Rabu, 26 Oktober 2011

Not Going Through This Logbook Loans Review Might Cost You A Lot Of Money

By Brian B Smith


Owning a car can help you access financing easily in the form of logbook loans. This short term loan is usually secured against your car. The logbook in this case acts as a representation for the collateral since it holds all the vital information regarding the ownership of the car including the registration and chassis number. Different financial providers avail this type of loan making it important for one to read various logbook loans reviews in order to establish the best provider.

One thing you will realize is that different providers offer different terms. However, some of the conditions such as the age of the car tend to be standardized. Here in the UK the vehicle must be less than eight years old for one to access this financing. The vehicle also needs to be valued by a professional to ascertain the loan amount one can qualify for.

Logbook loans limited is one of the well established providers in the UK. Unlike other providers, this financial provider only requires that one be the legal owner of the vehicle and to have cleared any form of financing for the car in order to qualify. Sometime, vehicles which are almost close to clearing financing also qualify. Other factors such as a person being employed on a full-time basis, having cleared all insurance premiums and taxes also improve the chances of qualifying.

Once the applicant has qualified for the loan, the funds are availed within twenty four hours. Such clients can also get the funding for any purpose without necessitating credit checks. In addition the application is done online and additional attractive packages are offered for those who settle the loans early. This makes logbook loans ltd one of the best providers.

When one is applying for this loan, it is important to learn exactly how it works in order to benefit more from it. First, the loan allows one to access more funds compared to a payday loan which makes it more attractive to those who have damaged credit reports. For instance, logbook loans ltd offers logbook loans ranging from 500 - 50,000 pounds.

With this provider, one is eligible to make considerable savings on the total payable amount. The loans are usually offered with a 78 week repayment schedule. If you follow this schedule you end up paying 178% total interest on the amount borrowed. However, if you repay within four weeks, you make considerable savings since the total interest will only be 27%.

Some people find the 437.4% APR rating unattractive since it is high compared to what banks and other financial institutions offer for normal loans. However, this should not make you shy away from the provider. This is because it offers unique flexibility while retaining total transparency. In addition the financing does not have any hidden costs and the products are all short term.

An overall look at this financial provider shows that their services are aimed at providing quick and discreet solutions to their customers needs. This is possible as the company has a large underwriting team covering the whole of the UK allowing anyone to access financing from this provider. However, you should also read other logbook loans reviews relating to other companies in order to establish whether there is really a difference.




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