Despite the controversies, there’s no denying the fact that logbook loans are not only popular in the UK but the loan type is one of the quickest personal loans to avail for unexpected financial emergencies. If you’re at a place now where you need quick cash to fix a financial need, here are some reasons why getting a logbook loan may be perfect for your situation.
1. Easy access
Set apart from other loans because of its promise of quick cash, logbook loans come handy for a lot of borrowers who need immediate solutions to their financial needs. Logbook loans are offered online hence easy to access. There’s no need to visit the bank or the lender’s office to complete the initial application. You can do it from the comforts of your home by simply completing the online application form. Most lenders also offer a free quote service where you just provide your vehicle’s registration number and you get a quote at no charge at all.
2. Fast approval
Approval for your loan application is also fast. With competition getting fiercer and tighter among lenders, same day approval for your logbook loan is now possible. Provided that you did your homework and you prepared all the needed requirements beforehand, you can receive your cash in as fast as 24 hours or less. The trick is to make sure that you’re eligible to avail the loan. That means you should be of legal age and you reside in the UK. But more importantly, you should be a vehicle owner on which the loan will be secured against. Also make sure that the vehicle is free of any financing and it’s less than ten years old.
3. Large loan offers
Because the loan is secured against your vehicle, lenders are more confident to offer you a larger loan amount despite your poor credit history. Even If you have a history of default or CCJ, you can still avail the loan. You can borrow from £500 up to £50,000 depending on the value of your security and on your monthly income. With the large loan offers, logbook loans are handy for meeting a wide variety of financial needs and problems. Whether you need a small sum for groceries or a large amount for a major investment, getting a logbook loan may be perfect for your situation.
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4. Longer repayment terms
Like other types of secured loans, logbook loans also offer borrower longer repayment terms. You can repay the loan between 12 months up to 36 months or sometimes longer if applicable for your financial circumstance. This means you can tailor your loan term according to the maximum amount you can commit for the monthly repayment. You can also choose between a bi-weekly or a monthly payment arrangement with your lender.
5. No credit check
The fact that logbook loan lenders do not run credit checks on applicants is probably the best advantage the financial product has over other loan types. Even if you’ve been rejected a personal loan by major banks because of your credit score, logbook loans are here to save the day. You don’t have to worry about your credit score anymore. As long as you’re deemed eligible to avail the loan, chances of approval is 99% because of the no credit check requirement.