Welcome to Field Loans
Do you have a financial emergency but have no way of securing cash to help you in your current predicament?
Is bad debt holding you back from securing a loan product or even a credit card from a regular financial institution?
Do you lie awake at night wondering how you are going to afford that life changing medical procedure that one of your children so desperately needs?
Or do you have some other emergency that means you need cash in a hurry, yet you cannot seem to secure it?
At Field Loans, no matter what the financial situation you find yourself in, we not only want to help you, but we CAN help you. We understand your frustration – the need for money in a hurry but facing rejection after rejection from banks and other regular financial institutions. You see, they take your credit rating into account, something we simply do not care about.
We offer a range of loan products but perhaps our most popular are those taken by members of the public who have their own vehicle. This is called a logbook loan. Let’s take a closer look at what it entails.
Logbook loans – using your vehicle as collateral for cash!
The idea behind a logbook loan is so simple. If you have a vehicle that you own, is paid off and comprehensively insured, you can use it to help you secure a loan. And the great news is that it not only needs to be a car – it could be a truck, lorry, caravan or motorcycle of less than ten years old and in a roadworthy condition.
Of course, the condition of your vehicle goes a long way in determining how big a loan you can receive and so it needs to be in sound condition, both physically and mechanically. The range of the loan that can be secured with your vehicle acting as collateral is £200 to £50 000.
Sounds easy enough right?
It really is but there are some important aspects that you need to factor in when applying for a logbook loan. Should you be approved for such a loan, your vehicle’s V5 document or logbook is then given to us as a lender. Effectively, for the duration of the loan, we own your vehicle.
Why do we do this? Well, your vehicle is our security should you choose not to pay your loan and default on installments for a few months in a row. Believe us when we say, we do not want to repossess your vehicle and sell it to cover our costs of the loan but faced with a situation where we have to, we will. That said, we give you every opportunity to make up for any missed payments and should you be struggling financially and can’t see a way to make a payment for a certain month, we encourage you to come and talk to us so we can come up with a solution that is beneficial to both parties.
There are a number of ways we can help in this situation with the most obvious being that we allow you to skip a payment for a month where you just can’t possibly make it. We then add it onto your loan at the end. This will add one month to the terms of the loan but more importantly, will not result in you defaulting. Note this can only be done once with every loan you take out with us.
So what do I need to bring to Field loans to secure a logbook loan?
Well, obviously the first thing you need is a motor vehicle of some form. Our assessors will take a look at it and determine how much money we can offer you, based on its overall condition as well as the mileage it has covered in its lifetime. If you have an up to date service history, make sure you bring it along as well. Note, the vehicle cannot be older than ten years, unless it is a sports car of some kind.
Once we have determined the value of the vehicle, we can offer you a loan up to 50% of that value. As an example, your 2012 Ford Focus ST is valued by our experts at around £7000. We can then offer you a logbook loan for £3500 (50% of its value). Of course, there are a number of other factors at play here including your monthly income.
Which brings us onto the other documents that we require from you to process the loan. These include your last three wage slips, your last three bank statements, a utility bill or something similar (for proof of address), your vehicle logbook, proof of comprehensive insurance taken out on your vehicle and finally your personal identification. We will also require the latest MOT certificate for the vehicle so we know that it is in a roadworthy condition before we opt to offer you a loan against it. If you do not have one for your vehicle, it is possible to secure one from the UK government.
Why do you need comprehensive insurance on the vehicle? Well, we need to know that for the duration of the logbook loan, the vehicle, which we effectively own at this point, is covered against theft, accidents and even severe weather such as hail.
Finally, remember that you have to own the car and it must be fully paid off and owned by you. It cannot belong to a family member, your boyfriend or girlfriend or anyone else for that matter. You cannot secure a logbook loan if you are younger than 18 years of age or if you are not a citizen of the United Kingdom.