If you are looking to take out a Log Book Loan because you find yourself in an unfortunate financial situation then this article will you provide you with the knowledge you need to make the right choice. Specifically we will look at the amount of money that will be available to you, the cost of accessing a loan and any disadvantages there may be to using this type of fast cash product.
Log book loans companies are proud to tell about who we can get quick access to a loan for anywhere between £500 and £50000 in under 24 hours if we use their services but how much can you realistically expect to get your hands on? The value of the loan you receive will be directly linked to the value of your car with a lender likely to give you around half the vehicles market value in cash. This might sound great if you are in desperate need of money but what are the negatives of taking out a log book loan?
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Log book loans are notorious for having high borrowing costs which can get you into even more trouble than you are in at the moment and with some lenders charging interest rates of over 400% its not hard to see why. Those of use that are struggling with money problems at the moment can find that after getting involved with log book loans we end up needing to seek professional help to deal with the debt we face.
High interest rates are not the only concern you should be thinking about as you should be aware that if you fail to keep up with your repayments your car is at risk. Log book lenders are always quick to take repossession of vehicles if you fall behind on repayments so you have to ask yourself, "Can I survive without my transport?".
As you can see, although Log book loans may sound like they are an easy way to solve your money problems in the short term you can actually end up in a worse state than you started. It makes sense to think very carefully before you fill in that application form for that loan!
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