Emergency Cash Solutions with a Fast Logbook Loan

Not all loans are created equal.

When you think about borrowing money, the first thing that comes to mind is to apply for a bank loan. Bank loans are the usual avenue to get funds for a house or a car. However for other types of expenses that are urgent like medical emergencies, is the bank still the best option?

Loans are not created equal. When emergency cash is needed, the last thing you want to encounter is a multitude of requirements, credit checks, and a long waiting period for the result of a loan application. Unfortunately, banks make it harder for those who need loans the most.

In an emergency, one of the best solutions you can find is a logbook loan. It is easy to apply for and very fast to get – a Godsend when funds are urgently needed.

Why is the logbook loan the best solution in an emergency?

A log book loan provides the lender with the security of your vehicle. This means that your car serves as a safety net for them in case you default on your payments, in which case the vehicle get repossessed. The logbook will remain with the loan provider during the duration of the payment schedule.

Logbook loans rarely go through the lengths of screening that traditional financial institutions do. Bad credit history is a negligible factor in approving your logbook loan application. Furthermore,

Perhaps the strictest requirement for a log book loan will be the state of your car relative to the amount of money you want to borrow. Your vehicle’s market value plays a big role in determining the maximum you can get. Most loan providers will only accept cars that are up to 10 years old – since they will need to sell it if you fail to repay your loan.

A car in decent condition will fetch you a more substantial loan. The loan amount will be around 50% of the car’s valuation.

Interest rates for log book loans are also lower than the average non-traditional loan. While average interest rates can reach upwards of 400%, these are Annual Percentage Rates. This means that if you plan to settle your loan in less than a year, the interest you’ll need to pay will be much lower than the quoted APR.

Is the logbook loan right for you?

Log book loans are meant to be short-term debts that can be settled quickly. The downside of a non-traditional loan is that the APR can leave you in even more dire straits if it takes you more than a year to pay back your loan. The interest can definitely add up and you can end up losing your car.

Before applying for a logbook loan, make sure to take into account your resources. Logbook loans cater to people who have a steady stream of income to compensate for the loan interest, and who can also settle the loan amount in the shortest time possible.