Loans

A Sneak Peek into Logbook Loans

A Sneak Peek into Logbook Loans

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Do you have a bad credit and badly in need of cash? Have you evaluated all your options and feel like your back is against the wall? Are you badly in need of urgent cash but your credit report is nothing to write home about? If you answered in the affirmative to the above question, we are the solution to your problems. At teamwales2010, we pride ourselves in offering fast logbook loans to people with a poor credit history who can’t get loans from mainstream financial institutions. We do not carry out any credit checks and our loans are processed in the fastest time possible. Our qualified staff will simply explain to you the loan product, how much you will repay, the period of repayment based on the loan you want and ensure that you have cash within 24 hours. Sounds interesting right?
If you are seeking to apply for a simple logbook loan: get a quote now by contacting us today and learning about our amazing loan product!

What is a logbook loan?

Gone are the days when we were forced to sell our cars when in a quandary and in need of urgent cash. People with a poor credit history can now afford to get loans just by using their cars as collateral. Logbook loans are simply loans secured with your car. The lender becomes the temporary owner of your vehicle as you continue using it until you clear the entire amount of the loan. If your back is against the wall and you have exhausted all avenues, it might be time you considered taking out a logbook loan. However, you need to provide proof that you own a particular vehicle and that the said vehicle has no charge attached to it.

How do logbook loans work?

Thanks to logbook loans, you no longer need to release the value of your car by selling it. All you need to do is use your car as collateral and get the much needed money you require. What happens is that you approach a logbook loan lender of your choice, express the amount you require to borrow, surrender your logbook, produce an ID or passport, produce evidence of income or most recent pay slip, produce proof of residence and sit back as your loan is processed mostly within 24 hours. If you have a poor credit history, you can breathe a sigh of relief as logbook loans are specifically designed for people like you. The agreement of the loan becomes effective once you sign a bill of sale document with your lender which in essence makes the lender the temporary owner of your car until you clear your loan.

What are the benefits of logbook loans?

<ul>
<li>You can get a loan even if you have a poor credit history as there are credit checks done by your lender.</li>
<li>You get to keep using your car as you make repayments</li>
<li>The loan is processed very fast as there are no huge paper works to be prepared.</li>
<li>You enjoy flexible repayment period of up to 36 months</li>
<li>The loan terms are easy to understand and you borrow the amount you need based on the value of your car.</li>
<li>The eligibility criterion for this kind of loan is not stringent as compared to other kinds of conventional loan products.</li>

</ul>

Are there any disadvantages?

Of course there is. The number one disadvantage is the fact that car logbook loans attract a very high interest rate and therefore you end up paying almost twice the amount you borrowed. There is also the risk of the lender repossessing your car if you are unable to make repayments.
To sum it up, logbook loans offer a person a great opportunity to get the much needed cash even with bad credit.