Logbook Loan Pros
Listed below are the benefits to help you decide if getting a logbook loan is worth it.
No Credit Checks
If you have a logbook loan, you do not have to go through a series of routine credit checks anymore; thus you can get away with whatever is in your credit report.
Higher Borrowing Capacity
Unsecured loans have a borrowing limit especially those considered for bad credit such as payday loans because the lender has no means to recover the cost of the loan. In short, lending out a huge amount is too risky for them. With that, having a vehicle as collateral, it lifts that limit by reducing the risk on the lenderís side.
One of the benefits of not having credit checks is the avoidance to experience long processes. A logbook offers quick answers to your cash flow problems in 24 hours or less. So, if you are in a hurry or in any form of emergency, a log book can give you an urgent solution. Aside from that, what is also great about having a logbook is that it can be done on line for your convenience.
Short Term Cover
If you have missed bills or out-of-pocket expenses, a logbook loan is a highly recommended solution to this kind of temporary shortfalls. However, relying on logbook loans can put you to extreme costs and larger debts. Thus it is also important to review your income and expenditures if you have the tendency to check on your logbook loan frequently.
A logbook loan has a flexible repayment terms thus you will not be forced to enter into loan agreements that you cannot afford. With this, you have the freedom to choose how long you want to pay off the loan and how much you want to pay in every instalment.
Help With Credit Repair
If you are experiencing a battle with bad credits, then consider a logbook loan to help you in giving temporary cash flow fix if there are no other options available. Second, a logbook loan helps add a positive entry on your credit report.