What are the advantages of a Logbook Loan?
Advertised with the promise of quick cash, logbook loans continue to be a go to solution for most borrowers with bad credit in the UK. Though risky and costly, logbook loans have advantages that often outweigh the disadvantages. Despite the controversies that are hounding the financial product, it looks like logbook loans will only continue to thrive in the UK. If you’re undecided on whether to apply for the loan or not, considering the following advantages may help:
Widely available online
When you’re in need of quick cash, you’d want a financial product that’s convenient to avail and logbook loans are among the loans you can easily avail online. Most providers now have online portals where you can ask for quotes for free and fill out application forms in just seconds. Just make sure to choose a reputable lender to apply from.
Logbook loans are also one of the fastest loans you can avail today. Provided that you are eligible and you have the requirements ready, you can expect to get the money in as fast as within 24 to 48 hours. More and more lenders, in fact, are now offering same day approval for logbook loans. If you really need quick cash for a financial emergency, logbook loans got you covered. To compare top logbook loan deals available in the UK, go to http://paydayloans.money.co.uk/logbook-loans.htm.
No credit check required
With logbook loans, there’s no need to worry about credit checks. This is by far one of the chief advantages of the financial product. No matter your credit rating, you are welcome to avail the loan. Lenders do not consider your credit score a factor when providing approval for your application. Approval for logbook loans, in general, mainly depends on the type or make of car that you are using as collateral and your monthly income.
Larger loan amounts offered
Another chief advantage of a logbook loan is the fact that you can avail a larger loan amount since it’s secured against your car. Most lenders in the UK offer logbook loan deals from £500 to £50,000. The maximum amount you can borrow will depend on your car’s official trade value, typically up to 50 or 70% of said value. Since the loan amounts are larger, logbook loans are ideal to meet a wide variety of financial needs from overdue bills to car repair, medical expenses and major investments like home renovation, education, etc.