In the slump after the holiday season you will probably find yourself short on money due the huge expenses over the past couple of months. This need not cause problems however, as we show you how you can get your hands on money - quickly!
If you are a car owner you can apply for a logbook loan which essentially means you borrow money against your car's V5 logbook. These types of loans carry their benefits as well as their disadvantages. Here we run down the pros and cons of borrowing a logbook loan.
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Advantages:
Money is aid in very quickly once your loan is approved. Processing of your application takes less than 24 hours and many lenders loan up to £50,000 meaning you can get access to huge amounts of cash very quickly There are no credit checks and it doesn't matter if you are self-employed The service is confidential
Disadvantages:
Interest rates hover between 400%-500% meaning if you borrow a large amount the interest may prove hard to pay back If you do not keep up repayments your car will be repossessed
As with everything in life, borrowing a logbook loan is a good or bad option depending on your circumstances. If you need quick money for medical bills for example, it can be a practical way of getting your hands on the money needed very quickly. If on the other hand you just want to do some shopping, it may not be the best option
Borrowing money is also a positive or negative depending on your personality. If you are a sensible borrower and are able to pay back the money owed within time then logbook loans can provide a practical solution to short term financing. If on the other hand you are the type who likes to splash out on extravagant purchases, the logbook loan can cause problems down the line with issues of spiralling debt.
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