The Benefits of Logbook Loans
The recent economic crisis has made it tough for many people to get credit. The fact of the matter is that many banks have tightened up their lending policies so much that normal everyday people are unable to get credit.
If you’ve experienced problems getting credit or have a poor credit history then a logbook loan could be of benefit to you. This is down to a number of key reasons. The money from a logbook loan is secured against your vehicle – so as long as you are able to repay the loan then you should be ok. Another reason why a logbook loan could be a good idea is because there are no credit checks.
A logbook loan can offer you a substantial amount of money – more so than a payday loan for example and its possible to have your money within a very short of period of time. It’s also possible to get your money quickly and you can use it for any purpose you like.
How Much Will a Logbook Loan Cost?
The cost of a logbook loans depends on two factors. The first is: how long you will take the loan out over and the second is how much you need to borrow.
Many people point out the fact that the APR on a logbook loan is high. This is true, but there a number of reasons for this.
If a customer chooses to settle their loan earlier then they receive an interest rebate relevant to how soon they settle.
In addition to this, compared with other lending products like payday loans, logbook loans after offer a rate which is lower.
Things to Remember
Although there are very few criteria to qualify for a logbook loan, you must the legal owner of the vehicle and it must be clear of finance.
If you have been refused credit in the past, then you will probably still qualify for a logbook loan. People often get refused credit for a whole host of reasons: they may be self employed, have CCJs or have debts against them. As a logbook loan company will not run any credit checks against you these problems will never come up.
The first step in getting a logbook loan is to apply! This is usually done through an online page where the site owner will take a small amount of information from you and then a specialist will contact you to discuss further.
You will then meet with a friendly advisor who will discuss your options and complete the relevant paperwork. Once this has been completed you can receive your money and start putting it to good use.
