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Logbook Loans – the biggest secret in same day loans!

BY Rachel | 19 July, 2016 | no comments

Of all the loans available to people today, one that many have not come across is a logbook loan.  Yet a logbook loan can be the quickest and easiest way to raise money.  In fact you can often receive your money on the same day as applying for a logbook loan!

So, what exactly is a logbook loan?

If you own a vehicle i.e. a car or motorcycle or van then you will have a registration document – a V5 – to prove that you are the registered keeper of the  vehicle.  This document is also known as a logbook.  A logbook loan is a loan secured against your vehicle. It allows you to unlock the value in your vehicle without having to sell it.  The lender holds on to your logbook for the duration of the loan, but you get to keep the vehicle and keep on driving it as normal.

As with any type of loan you need to consider both the benefits and the risks before proceeding further.

There are many benefits of a logbook loan:

• You are able to get money quickly – often on the same day

• There are no set up charges and also flexible repayment periods

• You can pay back the loan early with no restrictions or charges

• The APR is likely to be lower than a personal loan because a logbook loan is secured on your vehicle

• You have full use of your vehicle for the duration of the loan, even though the lender holds the logbook

The main risk of a logbook loan is that because it is secured against your vehicle, this means that if you aren’t able to keep up your repayments then there is a risk you could lose your vehicle.  A responsible lender will always do everything possible to help customers who are facing difficulties in making repayments, but you still need to be aware that by taking out a credit agreement you are entering a legal agreement to make the required repayments.   Failing to make these payments could result in your debt increasing as a result of late payment charges being added to your account or ultimately the recovery of your vehicle.

If you are interested in taking out a logbook loan then do your research carefully and find a lender who not only offers affordable  logbook loans but offers the kind of flexible approach as outlined above.  Ideally you should be able to see positive reviews from other satisfied customers on review sites such as TrustPilot to gain reassurance that the lender is the right one for you.

So now you are in on the biggest secret in same day loans!  Why not help others discover it too?  Share this article with others and spread the word about logbook loans!