Are You a Good Candidate for a V5 Loan?

If you want to benefit financially from logbook loans, you first need to make sure that you are the right fit for them. The biggest reason why someone decides to try this type of short-term, secured loan is when they need the money on their account within 24 hours and they don't have the most pristine credit score.

Logbook loans are only available in United Kingdom and, depending from one logbook loaner to another, not even in all countries. Some of them, for instance, only operate within England, or even within a single city, such as London. Because of this, you should first make an inquiry whether the lender you chose works in your region before you do any borrowing from them.

The loan is, of course, only available to a person who turned 18 or is older. That person, in addition to the age requirement, also needs to be employed (the latest paycheck will serve as proof of income) and needs to have a bank account (where the money can be deposited).

However, the biggest requirement when it comes to these loans is that the borrower has to own a car registered to his or her name. This, however, can't be any old vehicle, so you can't take out the old Mini Morris from the garage and hope someone gives you a nice sum for it. Although they can differ in this, all lending companies require that the car is at most 10 years old, give or take a year or two. Also, the car should be in, at least relatively good condition (drivable, that is), with no outstanding finances on it (no loans attached). Finally, all taxes and penalties pertaining to the car should be paid before applying for the loan.

So, to sum it up. If you live in Great Britain, have 18 or more years, are employed, have a bank account and own a well-maintained 10 year-or-less year old car and want to get a quick loan secured on it, then yes, you are indeed a good candidate for a V5 loan.