Why Get a Loan
There are many different reasons why taking out a loan is viable; not just because you need money but for more luxury purchases also. Seen a fantastic holiday deal that you want to get before it expires? Perhaps you need to put down the deposit on a new apartment and you are a little short on cash.
Whatever the reasons, the ability to borrow small amounts of cash in the short term is more than available in 2011, as people look to other avenues to cure their short term financial problems.
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It might surprise you to learn that going to the bank is not always the best option. There are many lenders who supply loans secured against your car, these are called logbook loans and make fantastic ways of getting your hands on small or large sums of cash in the short term. They are not to be taken lightly however, as failure to meet the agreed repayment terms can result in your car being taken against the loan amount.
For sensible borrowers however, logbook loans offer a fantastic way of getting a short term cash lump sum incredibly quickly, with no hassle and no credit checks.
Applying for a Loan
Applying for a logbook loan is very easy - much more so that going to your high street bank. There are no face to face meetings, no paperwork and only minimal time spent filling out forms (online). After you have decided how much you want to borrow, the lender will typically call you to arrange terms of repayment. This is a fast process, after which the funds will be transferred into your account.
The whole process usually takes no longer than 24 hours meaning if you are in a rush for cash, applying for a logbook loan could be your best option!
Loan Interest Rates
Due to the nature of these types of loans their interest rates tend to be significantly higher than that of the local banks. There are two reasons for this:Loans are super fast and very convenient They are intended for use in the short term
If you borrow a lump sum from the bank and arrange to pay back over a period of years the interest you accumulate will be similar to that of a logbook loan paid back within months. Essentially, logbook lenders are businesses wanting to make money in the same way that banks are, but because the loan lifecycle is generally shorter the interest rate must be higher to form a profitable business model.
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