Logbook loans are very popular and exclusive loans in which you provide your car as security against the loan you avail
. Logbook loans are a very good option available for people without asset like homes for example a tenant or students.
Logbook loan is a kind of secured loan due to involvement of a collateral that is the car. Hence it has features that are exclusive to true secured loans with some additional features that are only associated with log book loans. These exclusive secured loan features include relatively low interest rates, longer repayment tenure and large sum of money available. But there are also certain restriction associated with these loans such as all the payment of car should be cleared, the car should be less that six years old and the car should be properly insured. And also proof of identity, proof of regular source of income and bank account for the past six months at least are needed. If you have a car that fulfills these requirements and other documents required then you are eligible for applying for logbook loan.
The secured nature of this loan also helps while applying for the loan as the time of procurement of this loan is very quick. This is due to the fact that banks and other financial institutions, who are the lender here, consider this as a low risk option. The loaned amount can range between 500 to 50000 or in other words up to 65 percent of the current value of the car. There are various websites that are available online to help a future borrower compare logbook loans offered by various money lenders that include banks and other financial institutions. A borrower can visit these websites and compare logbook loans which meets his requirements
So, now whenever you are in need of cash and do not have a house to pledge you can use your car to bail you out in that moment of misery.