2014 Lender Lists:
No Bank Account Loans and Self-Employed Loans
So just who enables no bank account loans and self-employed loans today? This includes a range of companies competing in the logbook loan sector. Several firms studied here all make a clear reference that either of these scenarios are accepted. All that they ask is that you can show to them that you can afford to make the repayments and you must have a car that qualifies for inclusion. This would usually be a car aged less than 10 years old that must also be clear or almost clear of finance. If you can tick these boxes then an agent may be sent out within hours that could lead to same day funding.
The available funds would typically be limited to 70% of the value of the vehicle. Poor credit including CCJs and defaults are often not an issue and some lenders don’t even run credit checks. Using a logbook lender is currently the only way that you can receive a no bank account loan. Several lenders that we have introduced state that the majority of their client base is in fact self-employed that also covers the employment angle. Whilst many banks, mainstream and even subprime lenders may decline applications, why is it that the V5 companies are so lenient? This is due to the legal powers that you grant them.
This means that they will be able to recover your vehicle should you happen to get into any payment difficulties when repaying them back. In the payday industry, these companies tend to give up quickly on defaults and they just sell the accounts on to debt collection agencies for a much lower price, but it works much differently here. The logbook costs are fairly reasonable, although you would expect them to be much lower, since you receive much lower rates in the guarantor sector where they use a similar security backup model. You can view our Logbook Lenders List if you wish to learn more about the current active companies.