Availing a logbook is definitely one of the best options that one can consider, especially if they are in some kind of a short term financial crunch. Much unlike the other forms of short term loans a logbook loan has a different conception all together. The first and the most striking difference lies in the fact that it is not required of one to furnish their credit related details before availing this loan. Moreover, there are some other striking differences too that sets a higher standard for this loan. Let us go through some of these factors that make a logbook loan one of the most helpful credit solutions of modern times.
A short note on various advantageous factors of logbook loans:
- As stated earlier, the most advantageous aspect of availing a logbook loan is that a credit check is not required. This implies that almost anyone, irrespective of their credit history or status can avail this loan. Therefore it can also be said that this is one of the easiest obtainable loans in the market.
- The only thing that is required to furnish is a valid logbook of a car. A logbook or a V5 registration is enough to let anyone get this loan easily.
- This loan gets issued at an unbelievably quick time. The fast turnaround time has also made this loan to be known as ‘same day logbook loan’. Therefore, whatever the needs be, a logbook loan can be availed to get the best and the fastest credit solution. There is hardly any other loan solution that gets issued at such a quick interval.
- A logbook is also advantageous as it does not require an individual to submit any of his valuables with the loan provider. Many are under the impression that it requires one to mortgage their car with the loan provider but that is wrong as it is only the logbook and not the car that one is supposed to keep.
- The APR or the rate of interest that is charged on this loan is also fairly low as compared with the other forms of short term loans. Hence, it is definitely one of the most convenient forms of credit solution that can be availed by one.
- A logbook loan can also be used by an individual to pay off his/her outstanding loans in the market. One gets to avail a long repaying term with this loan, hence they can easily use it as a means to even some of their old credit status.
What must be ensured?
The following things must be ensured by one who is looking to avail a logbook loan.
• He/ she should be a resident of the country from where the loan is applied for.
• The applicant must not be less than 18 years old and should have a valid age proof to prove that.
• The applicant must also ensure that there are no outstanding insurance or tax dues on the car.
• The car must not be older than 10 years.
On sufficing the above mentioned conditions, one can easily avail a logbook loan with ease. Therefore, whatever your needs be, a logbook loan can definitely help in sufficing it.
Author’s bio– Steve Irons has written several quality articles on Logbook Loans. He suggests his readers to visit Logbookmoney.com to avail more information on the same.
Submitted by Simon Hopes