In today's marketplace consumers have many options when it comes to loans. There are many commercial high street lenders like banks and also a lot of competition from new players in the industry which are often internet based. They can often offer some pretty good rates in comparison to regular banks.
However, if you have a poor credit rating then many of these options will not be open to you. You may often be refused any sizeable amount of credit if you have a history of bankruptcy, not repaying debts or of court action against you due to non payment of funds.
Your options may be limited to a select few types of lender. These would typically include payday loan companies, pawnbrokers and logbook loan companies.
With this in mind we can now understand why people choose logbook loans. Cheap logbook loans provide a way for people with a poor credit rating to obtain credit but there are also many other benefits. Although payday loans do the same thing, they often limit the customer to a certain amount of money. Generally speaking, this amount is quite low as they are only really designed to tide you over until your next payday.
Cheap logbook loans can offer you a larger amount of money in most cases. This ranges from £500 to £50,000 depending on the actual value of your vehicle. Also, the APR will be lower. Why? Because the lender has something to secure the loan against you may become LESS of risk. With unsecured lending (like payday loans) the lender takes a huge risk because they have nothing to acquire should you be unable to repay the loan.
Another reason why people choose logbook loans is that they are an any purpose loan. The company will not inquire as to what you use the money. They're interests are that you can afford the repayments and that you keep your vehicle maintained. So what do people use them for? Well, typically customers use them for anything and everything from home improvements to making an important mortgage repayment to even starting up a new business venture.
One other benefit of logbook loans is that you will keep your vehicle for the duration of the loan. The vehicle remains your to drive and own, so you are still able to go to work or run errands. This is a huge advantage to many people who may live in the country and rely on their vehicle on a daily basis.
Logbook loans also provide fast access to your money. In some cases this can be as quick as a few days (or even 24hours) and this makes them different from a bank loan. Often, bank loans can take a few days or longer to clear and arrive in your account. Logbook loans are ideal for people who may have an emergency bill to pay right away or simply need a loan quickly.
And the final reason why so many people choose cheap logbook loans is because there are no credit checks. This makes them drastically different from bank loans. A bank will usually take a look at your credit rating and offer you a loan based on how much of a risk you are. A logbook loans works in a different way and therefore there are no credit checks.
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