Should I get a Logbook loan?

It is largely apparent that many people are struggling financially in what has been termed a double-dip recession. Adding to the dire state of the economy, there was talk within the media two weeks ago of the a triple-dip recession.

As individuals come to terms with their financial capabilities, many soon find out about their credit scores. In certain circumstance their credit scores have been registered as being poor or even worse. In order to get back on track there are endless ways to improve their credit scores. However, this could take up to a year – and most people need financial help now.

Coupled with a bad credit history means banks will will not lend to you. Furthermore, in this tough economic climate, the banks have even tougher eligibility controls. So if an individual needs a short term loan to cover general expenses, they wouldn’t receive any help at this time.

However, there are more options out there and people with difficult financial situations are finding them. One of them is a Logbook loan.

The reasons why people are comfortable and happy with a log book loan is because its safe and secure. The way in which it works; the loan is secured against your vehicle which a majority of people own. Secondly, you still get to use your vehicle even though you have borrowed money against it. If however, you can’t keep up with the repayments for whatever reason, you will loose your vehicle.

Furthermore, acquiring a logbook loan is quick and easy. Unlike the banks, the eligibility criteria is straightforward and features a much more broad set of circumstances. This inevitably makes it more flexible for individuals with bad credit ratings. For instances, you would have to be a UK resident, be over 18 and own your vehicle.

On the other hand some people take out unsecured loans or payday loans without realizing the high levels of APR charged. Coupled with this, Which? the consumer rights organisation states that payday loans have ‘inappropriate rollovers’, ‘unsolicited increases in the amount that can be borrowed’, and ‘poor privacy provisions.’

Logbook loans are up to 90% cheaper than payday loans. They are easier to manage all because, the money your borrowing is secured against your vehicle. So if you’re looking to relieve that financial pressure in a safe, secure, easy and cheaper way, visit our online form by clicking here;

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