Advantages of a Logbook Loan

Logbook loans are popular in the UK especially among borrowers with bad credit. Logbook loans fall under the secured loan category. When you apply for this loan, you use your vehicle for collateral, which can mean vehicle repossession if left unpaid. While risky, logbook loans for most borrowers mean quick cash to deal with a variety of financial emergencies that come your way.

If you’re thinking of getting a logbook loan, here are some advantages to look forward:

1. Same-day approval

When you’re really strapped for cash and you need financing quick, logbook loans may just be the financial product to save you. Most logbook loan providers offer same-day approval. Provided that you have the requirements and documents ready, you don’t have to wait days to get approved and receive the money that you need for a financial emergency.

2. Minimal requirements to meet

One of the reasons why approval for logbook loans are faster is because there are minimal requirements to meet. To be able to avail a logbook loan, you only need to meet three major requirements. You must be of legal age, a UK resident for at least 3 years and an owner of a vehicle free or almost free of any financing.

3. No more credit checks

Approval is even faster for logbook loans because there are no more credit checks. While major lenders run credit checks on borrowers before they approve loans, logbook loan providers do not consider your credit rating a factor for your approval. This makes logbook loans a handy alternative for borrowers with bad credit.

4. More money to borrow

With the loan secured against your vehicle, you can borrow more money. Logbook loans, therefore, are ideal for a lot of financial needs. From overdue rent to a major medical expense, getting a logbook loan can resolve your financial woes fast. To start comparing the best deals on logbook loans, go to http://paydayloans.money.co.uk/logbook-loans.htm.

5. Flexible repayment terms

Depending on the amount you borrowed and your income, you can choose to pay your loan either weekly or monthly. Repayment terms are also longer starting from 12 months up to 36 months and beyond, again depending on the amount you borrowed and your arrangement with your lender.