Is there such a thing as guaranteed logbook loan approval?
In the grand scheme of things, there is indeed no guarantee about anything. You are not guaranteed of unconditional love from your spouse, not guaranteed of job security in the ever dynamic job market, not guaranteed of your existence tomorrow and so on and so forth. In other words, we simply hope for the best and prepare for the worst. How then do we reconcile the idea of guaranteed phone contracts or guaranteed logbook loans knowing so well that everything is based on chance? By the way, is there such a thing as guaranteed logbook loan approval?
If you scour the internet, you will notice that there are scores of logbook loan providers that promise you guarantee on about everything. It’s like all you need to do is simply walk into a logbook loan lenders office and walk away with the cash you need. Is there such a probability? Does the word guarantee really mean guarantee? Well, I like to think that the word “guarantee” is in most cases loosely used as a PR gimmick. We can, in no uncertain terms, say that it’s used to feed on the desperation of those with a poor credit rating.
To say, that there are no strings attached when it comes to logbook loans, is to simply lie to ourselves. The reality of the matter is that logbook loans are not offered blankly. There are indeed a number of requirements you need to meet before you can be considered for one. While you are guaranteed of approval even if you have bad credit, it would be foolhardy to believe that the same will apply especially if you are not a citizen of the UK or if your car is unroadworthy.
Simply put, there is a catch and the word “guarantee” is mostly used to generate interest. That said, we can say that as compared to other loan facilities, UK individuals with a poor credit rating have the guarantee or rather a high rate of approval for logbook loans as compared to loans offered by high street banks. You can only be guaranteed of logbook loan approval if you meet all the set requirements, documents as well as rules. For example, you must be a UK citizen of 18 years and over, you must be employed be it part time or full time, you must be residing within the greater UK and you must be in possession of a car that is legally registered in your own name.
As such, if your car is in poor shape or has been on the road for more than 10 years, you cannot be guaranteed of approval. Secondly, if you apply for a loan amount that your monthly salary cannot support, be sure that a logbook loan lender will not approve your application. With that said, I leave it to you to deduce whether there is such a thing as guaranteed logbook loan applications. That notwithstanding, what we can all agree about is the fact that logbook loans have indeed changed the lives of many people with a poor credit rating!