Are you looking at logbook loans? You might not have heard about these loans, but we guarantee you that there is a huge opportunity locked in these loans that separate them from the rest of the competition. It’s important to get a few things out of the way then it comes to logbook loans.
First and foremost, they are certainly not payday loans. You’re going to get a lot more time to work on paying the loans back, which means that you can borrow a lot more than what you would with payday loans.
The other point that you need to be aware of is that this is a secured loan, to be technical. You’re going to be putting up the ownership of your vehicle (through the logbook central) to secure the loan.
Securing the loan has a few benefits. For one, you’re making it more likely that you’re going to repay the loan. This is actually one of the top concerns that the lenders have.
They want to make sure that you’re going to be able to pay them back. It’s not enough to just verify your income and employment. You want to still make sure that you have a bit of “skin” in the proverbial game.
Payday loans don’t require that type of deep proof. You can get it based on proof of income, and a checking account. If you go against the agreement, the money is pulled from your bank account because you will have turned over your account information.
Many people go into this comparing and contrasting their options. Everything is based on one thing above everything else: time. You need to see whether or not time is really on your side. You need to make sure that you will be able to meet your goals and get things paid before everything slides out of control.
Getting a logbook loan is actually much more of a “cozy” process, as so much is handled for you. You get to have someone come out to you and appraise your vehicle.
In order to get approved for a logbook loan, the company behind the loan has to make sure that you have the vehicle priced out in terms of value. This is because you’ll be able to go up to the value of the vehicle.
You may have to settle for less if your income doesn’t stretch that far, but you will find that even if you have to compromise things are still a lot better than just a regular payday loan.
What about borrowing from friends? While this might incur less of an interest rate or even no interest rate at all, the reality is that you just cannot rely on the power of friends when you really need money.
Let’s say that you’re in a really bad bind with the utility companies and you need a loan to hold you over. The move that a lot of people make is to ask all of their friends and family.
Yes, there are times where you’re going to get the money that you were looking for, but will you get it all of the time? Probably not. Your friends and family have to think about their finances as well.
This means that you often get pushed into a hard place — your family can’t loan you the money, your friends are just as tapped out as you are… enter the logbook loan to save the day! The time is right to really see what a logbook loan can do for your finances!