Despite what other financial experts say about logbook loans, the financial product continues to attract a large number of borrowers across UK for several reasons. Not only does the loan bridges the large gap in the market but it helps borrowers meet a wide range of financial needs and emergencies. If you’re thinking of taking out this type of financial product, here are a few advantages that makes it a better option than other high risk loans such as payday loans.
More and more logbook loan lenders are now promising same day approval for their loan deals as a way to lure more customers to apply. This means that if you need quick cash, you can avail a logbook loan and meet any financial need within the same day you applied. To guarantee fast approval, just make sure you are eligible for a logbook loan and you meet the eligibility criteria. It would also help if you prepare the needed requirements prior to completing an application form. Among the documents your lender will need include your vehicle’s V5 document, MOT certificate and insurance details among other things.
It also follows that logbook loans come with longer and more flexible loan terms. The typical repayment term for a logbook loan starts from a few weeks to 36 months. The term will depend on what your lender offers but you can also tailor made it according to your loan amount and financial capability. If you need a longer time to repay your loan then you can opt for the maximum repayment term available. If you want to pay the loan fast, you can also do that. Either way, logbook loan lenders are more flexible with terms than other lenders offer unsecured personal loans.
But more than the larger loan offers and longer loan terms, the fact that there’s no credit check with logbook loans is its biggest advantage over other types of personal loans. With no credit check means anyone with bad credit can avail the loan. Your credit score will not affect your approval. In fact, your application is considered approved provided that you are eligible and you meet all the loan requirements. In most cases, you can expect to get approved in as fast as a coupe of days or even within 24 hours for some lenders.