When it comes to logbook loans, it is a no-brainer that these loans tend to be one of the most popular ones amongst the UK residents. They are easy to acquire and do not take into account any of your previous credit rating history for the matter. The fact that it requires very simplistic conditions to be fulfilled makes it a go-to loan for everyone who needs to have some financial problem taken care of instantly.
This loan since brings quick cash to your accounts can be used to pay off other loans and prevent them from affecting your credit rating, to use as an investment in your business or simply to work out the solution to a problem you are facing in your life.
When it comes to getting the logbook loans, you always have many companies to choose from, each one offering something the other isn’t.Thismakes a choice difficult. So, what are some of the things you need to be basing your decision on? What is it that you should be looking for a company that you finally decide to hand over your car as securityto? Let us find that out.
1. Fast cash
The best thing about logbook loans is that you can get instant access to the cash you have been requesting for. If a company is going to take a lot of days to process this loan for you, then you might as well go out opting for another type of loan. To make the most out of this loan and the good it brings, try to find a company which has a quick turnaround time. Since the process is simple, it shouldn’t take you more than a few days or even hours to get cleared through. Finding a company that can make that happen is going to benefit you a lot down the line.
2. Ease of payout
Most of the times, the companies when lend you money fix a term by which you are supposed to pay back the loan you took.This term is often decided by your agreement. The logbook your vehicle has comes with a life of five years after which you would have to get it renewed. Thus, the lending companies have the option of offering you a payback term of five years keeping the life of your V5 in consideration.Finding a company which offers you such long-term payment plans will make things a lot easier for you.
3. Low-interest rates
Have you ever come across loans that are really easy to get but come with a downside: they have a huge interest rate attached to the return amount?This is a financially not a wise move and therefore is something you should always try your best to avoid at all costs. Finding a company which offers you payment plans with a low-interestrate will prove to be a blessing for you in the longer run.Some companies even allow you to pay the full amount and take a bow out instead of making payments every month. So, do look into this option as well since it will save you a lot of money that would otherwise have been paid as interest over the number of years.
4. No hidden charges
This is really important one and must be properly lookedinto. One of the problems people have with loans is the hidden charges the lending company impose on you that you weren’t even aware of at the time of signing the contract. It not only leaves a bad taste in the mouth but also creates difficulties for you afterward. Thus, going with a company that not only claims but also sticks to its policy of having true transparency in all of their processes will come to benefit you both. Not many companies will be following the decorum,so you need to go through the process and all the involved paperwork really thoroughly to avoid such issues.
5. Lenient conditions
All the other types of loans come with a few conditions of their own that the applicant must fulfill to get cleared for the loan.This is not the case with logbook loans and the companies involved should be keeping it that way. As long as meet the basic requirements, getting the loan with your car being security should not be a problem in any way.This is the beauty of these loans,and it should actually stay this way if we do not want to see its popularity score dropping in the next few years.
6. Credit rating
As it happens, most of the loans today are strict when it comes to ensuring the safety of the loan that is handing out. Thus, taking into consideration the credit history of the applicant not only becomes important but also is made a mandatory part of the approval process. People who fail to show a good credit history are denied these loans. With logbook loans, such people find a relief that they really need. It doesn’t take into account the credit rating and has no concern with the number of times you have been rejected a loan before.
Finding such a company is not easy,but if you can do that, things are bound to get a lot easier for you in the long haul. One such company which allows you apply for logbook loans online in the UK is car cash point.
It not only fulfills the criteria mentioned above but is also offering its customers the terms they would actually be happy with. Loans that can be paid within 3 to 5 years at low-interest rates make it one of the best companies around. So, log into the website today and have someone form their tea explain to you how they are the best in the business and the answer to all your financial problems.