Logbook loans are loans which can be borrowed by car owners, provided the vehicle is clear or nearly clear of any finance. The loan amount may range from 500 pounds to 50,000 pounds.
To qualify for a logbook loan
A person may need a huge sum of money urgently. A payday loan may not be enough; getting an unsecured loan may not be possible because his credit rating is poor. In such a situation, logbook loans are the best option as lenders do not conduct any credit checks and the credit history of the borrower does not matter.The only requirement is that the applicant should own a car free of finance.
A logbook loan which is approved will be granted immediately. In fact, the borrower will receive the amount within 24 hours.
A logbook loan can be used by the borrower for improving his house, for taking a vacation or for any other purpose.
Unlike some loans where prepayment is not allowed, lenders of logbook loans charge a lower interest if the borrower pays off the loan early.
The procedure for applying for a logbook loan is simple and can be done online.
Logbook loans are the best bet for many as they are more beneficial than a payday loan and easier to get than other loans where credit checks are compulsorily conducted.