What is a Logbook Loan?
For any person with a fixed salary, there is always the time when there is a need for extra money. This is just the reality of a fixed salary. After a month, an employee will receive his fixed salary. To better use this, a person has to have a fixed budget, or has a ceiling for his expenses. It is a matter of understanding what you can buy and what the limits are.
In case of emergency, and with no savings to speak of, the only recourse is a loan backed by your job, usually referred to as “payday”. If you need cash, loans are the best option when time is short. It also happens to have a short term of repayment and only a small amount of money being loaned.
What are the things that a person needs at short notice? A personal emergency is just one possibility. There are other methods that are similar, which all fall under the category of an emergency.
What are Logbook Loans?
For larger, but still manageable borrowing you can take out a logbook loan online. This is easily arranged and can be availed of by logging online and applying on the website. It is a simple method of borrowing which is very much like a pawning an expensive item. There are a few differences between a simple pawn and this kind of debt.
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Typically, cars and vehicles are collateral which can be used for a logbook loan. It is called that because it comes with a little book that has tickets that allow you to rip one off and send in with your payment, updating a log. A bill of sale is also signed. This effectively transfers the ownership to the lender. However, the item is not left with the lender. Instead the original owner still makes use of the vehicle.
With online lenders in the UK, it is now quite easy to get an online logbook loan. All the forms are online, including the terms and conditions. The agreement will be signed in your own home. This is a convenience which is not given by other types of borrowing.
With a car as a collateral, you can get one for a larger amount. Depending on the lender, you can get upwards of $50,000. That may be a lot of money, but most made are payable within one to two years. With these limitations, the lender first makes sure that the borrower’s capacity to pay. Direct lenders who offer these include PDLN and Cash Converters. This is based solely on his salary, and a proof of employment is usually the borrower requirements.
There are a lot of things that a person can do with a hefty personal debt like that. For some people that is already equivalent to a person’s annual salary. It can be used not only as an emergency borrowing but also enough money to start a business. There are other ways to raise funds for a business, however, if in case that all avenues have been exhausted, using the car as a collateral is a good idea. Besides, you still get to drive the car.
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There are types which do not require collateral such as the car. This kind of borrowing is something like a scaled down mortgage. Instead of a house, the collateral is a car. It is also like a pawned article in that it is an item which is used as a collateral, at the same time the amount is only a small percentage it’s value. As a percentage of the value, the mortgage of a home is relatively high, more than the 50% estimated value. The amount is only a fraction of it’s resale value. Seldom is it more than fifty percent value.
For those who have started a business, a $50,000 logbook loan may be more than enough to start one. Then again, if you have a car which can be used as a collateral, then you most probably can afford to start your own business even without a short term loan. There is however, the expediency of making a loan as a stop gap measure. When you need a house or roof repair, and your credit card cannot carry any more additional charges, payday loans UK from us can help.