Logbook Loans – The Best Option for Quick Credit?

When seeking out the best quick credit options available you will be surprised at the number of financial products available to cater for this market.

In recent years as people become busier and busier the demand for getting credit quickly has increased. Regular bank loans can often take a number of days to approve and for some people this is too long – especially if they have bills or other emergency payments to make.

There are a vast range of various types of loans and borrowing options available to those who wish to seek a loan quickly including credit cards, payday loans, logbook loans and more. These options have their various benefits and drawbacks.

Many people borrow on credit cards but if you have used a credit card before you will be well aware of how easy it is for the lending to get out of control. Once this occurs, paying back the interest and principal of the credit card can take a long time and failure to pay back on time could damage your credit rating. Another thing to remember about credit cards is that by paying back the minimum only, it will take you a very long time to become debt free.

Most likely, you will also be aware of payday loans. These are loans which are designed to help people out until they get paid. When the individual is paid by their employer the payday loan company will receive a cheque providing the funds to them. Typically, these loans are for a small to medium sized amount of cash, borrowed at a high APR rate for a short period time. The popularity of these loans has exploded over the past few years with many lenders flooding the market.

An alternative option from the above mentioned choices are logbook loans. These loans work by facilitating the exchange of a loan for your vehicle. The logbook loan lender will technically take ownership of your vehicle for the duration of the loan in order to provide you with the funds. While this may sound concerning, the lender will not actually retain the vehicle – you will still be able to continue driving and using it as before. The most popular way to obtain this loan is by making an applicaton online.

When you have a logbook loan on your vehicle the lender will expect you to make repayments at the rate agreed during the application process for the loan. The amount of money you can borrow with a logbook loan will depend on your vehicle, its age and the mileage. Of course, a newer vehicle which is worth more will be eligible for a higher value loan whilst a lower value vehicle will be suitable for a loan of a lower amount.[Continue Reading…]