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Feb 20

Discover the top five advantages that are associated with logbook loans

Posted by:AutoMoney

Nowadays many people are experiencing the need to borrow money. There are many different reasons why this is the case. From the impact of the recession to rising living costs in the UK, many people are feeling the strain. Nonetheless, there are solutions for people experiencing this struggle. In the UK there are many different lending options available. One popular option is to take out a logbook loan. This is a loan secured against your vehicle. If you are over the age of 18, own your vehicle and have paid for it in full, this could be the ideal borrowing option for you. Read on to discover the top five benefits associated with logbook loans.

1. You get to keep your car

One of the main reasons why so many people turn to this type of loan is because it does not impact their daily life, this is in the sense that they do not have to hand over their car. A lot of people mistakenly believe the company can seize their vehicle until they have paid the loan off in full. This is definitely not the case. The company will only take your vehicle if you have failed to make the repayments that were agreed on within the contract.

2. Flexible terms

There are so many companies offering logbook loans at the moment. This means that you are assured to find a loan to suit your needs specifically. Moreover, a lot of these companies offer flexible repayment terms as well.

3. Quick cash deposits possible

In addition to the points that have already been mentioned, one of the benefits associated with a logbook loan is that you have the possibility to benefit from quick cash deposits. This does not mean your loan will be approved quickly. After all, every case is different and thus the lender needs the time to assess your application properly. Nonetheless, once you have been approved there are plenty of companies that promise to make same day deposits.

4. Individuals with a bad credit history can be considered

When applying for a logbook loan you will generally have to prove your age, that you own the car, that you have paid for it in full, and that you are able to make the repayments. This means that those with a bad credit history can be considered. It does not mean you will be approved; yet there is always the chance that you will.

5. Borrow what you need

Last but not least, flexibility is also represented via the amount of money you can borrow. Typically you will be able to borrow up to 70 per cent of your car’s current worth. However, if you only need to borrow a couple of hundred pounds, then this is possible as well. This flexibility decreases the chance of you ending up in trouble because you have borrowed too much cash.

When you take these points into account it is not hard to see why loans secured against vehicles are so popular. There are many advantages to be gained and thus this is definitely a borrowing option you should consider.

Summary – Logbook loans present an attractive lending option for those that are in need of cash. This article reveals the reasons why they are proving to be so popular.

Borrow with confidence

Borrow with confidence

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350.5%APR Representative
Representative example: Loan amount £1000. Duration 18 months. Repayable by 16 monthly repayments of £170.42 and one of £198.42 (includes Bill of Sale registration fee of £28) commencing two months from the date of the loan. Total amount repayable £2925.14. Rate of interest 187% per annum fixed. Representative 350.5%APR. LOANS ARE SECURED ON YOUR CAR. The vehicle may be repossessed if you do not keep up the repayments.