Advantages of Logbook Loans

Logbook loans, some experts say, are risky and costly. They’d go as far as discouraging borrowers to avail the loan. Unfortunately, borrowers with bad credit usually have little choices when it comes to the available personal loans. This is where logbook loans come handy. If you’re thinking of applying for a logbook loan, here are some advantages to look forward to:

Fast approval

Even if logbook loans are secured loans, the financial product is still one of the most accessible and easy loans to apply for. Approval can be as fast as within 24 hours. So long as you’re eligible for the loan and all requirements are met, you can apply to day and receive the cash just as fast.

Large loans available

Compared with unsecured loans, logbook loans offer large loan amounts. The financial product therefore is ideal for a wide range of financial needs. Whether you need £500 or £10,000, you can count on logbook loans to meet your financial emergencies fast. Repayment terms are also flexible. You can opt to go for a 6-month term if available or choose a longer term up to 36 months. Either way, the most important thing to keep in mind is to ensure that you can afford the monthly repayments to avoid risk of repossession.

No credit check

The best thing about logbook loans is the fact that no credit checks are required. You don’t have to have a good credit score in order to be eligible for a logbook loan. You can have a history of default and you’re still welcome to apply. This makes logbook loans an ideal option if you’ve been constantly rejected for a personal loan by major lenders in the UK. Just remember that while advantageous, logbook loans have risks too. You can know more about the financial product’s risks at Money Advise Service.