Bad Credit Logbook Loans?
We may still be able to provide a Bad Credit Logbook Loan.
We fully appreciate that many borrowers may have previous poor credit history which is making it very difficult and expensive in obtaining a loan. However, at NewLogbookLoans.com we believe that a poor credit rating need not prevent you from applying for a loan and that a poor credit history can be turned around.
We will review each application on a case by case basis
With every Logbook Loan application, the first thing we consider is the value of the vehicle as This will enable NewLogbookLoans.com to take a more flexible approach when approving the loan. Then we review the monthly repayments to ensure they are affordable and manageable in line with the borrowers’ current monthly financial commitments. Then as part of our application process we will always undertake a soft credit check.
What is a credit score?
The credit score is a point system made up of the borrower’s financial history. This score is used to tell us if the borrower is eligible for a loan or credit. The credit score is calculated using information based on all recent credit and utilities applications made from current or previous addresses, all previous debt history, including any County Court Judgements (CCJs), Individual Voluntary Arrangements (IVAs) or bankruptcies. It also shows how the borrower has maintained repayments to their credit cards, store cards, loans and mortgage.
Its not just your credit score that matters?
A credit score isn’t the only thing that we look at when reviewing the loan application. We want to build a profile and use different criteria to decide to build a profile of the borrower. We will also review existing credit, current, financial commitments, and employment status which gives us an indication of the borrower’s ability to repay the loan.
We will never discriminate against people who have had bad or poor credit issues in the past. Our decision will be based upon the results of the check and balance this with the future potential for the borrower to honour the loan commitment.
When we review the credit report, we will consider CCJ’s and debt management plan depending on individual circumstances and on a case by case basis.
Please note: We will be unable to provide any credit for Individual Voluntary Arrangement [IVA] or bankruptcy.
A new Logbook Loan could boost your credit score?
It vital important to remember that making loan repayments on a new Logbook Loan on time, shows positive credit intent, and this can help repair the borrowers credit rating making it easier to obtain credit in the future.