Logbook loans are a kind of unsecured loans which is offered to needy without requiring a good credit history from the borrower. Let us discuss why these are a fast cash loan option regardless of credit history. There are certain key advantages associated with these loan types. They are as follows.
a) They are one of fast cash options
b) They don't need a house as collateral
c) You need not have good credit history
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a) They are one of fast cash options
Logbook loans have very quick application and approval times. Some companies promise logbook loans within 24 hours. Moreover you need not physically travel to the bank, waiting for the manager to turn up. You can just fill in online application forms available on several financial websites. This is becoming one of the familiar easy cash options in countries like UK and US.
b) They don't need a house as collateral
Generally in any loan type, you would had noticed that the banks demand collateral like house. This could be very risky. This is because of the high value of property involved. While market rate of house tends to raise with time, market value of car or vehicle decrease with time. Hence submitting the logbook as security is far less risky.
c) You need not have good credit history
These loans are the best if you haven't maintained very good credit record with your previous loans. Logbook lenders don't really care about your credit history. However they may seek an explanation for your previous failures in repaying your earlier loans.
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