If you have never had misfortune of using a log book loan then you can consider yourself lucky, this is a product which once you get snared by the company you will be lucky to get out of the situation with your financial well being intact.
Log book loans companies actually offer a credit product that sounds like it really could be a great way to relieve your money worries. If you are a car owner they are willing to give you a loan secured on your car so you can get access to quite large sums of money depending on how much your car is worth. Usually how the formula works is that the loans company gives you about 50% of the lowest market value of your vehicle and you pay them back in weekly instalments until your debt is paid off.
The loan application is real quick and can mostly be carried out online, you'll often get your money in under 24 hours so its good if you need money fast and because your loan is secured to your vehicle the lender is unconcerned about bad credit rating. However the downsides mean its not worth risk of taking one of these loans out.
I'll talk about why you should give log book loans the wide berth in my next post.
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