Not yet registered? Create a OverBlog!

Create my blog

Log book loans: Pros and cons

If you've experienced credit problems during the last seven years, you're likely to find it difficult to borrow money from your bank. A vehicle log book loan is similar to a homeowner loan, in the sense that you're borrowing cash against the equity in the property. Loans for people with no credit or bad credit are available for up to 30 days with the possibility of renewal. This article examines the pros and cons of taking log book loans.

Advantages of auto title loans

Urgent cash
When you have an immediate need for cash, your options are often limited. Once approved, log book loans are sent to you personal checking account within a maximum of 24 hours. Your cash may even arrive a lot sooner. Any purpose
There are no restrictions on how you can spend the money. It doesn't matter if you're planning to pay your rent or pick up a bargain in the summer sales because the lender won't ask you any questions. Adverse credit
You don't have to pass a credit check, so you can get a personal loan with bad credit. This is particularly useful if you've already been declined by your bank and don't know where to turn. Application process
Personal credit loans are extremely easy to apply for, and the paperwork is often completed for you by the lender.

Disadvantages of auto title loans

Secured debt
You are using your auto as collateral. If you fail to make repayment, your car can be repossessed by the lender. That is the reason why they request a duplicate set of car keys. Some customers have left work to find that their vehicle has already been recovered. Loan renewal
Most customers aren't new, they may have opted to renew the agreement. This involves paying off the interest and extending the term of a secured personal loans for bad credit by a further calendar month. Vehicle financing
You'll need to have cleared a minimum of 75% of any credit that has been used in order to buy your car. You may find that lenders insist that all forms of credit secured against the vehicle have been paid off. Financial problems
If you're struggling to pay your debts this month, will your position be any better in a month's time? You'll have the same bills to pay in 30 days, plus the money you've borrowed and any interest that's accrued. It could make things a lot worse.

Same category articles Banking

Nationwide online banking: The facts

Nationwide online banking: The facts

Nationwide is the UK's largest building society. They offer new and existing customers a wide range of financial products, including Nationwide mortgages, investments, insurance products, credit cards, savings and current accounts. Better still, you can manage most of your arrangements with online banking. Find out the pros and cons of managing your accounts online.
A guide to using a monthly mortgage payment calculator

A guide to using a monthly mortgage payment calculator

Mortgage loans are property loans provided by banks and building societies to individuals or companies to buy property such as houses. Mortgage loans vary from their size, repayment terms, interest rates as well as maturity. Therefore, it is important to use a monthly mortgage payment calculator in order to know the monthly loan repayment commitment, the duration of the bond and the interest amount. This article is a guide to using a monthly mortgage payment calculator.
A guide to Abbey online banking

A guide to Abbey online banking

Abbey online banking offers excellent interest rates, with plenty of benefits. Customers who decide to switch to the Abbey online Banking can receive better rates of interest than other banking groups, along with a number of other services. The bank’s e-banking current accounts allow customers to manage their money from a click of a button.
Money making tips for beginners

Money making tips for beginners

There are many ways to earn money even if you do not have experience in anything. You just need to have a computer that has got an internet connection. You can use your computer to generate fast cash; some people make thousands per month just by using their computer. The tips provided below are simple and practical; you only need a positive attitude. If you are just a beginner, following the following tips can change your life.