Though expensive and risky, logbook loans also have it’s own set of advantages. For customers with bad credit who have logbook loans for a quick short term financing, here are some of the advantages you can expect and enjoy.
Even with the security requirement, logbook loan remains one of the fastest ways to avail a personal loan in the UK. The requirements are also simple and straightforward. You just need a vehicle to secure your loan against and you can expect fast approval. In fact, most lenders may approve loan applications in a matter of a day or two. Just make sure you have the documents ready beforehand for speedy processing.
No credit check
One of the best things about logbook loans is the no credit check requirement. This means that you no longer have to worry about your bad credit score. Even if you have a history of CCJs or defaults, you can count on logbook loan lenders to offer you a personal loan to meet any financial needs.
Flexible loan amounts
Since there’s security involved, logbook loan lenders are able to offer their customers a more flexible loan amount. Depending on the type of vehicle you own, you can borrow a minimum of £500 or a maximum of £50,000 at an average representative APR of 400%. Some lenders may offer a cheaper APR. To compare the best lenders offering affordable rates, head over to http://paydayloans.money.co.uk/logbook-loans.htm.
Flexible repayment terms
It also follows that logbook loan lenders promise flexible repayment terms. Lenders can tailor the term according to their financial income and circumstance but in general, logbook loans can be repaid in 12 months up to 36 months. You can opt to pay the loan either bi-weekly or monthly. You can also set up an automatic debit deduction arrangement for convenience.