You will find that there are lots of different reasons that logbook loans have become so incredibly popular in the UK in recent years. There are many different types of loans that you can apply for, but logbook loans are unique in numerous ways.
1. No credit check required
These days it seems like there is a credit check performed when applying for just about any line of credit, but not log book loans. You will find that a loan against car doesn’t require good or even decent credit. The lenders that you apply to will not run a credit check, so that is one less thing that you will have to worry about. If you have bad credit, this is a great option to look into for borrowing money.
2. You get your money fast
You can be sure that you will get your money fast with a logbook loan. A vast majority of people who get these loans receive their money within 24 hours or less, so you will need to keep that in mind as well. A log book loan could be exactly what you need when it comes to getting cash quick without any unnecessary waiting. A lot of different types of loans make actually getting your money very slow and frustrating, but that is not the case with logbook loans.
3. High borrowing amounts
Depending on what the overall value of your vehicle is like, you could qualify to borrow thousands of pounds. This makes logbook loans an excellent option for people who need to borrow a large sum of money but have poor credit. If you have been turned down for other loans because the amount was too high, this is an option to review very closely.
The fact is that logbook loans are a great option that you will definitely want to explore before making a final decision. Thousands of people through the UK are applying for these loans each year, and most of them get approved. As long as you have a car that is less than 8 years old and in good condition, chances are you can get approved too.