On this article we will be examining whether or not a logbook cash loan is what you are looking for to meet your financial needs, or whether or not there are other options available that could be better suited to you.
If you need cash of £500-£1,000
If you only need this amount of money, you might actually find that a cash advance is more suited to you, especially if you intend to pay back the cash in one month or less.
This could be because you do not wish to risk your car for the loan, if this is a priority to you then a wage advance could perhaps be a better option, however with no security on the loan other than a basic credit check, & verification that you are employed, cash advance lenders tend to charge a higher rate of interest than with a logbook loan.
If you need cash of £1000-£10,000
Have you tried getting a normal, personal unsecured loan?
If you have a good credit rating this could be an option for you, and the interest rates would be a lot lower for this kind of deal with a good credit rating serving as a good indicator to many financial institutions that borrowing the money to you is an invest-able, viable proposition.
Also a guarantor loan can be a good option if you have someone who will guarantee the repayments for you if you have a poor credit rating.
If you need cash of £10,000-£30,000
Do you have a property you own? If so a secured loan could be an option for you, for this kind of loan you will benefit from a lowered rate of interest because property is seen as (in general) an appreciating asset, and offers more security to the creditors than a car.
However it is still important to have a good credit rating for a secured loan.
Logbook loans can work well for people, however it is extremely important that people understand exactly what they are agreeing to when undertaking a logbook loan because like with any loan, if you default on the balance it could result in action being taken to recover the debts.
Loans secured against any vehicle could result in the car being repossessed in extreme cases, so bear this in mind when thinking about which type of finance you wish to undertake, and don’t borrow more money than you have to, because it all needs to be paid back in full, plus any interest that is outstanding on the balance.
Article Source: Logbook Loans Place