V5 Solutions Quick Logbook loans – A potential lifesaver

The longest recession in Britain since records began in 1955 may be coming to an end, but the period of depression is likely to continue for some time. As a result, many people find that they have difficulty in making their wage or salary stretch from one payday to the next, particularly if they run into unexpected expenses, such as home repairs, vets bills and so forth. Selling valuables on an online auction site or pawning them in the High Street may be a way of raising money in an emergency, but a simpler way may be to take out a quick logbookloan from V5 Solutions.

Quick Logbook loans involve borrowing money against a vehicle that you own, but some of the differences between quick Logbook loans and a loan from, say, a traditional bank or building society include the time taken to arrange the loan and for the funds to be paid in to your bank account. Loans from banks or building societies tend to be for larger amounts, perhaps £10,000 or more and (regardless as to whether they are secured on property or not) often take a lot longer to arrange. Not only that, but even when a loan is arranged, unless you are prepared to pay for a courier service or a BACS transfer, there is often a further delay while you wait for a cheque to arrive and to clear.

The Merits of Logbook loans

Logbook loans are fast -Thankfully, V5 Solutions have noticed the shortcomings of traditional borrowing and we have developed same day logbook loans from £300 to £10,000 to cater for clients who need cash for urgent bills or expenses. Essentially, the whole process of applying for fast Logbook loans and receiving your money can be carried out electronically or by cheque. Logbook loans are typically available within 24 hours but we can often complete your loan application within 2 hours.

Applying for logbook loans is easy – Applying for a logbook loan with V5 Solutions is quick and easy. Our sophisticated logbook loan calculator systems will provide you with a no obligation loan quote in less than 2 minutes. Just enter your car details to get started.

Logbook loans and bad credit – At V5 Solutions we understand that you might not have a perfect credit history and we base our lending on your current ability to repay your loan in an affordable and sustainable manner.

Repaying fast logbook loans

As far as repayment is concerned, you are required to specify the date of the week or month on which your logbook loan is to be repaid. The first repayment date for fast logbook loans will usually be within 7 days from the date you sign your credit agreement then every 7 days thereafter for up to 18 months. We provide quick Logbook loans over 18 months to allow manageable repayments. Our quick Logbook loans can also be repaid early at any time saving you additional interest charges.

If you fail to repay the total amount borrowed with V5 Solutions within the agreed time, you are likely to face some additional charges and a higher amount of interest to pay in total. Quick logbook loans are specifically designed to be short-term borrowing, so if you need to borrow money for a longer period , say 5 years, then more longer term loans may be more suitable than quick Logbook loans.

Apply for your quick logbook loan from V5 solutions now and see how much you can borrow today.

Remember to see our Representative Example at the bottom of the page.

Secrets To Using Logbook Loans Well

V5 Solutions logbook loans are a convenient short-term alternative to money lending that is an ideal way to help fund unexpected financial costs that crop up out of the blue.

They are particularly useful for the months where you find you have less money than usual. Perhaps you have dentist costs or a higher electricity bill than usual and you only have a little disposable income remaining in your account. If so, a logbook loan is a great way to help solve that problem.

Applying for quick logbook loans

The application process for our same day logbook loans is extremely straightforward and can be completed in the comfort of your own home or at work as long as you have internet access.

The application for a V5 solutions logbook loan should take no longer than five minutes and this makes it far more convenient than a banks approach. As long as you meet our basic criteria we can quickly and easily grant your a logbook loan which will be paid out in just a few hours.

As bank opening hours are not always convenient for consumers who are at work, traditional loan applications can be very time-consuming, making the time taken to authorise logbook loans far more attractive.

Credit checks for quick cash

When processing applications for logbook loans we do not base our decision on your entire credit history, but we focus on your current ability to repay the loan instead. This is beneficial to people that have a negative credit history which may make them unable to gain a traditional loan from their bank.

The fast process of quick cash loans is a great advantage as individuals may be able to get the cash they need when they need it as opposed to having to wait days or even weeks for approval from banks. V5 Solutions logbook loans are therefore a popular option for those facing financial difficulties.

