A logbook loan is a loan secured by your vehicle's logbook. Loans of up to £25,000 are available, but your automobile must be free of finance and you must be at least 18 years old and the legal owner of the vehicle to apply.
Although this form of loan is available regardless of credit background, the interest rate charged is typically fairly high. You can also apply for an online loan through various websites like afinu.de.
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A personal loan is an unsecured loan that is only offered to those who have a strong credit history and can be used for amounts up to £15,000 for durations of up to 10 years, though most lenders will only lend for up to 5 years.
Debt Consolidation Loans
A debt consolidation loan is a loan that is used to combine all of your loans, credit card debts, and store card obligations into a single loan in order to lower your monthly payments. It can be secured or unsecured.
A debt consolidation loan, when used appropriately, can help you lower your monthly payments and get your finances back on track.
However, if you take out a consolidation loan, you should always destroy your credit and store cards so that you don't start accruing debts again. Failure to do so can frequently put you in a worse condition than you were before.