The outstanding benefits of logbook loans
If you are cash strapped and in need of urgent cash, you probably have thought about applying for a logbook loan. After all, logbook loans have gained immense popularity over the years and you might just be curious to join the bandwagon and enjoy the benefits that come with it. If that’s the case, let’s take a look at some of the wondrous benefits of taking out a logbook loan.
No credit checks
Do you have bad credit or a less than average credit score? Do you want a loan instrument that does not put great emphasis on your credit rating? If yes, worry not as logbook loans do not attract any credit checks and approval is always almost guaranteed.
The lender does not keep the car
With logbook loans, what you essentially do when you pledge security is transfer ownership of the car to the lender. However, the car remains in your possession and you can continue using it for business purposes and even earning income from it as you make repayments for your loan.
You can apply for a logbook loan online and get approved within a couple of hours provide that you all your documents and details are in order. You don’t have to visit a brick and mortar business to apply for a logbook loan and can do it from wherever you are without moving an inch. Accessing the loan is fast as you can avail the loan within 24 hours.
No stringent requirements
Compared to applying for a loan from a high street bank, logbook loan application is fairly easy as there are no stringent requirements. No credit checks or a lot of paper work prior to approval. So long as you legally own a car, are a UK citizen and a person of legal age, you are good to go as concerns application and approval of logbook loans.