What Are The Risks Of Logbook Loans?

31 July 2012 17:00 - Lucy Williams

    



What Are The Risks Of Logbook Loans?

A logbook loan is another form of a secured loan but in this case if you need a loan it can be secured against your car. With many secured loans your home is used as the collateral which means that in the case of you being unable to make your loan repayments you stand to lose your home through repossession. However a logbook loan is often considered safer in that it is secured against your car but it is important to note that with a logbook loan your vehicle can still be reclaimed if you fail to keep up with repayments to the lender.

Benefits of logbook loans include the fact that if you have had financial problems in the past involving CCJs or have a poor credit rating and so have problems being accepted for a loan elsewhere most lenders will not check your credit history. The likelihood of being granted a logbook loan despite bad credit history is probable.

If you are considering a logbook loan usually you can borrow up to 50,000 which can help you out financially and help make ends meet if you are struggling. Applying for a logbook loan is easy and can be completed online. It is important to make sure that when it comes to it you have sufficient funds to make your repayments otherwise you may lose your car and end up with more financial issues than you started with.

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