Why Choose Logbook Loans?

If you ask financial experts, they are likely to tell you to stay away from personal loans such as logbook loans. Not only is the financial product risky but it also comes with a steep interest rate. Despite the high risks, however, more and more borrowers are still resorting to the financial product for financial emergencies. Here are some of the reasons why:

Minimal requirements

Unlike other types of secured loans, logbook loan requirements are pretty minimal. Borrowers just need to meet the basics and own a vehicle to be eligible to apply for the loan. As long as you have a vehicle that is free of any financing, you can expect to avail loans from £500 up to £25,000 without any hassles.

Same-day approval

Most providers also promise same-day approval. Provided that you have your requirements ready including your vehicle’s V5 document, MOT certificate and insurance, you can apply for a logbook loan today and get approved in 24 hours or even less. That’s how fast processing is with logbook loans. This promise of quick cash is why many borrowers cannot resist the lure of a logbook loan.

No credit checks

One of the chief advantages of a logbook loan that borrowers across UK continue to take advantage of is the no credit check policy. This means that borrowers with bad credit are free to apply for the loan without worrying that their application might get rejected. No matter your credit score and even if you have a history of CCJ, you can count on a logbook loan to help you handle any financial emergency.

Is a logbook loan for you?

If you want to apply for a logbook loan because you are left with no choice, there’s only one thing to remember. Make sure to repay your loan on time each month to avoid vehicle repossession.