log book loan

In hard times people seem to turn to every more complicated forms of credit in order to keep their finances ticking over. When times are good we don't seem to need loans as much except when we are looking to buy a car or take out a mortgage on a new house. At the moment, with so many of us losing our jobs or finding that our income has been cut and cost of living is on the rise we might need to find some sort of loan to keep us going.

The Log Book Loan, also known as the pink slip loan, is one such product on the market that seems to have been make for times like these. Needing access to cash in quick time with few questions asked is often the order of the day ans that's exactly what these loans promise to provide.

This Hub Page is going to look at the positive aspects of this credit product more than my other hubs which generally focus on the negative. We'll look at what is required to get access to a log book loan, whether your credit rating is important and who you easily you can get your hands on the money you need. If you are looking specifically for information on log book loans then I hope this article and the others that I have written in the series will help you make an informed decision regarding their use.

1. You should own a car and be in possession of the log book which is in your name.

2. The newer your vehicle is the better but most lenders will want it to be no more than 8 years old.

3. Your car has to be taxed, MOT'd and insured.

4. Your vehicle should be clear or almost clear of credit - Obviously the log book lender won't want to use the car as security if its mostly owned by another company.

5. You should be in full-time employment to enable you to repay the loan.

As you can see, there's not too much required of you to get guaranteed access to a loan through this method. One of the most pleasing aspects of these loans for many people is the fact that you can get them without a good credit rating.

Unlike a traditional unsecured loan form the bank the fact that you are using your car as collateral gives the lender a guarantee that they will get their money back so they will pretty much give anyone who meets the above conditions a loan. The market value of your vehicle will be gauged and you will get a loan to about 50% of that value. You might be disappointed by the amount you get offered and I wouldn't blame you but that's the way log book loans companies work and you won't find one offering you a much better deal.

The reason people like log book loans so much is because you get you cash real easy without doing too much in the way of work and you can have your cash in a matter of hours. You can either apply online or at the loans company's local office. Applying online has the advantage that you can see if you will get approved without leaving your own home but you'll have to go down to the lender's office before getting your cash to show them your car, owner's documents and ID. Applying online you can find out if you approved within the hour and buy the time you get down to show your car and get your money you're only talking a few hours before you get your hands on the cash or get it wired to your bank account.

As you can see, getting a log book loan is a pretty simple process and its one that is open to many people who will find it difficult to get a loan through any other method. But all this doesn't mean that log book loans don't have negative consequences. I urge you to read my other articles about the disadvantages of logbook loans before making a decision about whether or not this credit product is for you.