There comes a point in most people’s lives when they need to borrow a little bit of money. It could be to get some home repairs, pay some bills, or even just take a trip. For most people, when they need a loan, they will turn to a bank. However, if you have a less than ideal credit score, the bank will most likely turn you down. Since improving your credit score takes time, you need to find an alternative loan source in the mean time, and one of the best sources is a logbook loan.
If you are the owner of a vehicle, and a legal resident of the UK, you can use your vehicle to secure a loan. Every owner of a vehicle has what is called the logbook for that car, and this is where the loan gets its name from. Borrowers can get up to 50 percent of their car’s value in a loan, and use this money however they like. When compared to other bad credit loan options, a logbook loan is one of the more simple, quick, and affordable types of loans. Not convinced? Here are a couple of reasons as to why you should get a logbook loan.
- Affordable – With most bad credit loan lenders, they need to charge very high interest rates in order to protect themselves. People with low credit ratings are seen as high-risk, and the interest rates are their way of combating this. This is not the case with logbook loans however. Since you are using your car as collateral, the interest rates don’t need to be as high. This can end up saving you a lot of money in the long run.
- Simple – On logbook loan sites, getting a logbook loan is very easy. There is a quick application that you need to fill out, and once you do, you are quickly contacted by a member of their team. From there completing the loan process is a breeze, and if you qualify, the money will be delivered to you within the next 24 hours in most cases. Unlike getting a loan from a bank, there are no complicated forms to fill out or long waiting periods.
- Easy To Qualify – For logbook loans, there are not a lot of requirements in order to qualify. In most cases, the requirements are like this – You must be a legal resident of the UK and at least 18 years old. You must also be the legal owner of a vehicle that is fully insured. Lastly, you need to prevent some evidence that you can repay the loan, usually by presenting a pay stub. And that’s it!
- Keep Your Car – Just because you are using your vehicle as collateral, doesn’t mean you have to give it up. Your vehicle is probably essential to you earning an income, and the lenders don’t want to prevent you from repaying the loan. You get to continue driving your vehicle throughout the duration of the loan so that there is no disruption to your daily life.
- Flexible Payments – Most lenders will work with you to find a repayment plan that works for you. They will discuss how often payments are due, how much will be due, and if you have any problems meeting these payments, they will work with you to find a solution.
As you can see, there are plenty of reasons that a logbook loan is a great way to go. If you are in need of a loan, and your credit score is keeping you from going to a bank, then this is the way to go. Contact any logbook loan lender like SimpleLogbookLoan today and see what options they have available to you.