A logbook loan is a loan that is taken against your car. Logbook actually means the registration to your vehicle that was issued to you by the vehicle licensing agency. These are great when you are looking for quick loans when you need money in a emergency basis.
Secured Loan:
These type of loans are considered secured because you are actually using the logbook of your vehicle as your collateral. If you miss the payment you lose your car.
Criteria:
1. The main criteria is you car should not be more than 8 years old.
payday loans without bank statement, personal cash loans, fast cash payday loans,
2. Your vehicle must not have any prior loans against it and if so it should have been paid in full.
3. All taxes and insurances that are owed must be paid in full before securing your loan.
4. Must pass the MOT and technical testing before being approved for the loan. Every car must undergo this test every 3 years.
5.The logbook must be in your name.
Advantages:
1. This loan does not require a credit check.
2. The amount to be borrowed will depend on your current financial needs.
3. Those with poor credit are able to borrow larger amounts than they would be able to with other types of loans.
4. You can use this type of loan for any personal reason.
5. Great for financial emergencies.
Disadvantages:
1. It is one of the most expense type of secured loan for those who have bad credit.
2. If you are already struggling to pay your monthly bills you will find that it will be difficult to meet your monthly payments.
3. It is only considered a short term loan so you will find that you have less time to pay it back.
Need Get Cash In 60 Minute? No Credit Checks, No Hassles. Higher Approval Rate. Get Payday Loan Now!
Rating of cheap payday loans
Get Online Application at online payday loans.
0 comments:
Post a Comment