Fundamentals of Logbook Loans

Are you in need of instant cash? Do you want to have cash in advance? Are you looking for fast and easy loans? If yes, you can take the full advantage of fast and easy logbook loans. This is the best and fast cash source for meeting all your financial needs. Among its many utility aspects, allowance of big amount is taken as its value added advantage. It allows borrowers to avail a greater amount of cash either in the same or next day. These types of loan are secured in nature and safe for both the lenders and borrowers.

Before we know about logbook loans, we must know what a logbook is. It is a piece of document, containing car or vehicle details that record its chassis number, registration number chassis number, model number, color and keeper’s details. It is verisimilitude to your identity card that includes a brief of you- your name and address. In a word it is a microcosm of your car.

Now to tell about logbook loan is a British term for a bill of sale that secures a loan on borrowers’ cars or vehicles. It is secured against a vehicle your vehicles. As the name suggests logbook loans offer loans to the debtors by retaining vehicle’s “logbook. To be more precise, lenders offer loan to the borrowers by possessing vehicle registration certificate with them. Therefore, if the borrowers fail to repay their lenders, lenders can take back their (borrowers) vehicles without a court order.

It is undeniable fact logbook loans have had infamy in the United Kingdom for high rate of interests and some unjustified terms and condition that go in favor of the lenders. Anyway, the nitty-gritty of logbook loans lies in getting cash quickly. You can get it as fast as within 15 minutes. But as the precondition of it you must have a steady source of income and proof of your income. And you must either 18 years or above of this age. An income certificate can serve this best. If you have these you can apply for a logbook or V5 loan.

As mentioned earlier these loans are very fast. Therefore, borrowers can expect quick approval of these loans in the same day of their sending an application. Unlike traditional loan, the strength of this lies in its instant approval that can give you way out or help you get rid of emergencies. The Introduction of the internet has added another dimension to it. The process has been faster than ever before. One most interesting and utility aspect of these loans is available with bad credit. Therefore, if you have credit, you can go for this loan.

Now take a look at the advantages and disadvantages of this loan:

Advantages:

• You can have this very fast unlike other traditional forms of loan.
• It takes very little time to be approved

Disadvantages:

• As it is a secured loan, borrower can lose his vehicle if fails to repay.
• The interest rate is higher.

Conclusion:

It is good only when you borrow a small amount for a short time. As the interest rate is higher, it becomes expensive when you go for big amount for a long period. Many times the amount of money obtained depends on the payback capability of the borrower

Snapshot:

Logbook loans are specific types of loans or bills given on debtor’s vehicle where lender can take back the debtor’s vehicle without a court order. It is very fast. You can get it even within 15 minutes at high rate of interest.

Author’s bio – Emily Steves Irons has written several quality articles on Logbook Loans. She suggests his readers to visit Logbookmoney.com to avail more information on the same.

 

Category: Loans