How Bad Creditors Get Benefited with Logbook Loans?
Posted on Dec 14 2012 at 07:01:52 AM in Finance & Investment
People with bad credit situation often face trouble to access cash through traditional borrowing options. Such people can get relief using modern cash option logbook loans which is secured against the car value. In present economic situation where majority of people are dealing with recession, high living cost and low income status it has become a big deal for individuals to manage their financial circumstances. Bad credit ratings and rising debts make it practically impossible to arrange cash through conventional sources.
Several financial companies have introduced a variety of loans free from credit checking for such individuals based upon some simple qualification criterion. These cash options can manage with the bleak financial conditions and rising demand of instant cash loans. Logbook loans are a popular form of no credit check loans available against the security of vehicle. This is an easy cash option especially for professional with simple qualification terms. Apart from common qualification criteria, you must be a car owner to get cash through this option. The car must be registered against the name of cash borrower.
A car logbook is a government approved document contains associated information about car like the details of car registration, chassis number, insurance particulars, engine number owner details etc. It is quite important document for the car owner as it contains the vital information about the car. Moneylenders use this document as the form of collateral while lending money to borrowers. The amount that you can borrow using this option based upon the value of your car. You can access maximum of 75% of car value and minimum as per your wish lower that value of 75 percent of the car. Borrowed amount generally lies from £500 to £50000. Repayment terms are flexible and based upon the borrower’s ability to repay the amount. Repayment period can be weekly or monthly as per your convenience.
These loans are quite popular and convenient for professionals. You can drive your car with full freedom even during loan duration. It is quite essential to meet with the repayment terms. Failing to repay the amount in time may results into repossession of your car by moneylender. The car is seized to recover remaining debts.
People who are dealing with bad credit situation due to CCJ’s, defaults or even due to pending loans can get monetary assistance in emergency situation using logbook loans. The popularity of this instant cash option are increasing day by day because it offers full solution of instant cash requirement which is most demanding type of loan. This is not traditional loans. Regular banks and financial institutes do not offer such type of loans. Non-traditional financial sources like a car financial company can assist to manage cash through this option. Usually it will take maximum of 24 hours to get cash in your hands after filing your loan application. Comparing the loan terms and lenders can help to find best available deal. Before selecting the lender finally make sure that repayment terms are easy for you to manage.
This article is written by Kevin O’Brien. He is an expert financial advisor in UK spent his above 5 years advising experience on log book loans and loan against car related finance issues.