Why Logbook Loans: Their Indispensability

Man has been trying to come up with simpler and instantaneous ways of getting ready cash for his use. The conventional financial organizations have not been able to live up to their expectations and meet the need for immediate cash. They generally take weeks or even a month at times for all the necessary documentation and official work to get over, and the final sanction of the loan.

Logbook loans are obviously the best form of short-term loans. To speak of a logbook, it is obviously known to all that it is a very important legal document. It is known as the V5 book in the United Kingdom. It consists of certain personal details of the owner and the registration and chassis number of the vehicle. It is the proof of the individual’s legal ownership over the car.

Beneficial Features of logbook Loans
There are several features unique to this kind of loan, which make it beneficial for the commoners. Listed below are the most beneficial characteristics of this kind of loan.

1. Firstly, these loans can be obtained within a maximum period of a day. Some of the companies even sanction the loan within a few minute’s time. Thereby, a logbook loan is the best option for any individual who needs instant cash.

2. Secondly, a logbook loan applicant will not need to undergo a credit check. This is an advantage that makes this facility available to a wider number of people. There are many such individuals who might not have been able to pay back some of their previous debts just because they weren’t financially stable at that point. That won’t keep them from availing the loan.

3. Thirdly, one would not need to keep his vehicle with the loan provider as collateral. The provider is happy with the V5 document only. The borrower will thus be able to enjoy the benefits of both having a vehicle and the cash derived from the loan.

4. Fourthly, the logbook loan providers charge a minimal rate of interest upon the loan given. When compared to the rate of interest of the other conventional forms of loan, this will appear absolutely nothing.

5. Last but not the least most of the loan providers wish to make the whole process easier for the customers. Therefore, they allow the borrower to repay in a mode convenient to him. One will obviously have to choose among the given options. Repayments in equal monthly installment schemes are also available.

While these are the benefits of logbook loans, one must remember that one will have to fulfill certain criteria, however minimum they are. In the first place the applicant cannot be aged less than 18 and needs to be a permanent resident of the country. On the other hand the vehicle against whose logbook, the loan is being taken should be within 8 years of age, and in good condition. Also one would not be allowed to sell this vehicle within the loan period.

A logbook loan is undoubtedly the most suitable kind of loan for those who need immediate and ready cash.