Financial Product: Log Book Loans

Many of us are well into the festive season by now – a time for spending and spoiling your loved ones. However, a majority of us forget that financial planning is paramount at this time of year and over spending means you could start your New Year on a serious low.

But it doesn’t have to be like this anymore. For those of you who don’t know much about Log book loans you could be missing out on what is an easy, cheaper and secure way of assisting your financial needs this festive season.

Log book loans have been around for some time now in the market. It has certainly become the go to finance product for customers, provided they own a vehicle. In the past people would have visited a pawn broker in order to take out loan. This meant they’d have to leave the car with the pawn broker as well.

So what has changed?

Times have changed, and leaving your car with a pawn broker certainly isn’t the viable plan. You still need your car for your daily errands and travel needs. Log book loans allow you to borrow a loan against your vehicle and you can still drive it.

To give you an example; A log book loan company will have ownership of a customer’s vehicle in the similar way a mortgage company will own a customer’s house. If however there is a default or non-payment on the agreed terms of the contact, this will result in additional charges being attributed to the customer.

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