 APR for logbook loans

All lenders charge interest on loans and our V5 Solutions logbook loan rates are between 9.9-13% per month. Payday loans rates are higher, usually around 25-30% per month. Annual percentage rates (APR) are a way of comparing different lenders but whilst short term loans like logbook loans and payday loan rates have to display their APR, they can be a confusing representation of their service.

It is important therefore to carefully consider all the features and costs of your V5 Solutions logbook loan. You can find out the typical loan repayments of our loans right here. If you have any questions just give us a call or email is and we can help answer any questions you might have about our logbook loans.

Please remember to see our Representative Example at the bottom of the page.

Logbook Loans In Sheffield

We are delighted to let you know that applying for a V5 Solutions logbook loan in Sheffield is now easier than ever! To apply for  a Sheffield logbook loan you can quickly and simply apply right here at www.V5Solutions.co.uk or pop into your local Cash Shop on Fitzplan Square.

All you need to apply for a Sheffield logbook loan with V5 Solutions is:

  1. Be over 18 and own your vehicle outright (no outstanding finance);
  2. Have the V5 logbook (Registration Certificate), MOT and Insurance details;
  3. Have a regular income and evidence to support it (Bank statements and Payslips);
  4. Have Photo ID and proof of address.

You can unlock the cash in your car, van or motorcycle today in Sheffield with V5 Solutions. The loan will be paid out to you immediately after we sign the loan agreements and often just an hour or so of your application. Remember, with V5 Solutions you could borrow up to £5,000 today!
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Please see our Representative Example at the bottom of the page.

How To Avoid Excess Costs & Charges

How To Avoid Costs

How To Avoid Costs

In this article we’ll dispel another myth that logbook loans are excessively expensive and costly and how you can make savings with your loan. We should make it very clear from the outset that logbook loans should only be used for short term borrowings and not for your long-term borrowing needs.  If used in this manner V5 Solutions logbook loans can be a useful and cost effective way to borrow money over a short term.

We’ve already explained the potential costs and charges that could be incurred and these are all easily avoided if you follow these very simple rules.

Paying Promptly

This is the easiest way to ensure you don’t incur any late payment charges. At V5 Solutions we offer you a variety of methods to make your payments quickly and easily, to ensure they are received in good time.

The simplest repayment method is by Standing Order. We can set this up with you at your loan appointment and it is an automatic payment from your bank account to ours on a specific day each week. This will ensure your payments are made on a day or date when you know there will be funds in your account and there will be no risk of you forgetting to make the payment. We can set you up on a Standing Order payment scheme at any time, just give us a call on 01603615191.

We issue each customer with a NatWest payment book to make payments directly into NatWest Bank. This gives you more flexibility as you can pay on any day of the week and it is useful if you have cash on you and are regularly making payments into your bank anyway. You must remember to make the payments each week and it would be a go idea to note this down in your Diary and Calendar.

We also accept Debit Card payments over the phone. However there is a 50p charge for each payment made and we don’t recommend this for your normal weekly payments. We offer the service primarily for customers that might have missed a payment and need to make an urgent payment to us to avoid incurring arrears.

You can also make a secure Debit Card payment to us via the  MyV5 page on our website. There is no charge for these payments and for your convenience you can make them at any time of the day or night. You should remember that your payments should be made in accordance with your loan agreement to ensure you don’t incur any arrears or late payment charges.

 Settle Early

By settling your loan early you can make significant savings on your loan as you will receive a discount on the loan repayments. Our loans are very flexible and you have several options available to settle our loan early. You can settle your loan in full at any time by making a one off early settlement payment. You can contact us at any time and request a settlement figure and the sooner you can settle the agreement the less interest you will pay and the larger the savings are.

 Over paying

You can overpay your logbook loan whenever you have additional money available. This is a great way to settle your loan if you have extra cash available each week or month, but you can’t afford the whole settlement amount in one payment.

Partial Early Settlements

This is an efficient way that allows you to settle your loan by making partial early settlements. It is best used by over paying your loan account with regular or one off over-payments. To really benefit from making these over-payments you must ensure that your loan account is up to date at all times.

Voluntary Surrender

If you are experiencing extreme financial difficulties you may wish to consider surrendering the vehicle to us. We will sell the vehicle and settle the account for you and any excess monies raised will be paid back to you. This avoids incurring any late payment and repossession charges. You must ensure the vehicle is in good condition to avoid incurring repair fees to make the vehicle sell-able.

