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Logbook Loans Can Get You Emergency Cash Quickly 

Emergencies have the annoying tendency to jump on us at the most inopportune times – most often when we’re not financially ready for the costs.

It’s good practice for a person to maintain an emergency savings account to deal with those inopportune moments. But for those who have insufficient funds to answer our financial obligations, the best solution is to take out a loan.

A bank loan is usually what comes to mind when in need of cash. Many can definitely benefit from this traditional option; however, some people are not as entitled. Bad credit history is a deterrent in getting approved. Also, the recession has certainly not relaxed the stringent eligibility criteria of banks for its loan applicants.

There are a few good reasons why taking out a logbook loan is the best way to get emergency cash:

  1. Log book loans are very quick to provide cash. Emergencies call for less time tediously screening a person’s background, credit history, and employment details. With a log book loan, the presence of a decent car can get you the cash you need in as little as an hour.
  1. Not everyone has bad credit history, but for those who do, a financial emergency can be devastating. Because logbook loans are secured against your vehicle, it is assurance enough for the loan provider that upon failure of payment, they won’t get the short end of the deal.
  1. Log book loans will not investigate your purpose for borrowing money. Unlike banks that restrict borrowing to home or car loans, you can use the cash to spend on an emergency trip home or to purchase medical equipment.

Loan providers can be found online. Not only does this save a great deal of time, you can also go through the entire application process from your computer screen. The applicant only needs to provide personal details about themselves and the vehicle to be used as security for the loan.

  1. The eligibility requirements for taking out a logbook loan are not as strict as those in traditional financial institutions.

The borrower needs to be of legal age and a resident of the UK to apply. The vehicle to used as security needs to have little to no existing finance. The owner of the vehicle should be able to provide the logbook, or the V5C Registration Certificate, to the lender.

Note that even if logbook loans are significantly more lax in terms of granting loans, your loan application can still be disapproved. A regular source of income is important to further assure the loan provider that you will be able to pay the loan amount with interest, within the agreed upon schedule of payments. To avoid difficulties in paying high interest rates, try to complete repayment at the shortest amount of time.