Let’s be honest, we all need some extra cash from time to time. Perhaps you need to pay for your child’s education, or you have unforeseen medical bills. Maybe you want to consolidate debt.
Well, not only can a logbook loan against the value of your car, truck or motorcycle help, but it is one of the easiest ways to secure money in the United Kingdom today.
Why are logbook loans becoming so popular?Let’s take a closer look.
An easy loan to apply for
Logbook loans are perhaps one of the easiest loans to apply for. Many companies allow you to apply online, but we prefer face to face applications. After all, we do require you to bring us original copies of certain documents. Once we have checked the documents you provide and have appraised your vehicle to determine its value, the application process can begin.
Credit scores mean nothing!
The best thing about a logbook loan is that your credit score means nothing. So if you have a bad credit rating, or are even blacklisted, you can secure a loan. This speeds up the application process as well. Many other loan products required thorough checks of a person’s credit score. This can add days to the application process and then the finance company still might turn the application down. For a logbook loan, it’s all about the value of your vehicle as well as a repayment rate that suits your budget!
Money in your account in a matter of hours
Should your loan application be approved (and 95% of logbook loans are), you can expect the money to be paid into your bank account extremely quickly. Once you have signed the necessary agreement documents, we authorise the payment of the loan amount into your account. This can be a quick as 24 hours, especially if you signed the agreement in the morning. Sometimes, however, it can take 48 hours. This often depends on different banks and the time they take to clear the money into your account.
The most affordable unsecured loan product available
A logbook loan is one of the most affordable ways to borrow a fairly large sum of money. Other loan products penalize you with high-interest rates which can make the loan repayment difficult. A logbook loan, however, remains affordable and repayments are easily managed.