When it comes to short term credit solutions there is hardly anything as useful as the logbook loan. There are a plethora of benefits that you can avail with the help of logbook loans. In today’s world availing a loan is not at all an easy task because loan providers now days adhere to stricter norms and conditions in order to avoid any bad debts. The fragile economic condition of the world economy has forced them to take such a stern step. This however, has resulted in a lot of problems for many individuals who are in urgent need of cash.
Nevertheless with the introduction of logbook loans this is not something that one should worry about. These loans have redefined the entire concept of credit. The most important check that is made by the loan providers (credit history) check is not something that one has to undergo whilst availing a logbook loan. This is the biggest advantage that a logbook loan provides. Apart from this there are various other benefits that one can benefit from logbook loans.
Key features of logbook loans
The first benefit as stated earlier is that anyone with a valid logbook can apply for this loan irrespective of what their credit status is. This is very useful for those who do not have a good credit score or a good credit history.
The next thing that is a sheer advantage is that you can also retain your car even after getting the loan. You can use it as well. Especially those who need their car for their business can reap great benefit from this. That will help them to continue with their business which will help them to gather the money to make the repayments. Apart from this the time that one gets to repay these loans (5 years) is also noteworthy.
The APR (rate of interest) that is charged on this loan is also pretty rational unlike the interest rates charged by the other short term loan providing organizations.
A logbook loan is very advantageous owing to the fact that it gets processed quicker than any other short term credit solutions. Therefore this is the best option to choose when you are in urgent need of money.
Let us now go through the factors that one need to keep in mind in order to avail a logbook loan.
Some important factors
• In order to avail a logbook loan the applicant should be atleast 18 years old
• He/she must be resident of that country
• The V5 registration should be registered in the name of the applicant.
• The vehicle must not be older than 8-10 years.
• The logbook of the car should be valid.
• The car should be free from tax and insurance dues.
• One should make sure that the car is not damaged atleast till the time the loan is repaid.
– 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.
