HOW IT WORKS
Using the Active Loans website to get a logbook loan is fast and simple. It will take you a few minutes to complete the process. What is more is that you receive fast response from the company regarding your free quote or application. When compared to Rocket Cash, our services are of superior standing. What you need to do is get started in the process
For an applicant, it all starts by filling out the simple free quote form. This will only take a few seconds. The form requires the applicant to fill their contact details as well as information regarding the vehicle used as security. Submission of this form offers Active Loans staff the opportunity to review the details and match your needs to a lender who is suitable for you. This is usually accomplished within a few minutes. When completed, one of our staff will call you with a free quote and essential advice regarding the loan you require.
The second phase is quite simple and solely relies on the applicants circumstances. Depending on your time and availability, a meeting is arranged for you to communicate with the lender. This is usually arranged for a convenient place mutually agreed upon. At this meeting, you are required to have your logbook, proof of identity, proof of address, proof of income, and insurance documentations. These will be checked by the lender to ensure they are authentic. The vehicle is also essential as it will be valued. The valuation will determine your logbook loan borrowing limit. The repayment will be agreed upon at this time and a schedule set for the loan’s payment.
During the meeting, the aim is to reach an agreement. When this has been attained, loan offer documentations are usually signed. With this handled, the borrower is free to drive away the car along with the cash loan. This should take approximately an hour.
The repayment period is a time that should not be forgotten. After the loan has been issued, the lender expects to get the money paid back as agreed upon. The repayment period, installment and frequency usually depends on the agreement reached during the third phase. The borrower is expected to pay back the loan as outlined. After completion of payment, the borrower gets back their logbook and remains without an obligation to the lender. However, during the repayment, failure to repay the loan as agreed is means trouble. The lender may choose to repossess the car and sell it to get the value of the money lent to the borrower if one is not able to pay back the loan as agreed.
Logbook loans by Active Loans have simple eligibility terms. These include:
- Applicant must be a legal car owner
- Applicant must be at least 18 years of age
- Applicant must be England or Wales resident
- Applicant must be employed or have a steady income source