Find yourself in need of quick access to cash but not sure if there is a lender out there who will be willing to comply? For many of us with a bad credit rating it can be a real trial to try and find a high street bank who will lend so we need to hunt down other options for a loan.
If you do a quick search on the Internet for Fast Cash options you will find there are actually a few options a available Online which promise to help you out of a financial black hole. Cash advances and Log Book Loans are two of the products most popular at the moment with UK citizens. A cash advance offers a very short term loan for up to around £750 which has to be paid back to the lender on the day when your next paycheck gets paid into your bank account.
Log Book Loans on the other hand are a longer term solution to your cash problems with you paying back a agreed amount each week for up to a year and a half. This product also has the advantage of being available for a much larger sum than a cash advance, making them helpful when you have bigger problems. With loans of up to £50,000 on tap you will rarely be complaining that the loan isn’t big enough for your needs.
How Do Log Book Loans Work?
In essence a log book loan is a secured loan where you get cash by using your car as security. You will have to own your own car and paid off all or most of any finance you had on it. The amount you can borrow will be dependent on the value of your car and will generally be quite a bit lower than the value of your vehicle. Obviously the reason your car is used as collateral for a loan is that if you default for whatever reason the lender can repossess your car and auction it off to make up for any money that you might still owe them.
These loans are sold by these companies specifically to people with bad credit ratings who are in desperate need of cash and have few other options. There is of course the payday cash advance and you could use a pawn shop if you have any valuable belongings that you can do without for a couple of months but these are not ideal given that they can usually only be relied on to raise smaller sums of cash.
Its easy to see why people are attracted to log book loans in the UK. They offer large amounts of money which you get your hands on in under 24 hours through a nice and easy application process. With the bad economy these days they’re becoming even more attractive as many individuals struggle to control their finances and look for more ways to make ends meet.
So if you’re a car owner and you have CCJ’s, defaults, a below average credit score or no credit rating then log book loans are definitely an option but are they the best option? You might think that because this site is called Log Book Loans UK that I am going to give you the hard sell and try to convince you that this bad credit loans product is the greatest thing since sliced bread but that’s not the case. I actually want to also point out the negative aspects of this credit product and convince you that you need to think very carefully before using them.
Stick around and you might learn something about why there are better options out there, what they are, and how you can take advantage of them.
