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Loans from £500 - £100KNo logbook or credit check requiredCash in 1 hourNo set up feesSettle early penalty free

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Representative APR 147.5%

Representative Example:

If you borrow £1,000 over 18 months at a flat rate of 60% per annum [fixed] with a Representative 147.5% APR you will make 18 monthly payments of £105.56, making a total amount repayable of £1,900.00. The total charge for credit is £900.00. Your car is at risk if you fail to keep up repayments.

Loan repayment length from 18 to 60 months. The maximum APR is 389.1%.

The loan on your car will be subject to affordability, suitability and the provision of a final assessment of income and expenditure.

No Guarantor Logbook Loans

When you need to borrow money, your options can be limited.

Applying for a bank loan isn’t always possible, and if your credit card is maxed out - what options do you have left?

This is where no guarantor loans can come in handy. A no guarantor loan could help you borrow against the value of your car, keeping your finances simple and without having to rely on anyone else to get the funds you need.

Whether you’re short of money for an emergency, or you have a big purchase you’d like to make, you never know when a fast loan is needed. Finding an easy, safe solution can help you get the money you need when you need it.

But what is a no guarantor loan and is it the right move for you? Find out more about no guarantor loans and how LoanOnYourCar could help you get the loan you need.

What is a non guarantor loan?

A no guarantor loan is a type of loan that allows the borrower to loan money without the need for a guarantor. This could be because the borrower has bad credit or circumstances that prevent them from applying for other kinds of loans. While a guarantor loan will involve having someone else become a part of your application, a loan with no guarantor means you can apply for your loan individually, helping to keep your finances private.

Typical loans for people with bad credit require a guarantor in order to protect the lender should the borrower be unable to pay. Having a guarantor was a simple way for a borrower to secure a short-term loan, especially for those with bad credit. Today, more and more lenders are embracing no guarantor loans to be able to provide flexible, suitable credit options for those needing a short-term loan.

Vehicle Equity Release loans are a type of no guarantor loan that could help you get the money you need by taking out a loan on your car.

What is a logbook loan?

One of the most common types of no guarantor loans is a logbook loan. A logbook loan works as a loan that is secured on your vehicle, meaning that the company you’re lending from owns your vehicle until you pay it back. It’s called a logbook loan because it involves handing over your logbook and spare keys to provide your lender with security.

If you think of a logbook loan like a mortgage, the lender simply owns your vehicle while you pay them back. You still get to drive it, but legally it belongs to someone else if you can’t make the repayments. This can be a risky type of loan and could mean you lose your vehicle if you don’t keep up with your repayments. Many people need their cars for work and to get around on a daily basis, making losing it not an option.

Most of us like to keep our financial situations private, and a no guarantor logbook loan is great for helping you borrow money quickly without involving anyone else. However, there are some risks that come with a logbook loan that can affect your credit score and could leave you without a vehicle if it’s repossessed. Only when the last repayment has been made on your loan does it become yours again.

Logbook loans also have a high-interest rate and can range from 200% to 500% APR. These are high figures, especially for someone who’s finances are already stretched. With an APR rate that high, you could end up paying back significantly more than you borrowed.

What is Vehicle Equity Release?

Vehicle Equity Release is another type of fast loan that lets you borrow against the value of your car. It is a quick alternative to a logbook loan and can mean same-day payments in some cases. Forms are completed and signed online and you could get your payment in minutes if your application is successful.

Vehicle Equity Release loans are a great alternative to logbook loans and come with a number of benefits. They can be completed electronically, which allows you to receive a decision and payment quickly. There’s no need to hand over your keys or logbook, making it a much smoother process for when you need cash in a hurry.

The agreement is set out as a regulated ‘Hire of Purchase agreement’, which allows you to borrow up to 70% of the value of your car. Legislation offers better protection for Vehicle Equity Release than a logbook loan, giving you peace of mind when borrowing money against your car.

Vehicle Equity Release is a no credit check loan, allowing you to protect your credit score while also applying for a loan without a guarantor. With no credit checks and no hassle, you could borrow the money you need in no time.

Not only that, but Vehicle Equity Release can provide lower interest rates than a logbook loan. With lower repayments and no early repayment penalties, you could pay off your Vehicle Equity Release Loan in no time.

Borrow Against Your Car

About LoanOnYourCar

LoanOnYourCar offers the perfect solution for those looking to borrow money in a hurry. We’re a lender that specialises in Vehicle Equity Release to provide customers with a flexible, safer alternative to logbook loans.

We have over 35 years of experience in the financial services industry and pride ourselves on always treating our customers fairly. Taking a loan out on your car is a big decision, and we want to help you as much as possible.

At LoanOnYourCar we are able to offer a lower representative APR than our competitors, meaning you could borrow with a 147.5% APR, making your repayments much more affordable than with a logbook loan.

It’s easy to apply for your loan, you can do so online 24 hours a day, seven days a week and receive your payment quickly. Whatever you need your loan for, we can help at LoanOnYourCar.

We provide fair prices, no hidden charges and fees and exceptional customer service to make sure you and your vehicle are in safe hands. We have an excellent 5-star TrustPilot rating, and our customers love the service we provide.

Do you carry out credit checks?

One of the most off-putting things about taking out a loan is the credit check. Not only can making an application affect your score but making multiple credit applications can take a long time to clear - and have a further impact on your chances of being accepted.

Finding no credit check loans is ideal for those with bad credit or those who want to keep their score clear. A bad credit loan with affordable interest isn’t always easy to find, but you could be in luck with Vehicle Equity Release. Allowing you to borrow against your car, Vehicle Equity Release could be the ideal short-term lending solution for you.

Vehicle Equity Release is a no credit check loan, meaning you can apply and get accepted without any impact on your credit rating. A no guarantor, no credit check loan can be a simple, suitable solution for those who need to borrow money but can’t necessarily take advantage of traditional borrowing routes. It gives you peace of mind and makes the application process much easier and quicker.

It’s important to note that while we don’t carry out credit checks, not everyone with poor credit history guaranteed a loan. Our decision is based on an affordability assessment which helps us lend responsibly. This assessment can take place in minutes, helping you get your decision quickly.

No guarantor loans are becoming more popular, and while logbook loans are suitable for some people, a logbook loan could be a better option based on your circumstances. As a regulated form of loan, your rights are better protected, and you’ll have the benefit of dealing with a fair and experienced lender.

Loans based on affordability can be a simple way to manage your borrowing, making sure you don’t borrow more than you can afford. As you can pay off your Vehicle Equity Release at any time without penalty, you could find that you’re in a position to pay off your loan much sooner than you thought.

Getting help and further information

Finances and loans can be confusing, which is why at LoanOnYourCar, we can help you out. We can answer all of you questions about Vehicle Equity Release and help you work out if it's the right decision for you. With a number of ways to get in touch, you can get an answer to you question quickly.

Out team are ready to help you out and give you the advice you need to help you choose the right loan for you. We can also help you after your loan has been issued, helping to answer repayment queries or help you pay off your loan quicker.

Want to know more about Vehicle Equity Release loans? Speak to one of our friendly team today to find out about from LoanOnYourCar.

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