Why Opt for a Logbook Loan

Despite what experts claim about logbook loans, the financial product continues to thrive in the market for its promise of convenience. Taking out a logbook loan may mean shouldering an extremely high interest rate but the advantages sometimes outweigh the high cost and risk. Below are some of the advantages that make logbook loans promising quick fix solutions to financial problems.

Minimal Requirements

One of the best things about logbook loans is the minimal requirements. To get approved for the loan, all you’ll really need is a car that is free or nearly free of any financing registered under your name. Of course, you must be of legal age and a resident UK. But you don’t have to be fully-employed. So long as you can provide proof of income, you are welcome to avail the product.

Fast Processing

Marketed with the promise of quick cash, logbook loans are often processed within the same day. When you have the documents read, processing may even be faster. You can also apply from the comforts of home and wait for the money to be deposited to your account upon approval. From application to approval, the process may be completed in 24 hours or less thereby attracting borrowers with the premise of quick cash anytime.

Flexible Loan Amount

Unlike other personal loans for people with bad credit, logbook loans offer more flexible loan amounts. Depending on the worth of the asset, you can borrow up to £50,000 or 50% of your vehicle’s trade value. It makes logbook loans the ideal option for major investments or expenses thrown your way.

Flexible Loan Term

The loan term is also pretty flexible allowing borrowers to set the repayment arrangement from 3 months to 3 years or longer. You can also choose to repay the loan weekly or monthly. It really depends on you to set-up the repayment in a way that is comfortable enough for your budget.

No Credit Check

Arguably the best advantage for logbook loans is the no credit check policy. When you’ve been turned down a loan elsewhere, logbook loans make an excellent alternative for quick cash needs. Bad credit rating need not be a problem anymore. As long as you have an asset, a car in this case, to serve as security or collateral, you can almost always expect prompt approval for you loan application.