Struggling for money? You’re not alone—the economy may be recovering, but many people are still feeling the effects of the slump, with mass unemployment still a considerable problem. In these hard times, getting a loan to tide you over and make essential payments can be difficult (depending on your circumstances) but there is one option you may not have considered: logbook loans.
What is a logbook loan? It’s easy enough—you just take out a loan with your vehicle as collateral. Why should you consider using them? Below are just a few reasons you may find a log book loan is just what you need:
Logbook loans in the UK are fast and easy
Ever tried applying for a bank loan? A lot of paperwork is involved, as are strict credit checks to make sure you can afford to make repayments. Log book loans, on the other hand, are ideal for people running short of cash and in need of money in a hurry. There are plenty of occasions for which money may be needed, from paying rent to excessive utility bills. Some companies can even process logbook loans within just a few hours, ensuring you’ll get the cash you need in one day.
What if I have bad credit?
We all know good credit ratings are more important than ever these days, but what if yours is poor? Whilst banks may be reluctant to offer assistance, the vast majority of logbook loan companies will consider your application so long as you own your vehicle in full, and can prove you receive regular monthly income—whether you work full- or part-time.
You can keep your car
While you take the loan out against your car, you can keep possession of your car as long as you make regular payments—this allows you to keep up your daily routine and meet your usual commitments.
While some people may be uncertain about taking a loan out, there are companies offering logbook loans online with a wealth of advice and guidance to help you understand what you’re becoming involved with. Whatever your reason for taking out a logbook loan, you should be sure you can make repayments, and that you have full documentation for your vehicle.