LoanOnYourCar Creates A Fool-Proof Loan That’s Perfect During Coronavirus

A car loan company has developed a loan that people can take full advantage of during the coronavirus lockdown. This provides people with an influx of cash when they need it most.

April 7, 2020 / / —

A mass pandemic has caused economic uncertainty for many individuals. As a consequence, the need for emergency funds is greater than ever. LoanOnYourCar has unveiled a Vehicle Equity Release loan that’s best suited to the current climate. It allows individuals to use their car as a source of money. It’s similar to a logbook loan, but with some fundamental differences that make it easily accessible for those in need.

A Completely Contactless Application
Most lenders have ceased operations due to the COVID-19 pandemic. However, the key feature of LoanOnYourCar’s Vehicle Equity Release is that everything can be handled online. With a traditional logbook loan, car owners have to surrender their logbook and hand over their spare keys to the lender. A home visit is also usually required to check the health of the car. Neither of these things is safe or recommended when there’s a virus on the loose.

This Vehicle Equity Release loan requires no physical contact with another human being. The entire application can be completed online, and there is even an e-signature to sign all the legal documentation. Nothing needs to be handed over personally, and the car inspection can be handled via a video call. With some loans, a formal credit check is also required in-person. Again, this is made redundant as LoanOnYourCar calls upon an online affordability assessment called Mogoplus.

All of this means that individuals can apply for a loan without leaving the house. Social distancing can be maintained, and there’s no risk of anyone catching the virus. The loan amount is electronically sent to the bank account of the borrower, further negating the need for physical contact.

Greater Protection For Borrowers
With a normal logbook loan, borrowers are only protected by the antiquated Bill of Sales. In contrast, customers are protected by the Hire Purchase agreement with a Vehicle Equity Releases. This offers the borrower more comprehensive protection in case something goes wrong. During these unsettling times, it’s best to get as much protection as possible.

About LoanOnYourCar
LoanOnYourCar is an innovative company that allows people to use their cars to gain access to money. People are able to apply online in just a few minutes. All applications are dealt with instantly, meaning approval can be granted on the same day. By calling upon clever technological measures, any consultations or inspections are carried out digitally. This allows borrowers to get the money they need on the same day that they applied for it. With many people hit hard by the financial demands of COVID-19, LoanOnYouCar hopes to offer a solution to those that need it.

Additional information can be found on https://www.loanonyourcar.com/. Please contact Dimi Voutselas for any press enquiries at dimi@loanonyourcar.com or via telephone: 07845819689. Direct mail should be forwarded to this address: 333 Edgware Road.

Contact Info:
Name: Dimi Voutselas
Email: Send Email
Organization: LoanOnYourCar
Phone: 07845819689
Website: https://www.loanonyourcar.com/

Source:

Release ID: 88952760

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