Why Choose Logbook Loans?

Logbook loans are among the most popular bad credit loans available in the UK today. In fact, more and more borrowers resort to the loan because of the number of advantages the financial product offers. If you’re having a hard time getting approved for a personal loan from major lenders, logbook loan is definitely worth checking. Here are some advantages you can enjoy when you opt for a logbook loan:

Same day approval

If you find yourself hit with a financial emergency and you need quick cash within the same day, getting a logbook loan may be a smart move particularly if you have a poor credit score. With logbook loans, processing can be as fast as within 24 hours. Provided that you have the requirements ready, you can get approved within the same day you applied and receive the cash within 24 to 48 hours.

Minimal requirements

Unlike other types of personal loans, logbook loans require customers to meet only the most basic of requirements. Because a logbook loan is a secured loan, the most important requirement is your vehicle. You must own a vehicle to secure the loan against. Obviously, you’ll also have to be a UK resident to be eligible for the loan. You’ll have to provide proof of income get approved fast.

Flexible loan offers

Logbook loans also offer more flexible not to mention larger loan offers making it a suitable financial product to meet a wide variety of personal needs. Whether you need a small loan of £500 or a large amount of £10,000, logbook loan lenders can lend you the money you need provided that you’re eligible to avail the loan. To compare the best available logbook loan offers in the UK go to http://paydayloans.money.co.uk/logbook-loans.htm.

Longer repayment terms

Because the loan offers are larger, it follows that repayment terms are also longer for logbook loans. In most cases, you can repay a logbook loan in 12 months up to 36 months. As borrower, you also have the option to repay your loan either bi-weekly or monthly.

No credit check

For borrowers with bad credit, the most important advantage a logbook loan offers is the no credit check requirement. If other lenders refuse your loan application because of bad credit, you don’t have to worry about the same dilemma when applying for a logbook loan. Even if you have a history of coca or default, you can rest assured that with logbook loans, approval is almost always guaranteed for borrowers.