Logbook loans may be hounded with controversies but it also offers a number of advantages that continue to draw borrowers. Those with a bad credit history consider the financial product a quick and convenient solution to their immediate financial problems. If you’re thinking of getting one, here are some of a logbook loan’s advantages that might help you decide:
If you’re looking for a loan product that is easy to snag, look no further than logbook loans. So long as you own a vehicle you can secure the loan against, you are eligible to apply for the financial product any time of the year.
With loan offers from £500 up to £50,000, logbook loans can meet diverse financial needs. Whether you need a small sum of money for groceries or a large sum for a major investment like home renovation, you can apply for a logbook loan and meet your needs fast and hassle-free. If you want to have a sneak peak of amazing logbook loan deals, head over to http://paydayloans.money.co.uk/logbook-loans.htm.
Most logbook loan lenders also offer flexible repayment terms. You can choose to pay back the loan monthly or twice a month. Repayment terms start from 12 months up to 36 months or sometimes longer depending on your arrangement with your lender. Make sure you find a logbook loan lender that does not charge early repayment fees and other hidden fees to keep the cost of your loan reasonable.
More than the other advantages, the biggest attraction for most borrowers is the fact that logbook loans do not require borrowers to have good credit. Even if you have a history of CCJ or default, you can still apply for a logbook loan because there are no credit checks to worry about. This makes logbook loans an ideal alternative to traditional personal loans you can’t otherwise get approved for if you have a poor credit score.
With no credit checks run needed, logbook loan approval is also conveniently fast. If you meet the eligibility criteria and readily submit documents required, application and subsequent approval within a day is a reality. Your lender will just need to assess your vehicle and consider your financial standing. If eligible for a logbook loan, your lender will confirm approval in 24 hours or less. Once approved, the money is then immediately wire transferred to your account and you can use it anyway you want.