The 6 Beneficial Features of Logbook Loans

| January 25, 2013
Popularity of logbook loans

Popularity of logbook loans

As the world tries to revive it’s older rhythm after the recent recession, man finds himself in frequent need of immediate cash. There are many such people have lost their jobs during the recession and therefore are trying to something new to earn their livelihood. Many have thus tried opening their own small businesses with whatever money they were left with. However, the fact is that they often need a certain amount of ready cash to make an investment.

Since the inception of civilization, man has turned to different financial institutions and moneylenders when he had faced a financial crisis. However, when the need is too urgent the conventional institutions such as banks etc, fail to meet the needs. This is because; they take at least a week or so to sanction a loan application. The process involves a lot of paperwork and verifications. As a result, there was a need for a worthy substitute of banks and all.

Logbook loans are exactly the thing men want. They involve the least paperwork and hence the loan process is much faster than the other loans forms. The term logbook needs no prior introduction. It is known that a logbook or a V5 document as it is known in the United Kingdom is a legal proof of an individual’s ownership over his vehicle.

To speak of the popularity of logbook loans, one must realize that the various advantages of this form of loan are the reason behind this popularity.

Instantaneous

First of all, as it has been discussed earlier a logbook loan is an instantaneous form of loan. Most of the loan providers sanction a loan application within twenty for hours. One might even be lucky to come across a company, which takes only a few minutes to get down with the whole process.

No Credit Check

Secondly, an applicant will not have to go through any kind of credit check to borrow a logbook loan. Therefore, even if an individual has a bad credit history due to any reason, he will face no problem in getting the loan. Thus, a logbook loan is available to all groups of people.

No Car Mortgage

Thirdly, the loan provider will not keep the vehicle one owns as collateral. The V5 document is enough for these providers. Therefore, one will be able to reap the benefits of both the vehicle and loan amount against it at the same time.

Minimum Rate of Interest

Fourthly, the rate of interest charged against the loan is absolutely nominal in comparison to the interest charged against most of the conventional loans.

Considerable Loan Amount

One will be able to borrow a certain percentage of the assessed value of the vehicle, which is quite a considerable amount. Therefore, this money can be sued to meet various needs. For instance, one can use the money to repay his previous debts thereby, cleaning his credit record.

Flexible Repayment Options

The repayment options offered by most of the logbook loan provider companies are quite beneficial. They try to make the repayment process as easier for the customer as it could be. Some of them even accept payments in regular installments.

Author’s bio – Steve Irons has written several quality articles on Logbook Loans. He suggests his readers to visit Logbookmoney.com to avail more information on the same

 

 

The 6 Beneficial Features of Logbook Loans

 

 

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