The demand for easy and convenient loans like logbook loans has been on the rise since banks have become selective about paying to customers who do not have a good credit background and with the recent condition of the economy several families require emergency cash within a short time.
1. They are Instant – Logbook loans eliminate the hassle of filing papers and doing thorough checks of the candidate’s credit history. Hence, the candidate can get the amount within 24 hours. Other loan companies need to do a thorough check of the paper works and this makes the pre- approval period a lengthy one. Since logbook loans do not need such extensive paper works the approval comes within a day.
2. Bad Credit History Doesn’t Matter – If you have a bad credit history you will be refused a loan by all the banks and most of the lending institutions. This is where logbook loans can be of a boon. Logbook loans require no credit history of the borrowers. All that is required is that you have a steady source of monthly income and a car of your own. This makes it easy for you to apply for a loan even if you are not having a huge bank account to back you up.
3. You Can Apply Online – This is the only loan that can be applied online. All you have to do is provide details about your income and details of your car ownership. This saves you the hassle of going to the bank repeatedly with paper works, waiting for them to scrutinize and approve your loan. You can sit at home, apply and then once it is approved go to the company with the car and come back with your loaned amount.
4. Flexibility of Usage – Unlike other loans that can be used for a specific purpose only, logbook loans do not require you as the borrower to specify how you intend to spend the borrowed money. You can use the money as you deem fit, spending the whole amount for something or spending it in parts for different things. With the recession in full swing, this loan can be used to meet several unforeseen expenses.
5. Easy Eligibility Criteria – In order to avail for the logbook loans you have to a citizen of UK, above 18 years of age and must own a vehicle. Apart from this there are no eligibility criteria.
The lenient eligibility requirement makes it easy for tenants or people with a bad credit history to apply for a loan. These kinds of people would not be approved for any other loan programs and they could greatly benefit from these loans.
These five reasons account for the popularity of the logbook loans and show why it is one of those loan programs that you can easily apply to without worrying about meeting the eligibility criteria.
B. Lyttle is a finance expert with over 5 years of experience. She recommends that you should read more about logbook loans on the given link if you are still in doubt whether you should apply for the log book loans or not.