Welcome to Shellfish Loans
There is nothing as soul shattering as having no access to money when you need it most. That feeling of pure desperation as the panic sets in. What will you do? How will you get by?
Now amplify this feeling ten times, especially if you need the money for other members of your family. Perhaps it’s for your children’s education? Or perhaps your aged parent needs special medical care that you just cannot afford.
This is something people with poor credit ratings experience every day in the United Kingdom. Their past financial mistakes mean that normal borrowing methods are beyond them. A high-street financial institution such as a bank wants nothing to do with people who suffer from bad credit ratings. They are seen as a risk, especially as they have defaulted on credit payments before, be it on a loan, a car repayment, their mortgage or even a simple credit card repayment.
But luckily, for this ever growing group of residents of the United Kingdom HOPE is at hand. There are a number of loan products specifically aimed at people with bad credit ratings, those who have been blacklisted and even those who have been declared bankrupt.
If you own a vehicle, a logbook loan is just the credit product you have been looking for
A logbook loan? You may have never heard of a credit product called a logbook or V5 loan. Simply put, if you have a bad credit rating but own a vehicle, you can still lend money from lenders offering this loan product.
The key here is your vehicle. It acts as a form of security for the lender. Of course, it cannot be any old beat up jalopy. The car needs to be in excellent condition and not on the road for more than ten years.
There are some exceptions to this. For example, we might consider some classic models or sports cars that are older than 10 years. This is totally at the digression of the loan provider and when it comes to our requirements, we will consider these vehicles, as long as they are in pristine condition.
What do you need to secure a logbook loan?
Well, of course your vehicle is the most important thing but there are a number of other documents that we will require to not only process a loan application for you but also to check what you can actually afford in terms of repayments. For this reason, we take a number of things into account. These most importantly include your monthly income and your monthly expenditure.
For this, you should provide us with both your monthly payslip for the last three months as well as your bank statements for the same period. You can send this to us in advance to help speed up the application process (something that is fairly speedy as it is). We will also need a copy of your identification document, driver’s license or passport as well as a letter from your landlord (if you rent) or your bank (if you own your home) for proof of residence purposes.
Your car will need to be assessed by our experts to determine the amount we will give you for a loan. You can either bring it to our offices or alternatively, we can assess it at your home. To speed up the process, we suggest you bring it to us.
Perhaps one of the most important things to note about your vehicle is that you must be the owner. It cannot belong to your wife, friend, parent or sibling. You must also take out full and comprehensive insurance on the vehicle so as to ensure that it is protected for the duration of the loan?
Why is this necessary? Well, the vehicle is still in use with you on a daily basis. In this time it might be involved in an accident, stolen or damaged by extreme weather conditions. A comprehensive insurance will help to protect our investment.
There are a few other documents that we need should you wish to apply for a logbook loan. These include the vehicle’s latest MOT certificate as well as any tax papers that pertain to it. We will keep the V5 document or the vehicle logbook as it is more commonly known. In turn, you will sign a bill of sale which will be kept by both parties.
How much will the loan be worth?
It is important to understand that the loan amount is based on a number of factors. Firstly, it will never be more than 50% of the value of your vehicle. Secondly, our logbook loans are between 250 to 50 000 pounds. Finally, even if your car’s condition would allow a loan of 50 000 pounds, we have to take into account how much you can realistically repay every month. There is no point in us giving you a massive loan but that you struggle to repay it from the first month. Our staff will take all of this into account before offering you the loan contract to sign.
We have helped over 99% of the people who have approached us for a logbook loan. In fact, the only reason why you won’t stand to get a loan from us is because you either are not a citizen of the United Kingdom or you are not 18 years old.
If you require any further information, click here.