Common Myths about Logbook Loans
There are a number of myths concerning logbook loans that you will definitely want to know about before deciding whether or not to apply for one. A lot of people are still hesitant to get a logbook loan because they believe a lot of things that simply are not true.
You can’t get a logbook loan with bad credit
While it may seem like those with bad credit are destined to be rejected when applying for a log book loan, the truth is that it doesn’t matter what your credit is like. The lender will not even run your credit, because the only thing that matters is the value of the vehicle you are going to put up as collateral.
Logbook loans don’t allow you to borrow very much
The fact is that you can borrow thousands of dollars with a logbook loans uk, so it is important to keep that in mind. If you need a significant amount of money, this is certainly one borrowing option to consider. The maximum amount that you’ll be able to borrow will depend on the overall value of your vehicle though.
It takes a while to get your money
Once you have been approved for a log book loan, you can expect to receive the funds within about 24 hours. This is a very short period of time, especially when compared to other types of loans that take much longer to disperse funds to borrowers. In fact, this is one of the best loans to get if you need money fast.
Logbook loans are very difficult to pay back
Some people believe that logbook loans are incredibly difficult to pay back because of the interest rates, but the truth is that a majority of people who get them are able to pay them back on time and in full. As long as you don’t borrow more than you can pay back, you shouldn’t have any issues.
These days logbook loans have become a popular choice for people who are in desperate need of money fast, and it’s an option you should at least look into.