or indeed rejected. However, once your loan has been approved you will find most companies deposit the money in your bank the same day. 

There are many benefits associated with this type of loan. A lot of people prefer it because it is much more flexible than a payday loan. You will have longer to pay the money back and you will generally be able to borrow a greater amount. In addition to this, wide arrays of applicants are considered. As mentioned earlier, the main thing you need to prove is that you have the ability to make the repayments. Therefore, individuals with bad credit histories or no history at all are often considered. So, don’t rule out your chances. At the same time, you need to be responsible and ensure that this is right for your situation.

Last but not least, it is important to know that the only way you will lose access to your vehicle is if you fall to make the monthly repayments you have agreed to. The only thing you need to hand over to begin with is your vehicle’s V5 logbook. However, if you do not honour the terms and conditions of your loan contract, the lender has the right to seize your vehicle. So, don’t falter on your payments!