It is no myth that many people have been struggling to obtain a loan in the current economic climate. This has led to different types of loans emerging; and logbook loans have been in high demand.
Why are logbook loans so popular?
One of the reasons why many people have been struggling to obtain a loan is down to ‘poor credit’. The lending criteria for banks have meant individuals cannot receive their desired loan amounts. To make matters worse, the current economic climate has added more pressure on banks to be more stringent in their lending processes.
Logbook loans have become popular because of this, and it’s due to the fact that many companies will not run credit checks on applicants. This has provided applicants with a flexible and new option to borrowing.
How much do logbook loans cost?
The second reason why logbook loans are popular is because they are cheaper. Compared to payday loans, most logbook loans will be up to 90% cheaper. However, there are in some cases additional charges that individuals may incur once they have taken out the loan.
However, here at Logbookloans365, we provide our customers with the highest quality of service without any hidden fees or charges.
How much can I borrow?
The third reason why logbook loans are popular is due to the amount applicants can borrow. Many customers are able to borrow more than a payday loan and this down to the process of the loan.
The process of a logbook loan is whereby an applicant can receive a loan that is set against their vehicle. This means the amount they borrow will depend on the value of the vehicle. The requirements are; the individual owns the vehicle and the vehicle is free of finance. Once these two requirements are met, the individual should be eligible for a logbook loan.