England 21/04/2012 – Logbook loans have become a port of first call rather than of last resort
In the UK, logbook loans are still seen as a relatively new form of finance. However, slowly but surely people are looking to logbook loans sooner rather than later. There are several reasons for this.
The first reason is not necessarily as obvious as you may think. More and more consumers are worried about losing their home. As a result, they are less comfortable with borrowing money against their property. They know that if they lose their job and cannot meet their loan repayments they could potentially lose their home. This is a risk that UK consumers are no longer willing to take. As a result, they are looking at securing loans against assets that are less important to them. In many cases, this means taking out a loan against their car.
Their car is the second most valuable item that they own. Because most logbook loans are structured in a way that allows them to continue to use their car taking out this kind of loan is viable. Should the worst happen all they stand to lose is their vehicle, something most families can cope with. They simply have to go out and buy a cheaper vehicle. However, if they were to lose their home there would be a completely different problem with dire and costly consequences for the family.
Logbook loans are accessible
The other factor, which is driving the popularity of loans secured against cars or vehicles, is the fact that they are truly accessible. Nowadays, getting a personal loan is really difficult. Many banks and other financial institutions simply will not lend to most people.
Logbook Loans 247 find that a large percentage of their clients have been refused money elsewhere. Consequently, they have turned to logbook loans as a logical solution. The fact that these loans are short-term also appeals to many consumers. Plus, the fact that provided they come up with the correct documentation they can have their money immediately also fuels demands for this kind of loan.
Logbook Loans 247
Tel: 0808 9000 885