5 classic reasons to go for a logbook loan
Some people fear taking loans for various reasons such as facing penalties in case they delay payments. If you are of this school of thought, you are definitely justified as loans have cleaves that should not be overlooked. However, not all loans are the same. Some loans, especially logbook loans, have some perks that makes them attractive and a good choice. If you are doubting your decision to take a logbook loan, here are some reasons that should boost your morale.
Access to quick cash
A logbook loan gives you the chance to access money in a flash. Sometimes, emergencies just crop up, and you may be in a situation that requires immediate financial attention. When you are in urgent need of money, and do not have the time to wait for the bankís complicated paperwork, then look no further. A logbook loan is exactly what you need. Decisions are made fast and youíll have money in your account in no time. Some lenders such as Satis Loans give you the money within hours after your application.
Easy payment plans
When you take a logbook loan, you will set up weekly or monthly payments that youíre comfortable with. This is an added advantage as itís better to make frequent manageable payments than one lump sum. Additionally, with these kinds of loans, you could also choose the payment period thatíll be most suitable for you.
A bad credit history canít prevent you from getting a loan
Logbook loan lenders understand that you can have a blemish in your credit card for one reason or another. And, that is why they will never deny you a loan because of a bad credit history. No matter how bad your credit is you will definitely get some cash and the lender will work with you to establish a plan that will suit you well.
You still keep the car
The good thing about logbook loans is that even though you use your car as security for the loan, you still get to keep it and use it for your normal routine. The only thing you get to give away is the V5 registration document. So youíll be using your car as usual. What could be more convenient than this?
You can raise quite a lot of money
Itís never easy to borrow a large sum of money especially if you have a bad credit. However, when you decide to get a logbook loan, you could raise any amount of money you want, depending on the value of your car. The lender will help you decide the value of your car, do all the necessary paperwork and finally send you your cash. You can borrow any proportion of your carís value.
A good tip to have in mind is to avoid borrowing more than youíll need. So, if you just started a business and do not have such a pleasant credit score, but you own a brand new sports car, then a logbook loan should be at the top of your list.