Logbook loans may be suitable for anyone who owns a vehicle and wants money quickly without the hassle of using a traditional lender.
With the latter, such as banks and building societies, you may find you have a long wait to see if your application has been approved with no certainty of even getting the loan, and may be refused borrowing if you are self employed or have a less than perfect credit score.
Anyone who has experienced difficulty getting accepted for credit elsewhere but owns a vehicle that can be used as security, may also find logbook loans a useful way to borrow money.
Not only are logbook loans a more flexible and less time-consuming alternative to traditional lending, but our benefits over traditional lending also include:
- A quick and easy application process – (no lengthy forms to be completed, no visits to see your bank manager etc.)
- No credit checks – no footprint is left on your credit file
- A fast decision – (typically within an hour)
- A flexible repayment plan (you can pay back your loan weekly or monthly)
- The ability to repay the logbook loan early, with no admin or early repayment fees
- Typically suitable for anyone who owns a vehicle, no matter what their financial circumstances.
So under specific circumstances logbook loans are a clear winner over traditional lending, but they are an expensive option, which is why we would always advocate as with any type of borrowing, that you carefully consider the pros and cons of any type of loan.
