Why Choose Logbook Loans?

Logbook loans are secured loans specific for vehicle owners who cannot avail a personal loan from major lenders because of their poor credit history. The financial product, at its simplest, is hinged with the promise of quick cash. If you have a financial emergency and you need an easy way out, logbook loans are handy alternatives to traditional personal loans. Here are some of the advantages the financial product can offer if you’re planning to apply for a logbook loan deal:

Fast processing

Because logbook loan lenders do not require borrowers to have a good credit score, the processing is expedite. If you meet the eligibility criteria and you apply for a logbook loan today, chances are high that you can get approved within the same day. There will be no credit checks involved and other complicated loan assessment steps with logbook loans.

Flexible Terms

With logbook loans, the repayment terms are also more flexible. In general, the typical repayment terms for these loan deals start from 12 months up to 36 months. Lenders allow borrowers to choose weekly, bi-weekly or monthly payments. You can also pay over-the- counter at one of your lender’s numerous branches or you can set-up an auto-debit payment arrangement for convenience. Either way, the repayment terms are more flexible than if you apply for an unsecured loan.

Large Loan Offers

A major attraction for many borrowers is the larger loan offers with a logbook loan. With a security involved, logbook loan lenders are more confident to offer larger loan amounts. The typical range start from £500 up to £50,000 or up to 70% of your vehicle’s official trade value. If you have an expensive sports car, for example, it means that you can borrow more money provided that you have proof of income to back-up your financial capability to repay the loan. If you’re ready to avail a logbook loan, click here for the best lenders offering competitive interest rates to consider.