Logbook loans in comparison to other loans
Log book loans are classified under secure loans. They are quite different from unsecured loans but share some similarities with other secured loans like homeowner loan, and guarantor loan. The good thing about logbook loans is that they hold lower APR when compared to other loans like payday loans as well as other loan offers that have companies promising not to carry out credit checks.
Since the loan is secured against a vehicle whose documentation is held by the lender, the borrower is able to take up large amounts of cash. The lender is assured of a payment and in case this does not happen, the lender has a fall back plan which is repossessing the car and reselling it to get the value of the loan balance earlier awarded to the client.
Log book loan amounts are usually made available within a short time since loan processing is quite simple. This makes it different from loans awarded by banks which may take up to a week or longer to process. Once the proper documentations have been checked and signed, the loan is usually awarded within less than 24 hours. This makes it list among the quickest ways to obtain cash especially in cases of emergency.
When compared to other loans available in the market, logbook loans offer the most flexible loan offers to clients. While other loans have strict eligibility criteria requirements, logbook loans are easy to access due to their easy to meet requirements. The all purpose function of the loan makes the logbook loan even more attractive to those who need money for personal use. Even those who have a poor credit history are able to apply for a logbook loan thus making it a loan accessible by all.