Keep In Contact

If you encounter any financial difficulties during your loan term that might affect the loan repayments you should contact us as soon as possible and let us know. We will work with you to ensure you don’t incur unnecessary costs or charges while ensuring you make affordable repayments on your loan agreement. You can contact us by email or phone 6 days per week and we will do our best to work with you.

It is crucially important that you maintain any payment arrangements that we agree with you and if you are unable to maintain these payments you should contact us as soon as possible.

Address & Contact Details

As our agreements can be 18 months or longer in duration, there is a chance that you might move address or change your contact numbers during that time. As with all your other Utilities you should update us as well. If we have to send you payment reminders and these are not received, because you have not informed us that you have moved, then you may incur unnecessary charges and fees for tracing you. You can update us with your new address details by calling us on 01603615191.

Remember our V5 Solutions logbook loans should be used responsibly for your short term borrowing needs and you can make significant savings if you are able to settle your logbook loan early.

Logbook Loans vs Payday Loans

Female with cashThe downturn in the economy and the bank’s reluctance to lend to individuals has left many people with damaged credit files. This has led many people to seek alternative lenders offering credit to people with credit problems in the form of short-term loans, two of the most popular being logbook loans and payday loans.

These loans have risen in popularity predominantly over the past 5 or so years because applications are not subject to stringent credit checks and so have high acceptance rates for being approved a loan.  There are some exceptions though. You will not be eligible for either if you are:

  • Bankrupt;
  • In an IVA;
  • In a Debt Management Plan.

Although these loans have very high interest rates they are available to almost everyone and so may be helpful if used as a short term solution to any financial problems you may be having.

So, if you are in the market for an alternative loan, are you better off taking out a payday loan or a logbook loan?

Payday and logbook loans each have their own distinct advantages and disadvantages which are discussed below.

The main advantage of both payday loans and logbook loans is their convenience and the speed at which they are processed. Most alternative lenders operate online and so decisions and payouts are generally processed instantly. Payday loans are probably the more accessible of the two as they are unsecured and so do not require any sort of collateral/security with which to secure the loan as with a logbook loan.

Logbook loans are strictly for vehicle owners and in order to be accepted, you need to own a vehicle and be in possession of the V5 Registration Certificate, also called the logbook. In addition to owning the vehicle, it must be free of finance and you must have a regular income each month to prove to the lender that you can afford the loan repayments. This is the lenders commitment to Responsible Lending and can usually be seen by their Consumer Credit Trade Association Membership details on their website. This is an encouraging sign that the lenders are being more mindful of their customers and ensuring that they do not get into unmanageable debts and risk their vehicles.

In the case of logbook loans, as the loan is secured against your vehicle you can often expect higher borrowing limits compared to payday loans. The amount that you can borrow is dependant upon the value of your car and so if your car is worth less than around £500 then a payday loan may be a better option as no logbook loan lenders will offer loans on vehicles of this value. However if you have a high value vehicle you could easily borrow in excess of £3000, and up to £50,000 in some cases, depending on your income and loan affordability. No payday lender will offer these loans values.

Although both products are convenient, one major disadvantage is that they have high annual percentage rates (APR) and so should never be considered as a long term solution to debt problems. As logbook loans are secured on your vehicle it could be recovered if you are unable to maintain the loan repayments. This could adversely impact on your life and work so you must proceed carefully and ensure you can afford the loan repayments before committing to the loan.

Payday loans differ from logbook loans in their repayments. Logbook loans are typically instalment loans whereas payday loans are often single payment loans. A logbook loan will typically be over 18, 24 or 36 months while a payday loan is a 1 month loan. It is often easier and more manageable to repay a small amount each week or month in the case of a logbook loan, rather than the whole amount plus interest in one payment in the case of a payday loan.

Overall, both logbook loans and payday loans are a useful product for anyone that has an urgent need for a short term loan, particularly anyone with a poor credit history and unable to borrow from their bank. It is important that you determine exactly how much you need to borrow and work out which loan is best for you. But remember, these loans are only short term and are likely to add to any long term debt problems if not used correctly.

Please see our Representative Example at the bottom of the page.

