Unless you have a sufficient emergency fund, chances are high that you may need to resort to a personal loan when financial emergencies arise.
When you have good credit, finding a quick short term financing is not a problem. It's a different story when you have bad credit under your belt. But this is where bad credit loan options such as logbook loans come handy.
If you're thinking of resorting to a logbook loan to meet your financial emergencies, here are some advantages you should know about:
Advertised with the promise of quick cash, logbook loans can offer you cash in as fast as a day. This is provided that you've ticked all requirements and you have the needed documents prepared beforehand.
If you want to expedite the process, you'd be better off preparing the following requirements:
Considering that logbook loans exist mainly for people with bad credit, the best thing about the financial product is the no credit check processing. Even if you have a poor credit score or a history of ccjs or defaults, you're still welcome to apply so long as you own a vehicle and you meet the eligibility criteria.
Another advantage with logbook loans is the large loan offers. Unlike payday loans that generally only offer loans up to £1,000, logbook loans let you borrow from £500 to as much as £50,000. In other words, logbook loans are more suitable for a wide variety of financial needs. From overdue bills to home renovation, vacation, medical expenses of major investments, logbook loans got you covered.
Because logbook loan lenders don't run credit checks, the financial product is usually easily accessible online. There's no need to pay a visit to your lender's office. Nowadays, all you need to do is go online, fill out the form and you're good to go. The lender will then get in touch with you for instructions on how to proceed with the application process. Either you request for a representative to visit you at home or head over to your lender’s office to finalize the application and submit the requirements. Once your application is approved, expect the money via wire transfer in 24 hours or less.