Why Choose Logbook Loans over Other Loans
If your poor financial history is getting in the way of your personal loan’s approval, there’s one very popular alternative you can check out. In the UK, logbook loans are becoming a go-to option for many borrowers because of a number of advantages. If you’re stuck between getting a logbook loan or not, here are some reasons why taking out one makes sense.
One of the best things about a logbook loan is the fact that it’s highly accessible online. For those who want convenience, logbook loans make an excellent option because you can apply for it online. There’s no need to visit a lender’s office. You can inquire about your eligibility and you can get a free quote from the comforts of home. If eligible, you can proceed with the application by completing your lender’s online form. Wait for the assessment then approval.
Speed of processing
Even if the loan is a secured one, processing is incredibly fast for logbook loans. In fact, there are lenders promising same day approval. This is provided that you met the requirements and you have all the documents ready prior to applying for said loan. With expedite processing logbook loans are ideal for meeting immediate financial emergencies such as medical expenses, overdue bills, car repair and more. To know more about responsible borrowing, click here.
Loan amount offered
Considering that there is a security involved, logbook loan lenders are able to offer larger loan amounts to borrowers. In general, you can borrower a minimum of £500 and a maximum of £50,000. The amount you can get approved for will depend on your income and the type of vehicle you own. Your lender will have to assess your vehicle’s official trade value first then you can borrow up to 70% of your car’s value.
Longer repayment terms
As opposed to unsecured loans, secured loans such as logbook loans offer longer repayment terms. You can tailor the length of the term according to your budget and the amount you want to borrow. In most cases, you can set the term between 12 months and 36 months. Repayments can be done bi-weekly or monthly. For convenience, you can also set-up an automatic debit deduction to cover for your monthly liabilities. This is highly recommended to avoid missed or delayed payments.
No credit check needed
Another reason why logbook loans are becoming more and more popular in the UK is because of the no credit check requirement. If you have a bad credit score, it wouldn’t matter when you’re applying for a logbook loan. It doesn’t matter if you’ve been rejected for a personal loan elsewhere. What you’ll only need is to meet the basic requirements. So long as you have a car to secure the loan against, approval for your loan is 99% guaranteed. Another important requirement is proof of income. Ideally, you must be employed with a steady income to be able to take out a logbook loan.