The recent economic slide has created several setbacks when it comes to managing any personal financial crisis. With outstanding bills waiting to be paid and a poor credit record, banks and even private lenders are not an option. Sounds familiar? Well, if you are looking for quick cash that won’t need you to pledge major assets, a great solution is logbook loans.
In simple terms, logbook loans are advances drawn out on your car, which is used as the security against the loan. As safe as secured loans are, getting a loan off your automobile means that you put nothing by way of collateral except for your vehicle. To qualify, aside from owning a vehicle, you will need to be gainfully
employed with a regular salary source, and may have to provide income proofs as well.
So what exactly is a logbook? Well, the logbook is the registration document that comes with your vehicle that basically affirms that you are the rightful owner. In addition to the vehicle details such as registration information and chassis number, the logbook also includes information pertinent to the insurance coverage on the car. Logbook loans are rapidly gaining preference among the general public, and not without reason too. Here’s why these loans beat traditional money lenders:
- Online applications: This is definitely a plus for people who are too busy to go through the lengthy process of loan applications. Now applying for a personal secured loan is just a click away.
- Quick credit: Once the straightforward application process is complete, funds get credited directly to your account.
- Higher loan value: Logbook loans offer a much higher credit facility as compared with other loans offered against movable securities.
- Credit against a vehicle may seem an inconvenience, yet with these loans you still own your car and can continue to use it during the loan period.
If the money is tight, and you are out of options, it is time to make the most of your vehicle with logbook loans.