Why Apply for a Logbook Loan?

Logbook loans may be a controversial loan option because of its steep cost and the risk of repossession but the financial product is not without advantages. If you’re stuck between deciding to apply for a logbook loan and not, these logbook loan pros should help you decide:

Same day approval for logbook loans

One of the chief reasons why borrowers resort to logbook loans is because of its promise of quick cash. If you need the money today, you can expect to get approved within 24 hours granted that you meet the requirements and you have the documents on hand. And since there is security involved, you can borrow more money with the promise of getting it within the same day you applied.

Generous loan amount offers

Unlike unsecured loan products, logbook loans as a secured loan type offers a more generous loan offer. In general, providers offer loans between £500 and £25,000, which is a far cry from what other bad credit loan offers. This also means that logbook loans can be used to meet more personal financial needs from overdue bills to car repair, paying rent, additional business capital, and home renovation. To check out logbook loan deals available for you to apply, go to http://www.moneysupermarket.com/loans/.

Minimum requirements for borrowers

If you do decide to apply for a logbook loan, the requirements you need to meet are just the bare minimum. This makes it easier for borrowers and it also paves the way to faster loan approval. In general, you really just need to prove you can repay the loan with your recent pay slips and you can expect approval. But don’t also forget about your vehicle for collateral. To be readily accepted, make sure your vehicle is free of any financing and of course, registered under your name.

No credit checks getting in the way

Of all the logbook loan pros, no credit checks are the chief advantage that draws more borrowers to the financial product. If you’re a borrower with bad credit and you’ve been having a hard time getting a personal loan, this is when you can consider getting a logbook loan instead. Logbook loans are specifically for people with credit rating problems. Providers no longer run credit checks, which again paves the way for faster approval and more convenience on the part of the borrower.