V5 Solutions Logbook Loan Costs

Signing Loan Agreement

Signing Loan Agreement

In addition to the normal loan repayment costs, which you can see on our How Our Loans Work page, there are some additional costs that a client may incur during the term of their loan with us. We must stress that this are not mandatory costs and they are easily avoided as long as you maintain the regular repayments as required.

Late Payment Fees – £12

When you take out a V5 Solutions logbook loan, or any loan for that matter, you will be required to make your loan repayments in accordance with your loan agreement. Our loans are all structured for weekly repayment and we have numerous simple and easy methods for you to make the payment to us. In some exceptional circumstances we allow clients to make their loan repayments on a monthly basis but these payments must be in advance to ensure your loan account is never in arrears.

Your first weekly loan repayment should be paid 7 days after your loan is signed. If your payment is not received on this date then we will make several attempts to contact you by phone and email to establish why the payment was not made and to urge you to make the payment immediately by Debit Card or directly into our bank with the supplied NatWest payment book. If your payment is not received by the time your second instalment is due then you will be sent a late payment letter and you will incur the £12 late payment fee.

If your account is in arrears and you make up all the missed payments and set up a regular Standing Order for the remainder of the loan term then we will remove the late payment fees you have incurred during the course of those arrears.

We will continue to make attempts to contact you if your account remains unpaid (and in arrears) to establish the loan repayments. If we are unable to contact you and collect your contractual loan repayments then your account will continue to incur late payment fees with each missed payment. After 21 days of non payment you will be served with a Default Notice in accordance with the Consumer Credit Act 1974. You will now be required to settle all the outstanding arrears in full within 14 days or the account will be Terminated and you will be required to settle the account in full.

Telephone Call Costs – £12

If your account is unpaid and in arrears we will make numerous attempts to contact you to establish contact and collect payment from you. If despite all our attempts we are unable to contact you and collect payment then you will incur a £12 charge on your loan account.  If we manage to contact you and collect payment then you will not be charged the £12 fee. You will only incur one charge per week.

Vehicle Recovery Costs

If your account remains unpaid and we are unable to collect any repayments from you, or come to an arrangement to collect reasonable payments from you, then your vehicle will be recovered. Please note that V5 Solutions only undertakes the recovery of vehicles as a last resort after all other attempts have failed. The cost of recovering a vehicle starts at £288 and could be higher depending on the vehicle and its circumstances.

Following the recovery and sale of the vehicle you will be liable for any resulting shortfalls. You will also receive any excess monies raised from the sale of the vehicle.

It is imperative therefore that you maintain your loan repayments for the duration of the loan agreement. If you are unfortunate enough to encounter some financial difficulties during the term of the loan you should contact us as soon as you can and let us know. We will always do our utmost to work with you to ensure we can collect reasonable repayments and ensure your retain the vehicle so you can continue to get to and from work.

Please see our Representative Example at the bottom of the page

V5 Solutions loan values

We take our business very seriously so we use the most robust industry standard data when working out how much we can lend you. There’s no guessing involved here!

What determines a vehicles value? Principally it is the vehicle’s make, model, age and mileage. Vehicles devalue over time and with increasing mileage. Some also devalue faster than others. Typically the vehicle should be less than 8 years old though some vehicles will hold their value better than others. For example, a VW Golf will hold its value better than a Ford Focus say, which will hold its value better than a Daewoo Nubira. Our simple online loan valuation systems will work this all out in the blink of an eye for us.

Our systems determine, in an instant, the details of your vehicle and then how much we can lend you. The value of the vehicle determines the upper limits we can lend and the borrower determines the lower limit. In most cases this is between the limits of £400 and £50,000. So for example if a vehicle is valued at £2100, we can usually offer between £400 and £1500.

We are a responsible,customer focused company and we always aim to offer our clients the most affordable loan to suit their circumstances. It isn’t uncommon for us to offer a client £400 against a £5,000 vehicle if £400 is all they wanted or all that they could comfortably afford to repay. It is not in our interest, or yours, to overcommit yourself.

For a responsible logbook loan look no further than V5 Solutions. Apply Now and see how much you can borrow on your vehicle.

Please see our Representative Example at the bottom of the page.