Despite the controversies that are hounding logbook loans, there’s no denying the fact that the financial product remains a viable choice for many borrowers. Though risk and costly, it also has its set of advantages that lure borrowers to apply for the loan. Here are some of these advantages you might want to know more about:
Logbook loans are available online.
With more and more lenders offering the financial product online, you don’t need to leave the comforts of your home to raise money. You can complete an application online or request for a free quote if you want. Just make sure that you’re applying from a reputable lender with a solid track record to ensure that you’re getting the best end of the deal.
Logbook loans offer larger loan amounts.
Though risky because of the security involved, you can borrow a larger amount of money with logbook loans. Most lenders offer loan amounts from as low as £500 to as much as £25,000. This means that logbook loans are ideal for meeting a wide variety of personal needs. From overdue bills or rent to car repair, medical expense and even vacation, a suitable logbook loan should be able to meet your financial emergencies and needs.
Logbook loans have flexible repayment terms.
Compared with unsecured loans, logbook loans also offer longer and more flexible repayment terms. Most lenders, for instance, allow you to choose between bi-weekly or monthly payments depending on the amount of loan you applied for. Typically, you can choose to repay the loan in 12 months up to 36 months. For convenience, you may also set up an automatic debit repayment arrangement. This way, your bank deducts your dues as preset so you never have to worry about it anymore.
Logbook loans do not require any credit check.
More than the larger loan amounts and the flexible terms, the best advantage logbook loans can offer is the no credit check requirement. This means that if you have a poor credit history, you can still apply for a logbook loan so long as you’re a vehicle owner. Since there is no credit check anymore, approval for a logbook loan application is also faster. In most cases, you can get approved in as fast as within 24 to 48 hours. To further expedite the processing, you might want to prepare the required documents before completing the online loan application.