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Why Apply for Logbook Loans

Whether you like it or not, hard financial times happen. You have no control of circumstances, emergencies or accidents. What you can control instead is your ability to set aside an emergency fund for such situations.

But what if you failed to set-up an emergency fund? What if you have no cash on hand and you need fast money to take care of your current financial problem? What can you do?

Logbook Loans as Alternative

This is where logbook loans come to the picture. The loan is secured by your vehicle and available for residents in UK. It is an ideal and fast solution for your needs especially if your options have ran out. You don't need to run to banks or major lenders who make you go through loops before you get approved. With logbook loans, the advantages are numerous making it an excellent alternative for self-employed, contractors or full time employees.

Advantages of Logbook Loans

1. Fast and Easy

Unlike loans from banks, the process can be long and exhausting with little guarantees to be approved. With logbook loans, however, you can apply in minutes and get approved in hours. Within the same day, you can withdraw your money and use it to meet financial needs.

2. Flexible Loan Amounts

Regardless of your employment status, logbook loans offer flexible loan amounts. The amount is based on the value of your owned vehicle and not on your credit rating or history. You can borrow between £500 and £50,000 hence meeting an array of needs from home repair to business expansion, travel, special occasions and medical emergencies.

3. Flexible Repayment Terms

Aside from flexible loan amounts, majority of logbook lenders such as Logbook Loans Direct also offer flexible repayment terms giving you control to set the duration of the loan. You can set the duration to 12 months or 18 months depending on your capability to make regular payments on time. In general, the loan runs for 78 weeks but you can speak with your lender to talk about alternatives.

4. Borrow for Any Purpose

Ideally, logbook loans should be used for immediate and important financial needs. However, lenders will not necessarily require a specific purpose for you to get approved. As long as you are eligible, you can use the money any way you want. The purpose of the loan is not a concern that most lenders tend to focus on.

5. Keep your Vehicle

Even if the loan is secured on your car, you can still keep your vehicle. The lender will only keep your logbook or V5 document which means you can still use your car and avail of the loan at the same time. It is an ideal set-up any way you look at it.

6. No Credit Checks

Best of all, logbook loans do not require credit checks to get approved. This is good news for those who've been denied again and again by banks and major lenders. Even if you have a bad credit history, you can still apply for a loan given that you own your vehicle and the insurance has been paid off.