What are the Benefits of Getting a Logbook Loan?
Posted on Nov 22 2012 at 01:04:49 AM in Finance & Investment
Whenever you are engrossed in a situation that pushes you to go for loans, you have to sit down and consider all the conditions that are available. When you have done this, then you weigh the benefits you will derive from the loan and what you will loose from such, both in the long and short run bases. This will give you the go ahead either for or against the loan.
The best and number one benefit of logbook loan is the fact that it never considers your credit history. What this means is that you are almost 100% certain that you will get the loan whenever you apply. If you have a bad credit history, country court judgments and a case of bankruptcy, you will find it very difficult to obtain other loans. But you do not have anything to fear when it comes to logbook loans as your car covers all these as collateral.
The next is the convenience that is enjoyed in getting a loan against car. Your loan is approved just hours after you have applied. You just need to apply online and verify that you are in possession of the log book, and in few hours, you will have the money in your account. The resultant effect of the above mentioned benefit is that it gives you money to take care of emergency situations. This might be to avoid your utilities from being cut off or to make a quick payment for your car in the mechanics. Another very good benefit of this loan is the freedom involved. When this money is transferred into your account, there is no connection between the loan givers and the way you spend your money. The meaning is that you are free to withdraw and spend your money anyhow you want without any monitoring.
When you consider this loan in comparison to other loan systems, what you will notice is that it will simply beat a lot of them in terms of the amount you borrow with it. The logbook loans and its payday counterpart are seen as the fastest and easiest ways of getting money because they do not require credit checks and therefore are faster and easier. But the loan against car is better than the payday loan because it gives you much more money than you will ever get with payday loan. It is hinged on the fact that the amount you are given is considered on the value of your car. If you really have a good car, lenders can give you between £500 and £50,000..
Again, the longer period of repayment gives this loan another good side more than the payday counterpart which is due within one month. You can also get shorter repayment terms than bank loans that will tie you down with specific amounts even when you have more money to pay. This loan system allows you to pay more when you have the money without the value of the money being reduced. Again, because of the fact that this loan is gotten with car as collateral, you normally get lower representative APR and annual APR rates than in all the other loans you get with bad credits.
Will Scarlet is a personal finance expert having spent his working life in business advising companies and individuals on how to manage their finances. He writes about log book loans, loan against car and bad credit loans. To get more detail about such loans visit at www.logbookloanshelpline.co.uk