If a person thinks of getting a loan to overcome the financial instability, it is often one of the best solutions. But most of the people think that the repayments and the extra fee charges along with the high amount of interest rate are such a complicated process so they should not bother to take a loan.
But, you must know that the repayments of the logbook loans are much simpler and easier than you ever thought about it.
- Emergency Solution:
The logbook loans in the UK are the types of loans whose repayments may take more than six months and it can even extend to three years. But it is completely dependent upon the amount that you are going to borrow from the lender. Most of the companies offering logbook loans in the UK don’t charge for the offers or other services they provide such as early repayments, which makes them the most suitable option as you can pay the complete amount within the time in which you think you are able to pay. This is because if you select the auto-advance option, then you are eligible for the option of paying the loan early and the company will not charge you any extra fee.
Some other loan companies provide the other types of loans and they charge an extra fee as a penalty for paying all the payment at once. But, this is not the case with the logbook loans in the UK that we offer.
- Low Amount Of Interest:
Other types of loans such as personal loans or payday loans, which offer quick and easy services and they provide money on an urgent basis, are often a start of a big problem. Because these types of loans are associated with a large amount of interest rates that are actually more than 50% of the amount that you borrowed. So, it means you have to pay twice or thrice than the amount you actually borrowed in the case of a serious emergency. This is what you never expected from any type of loans.
The reason behind such high amount of interest rate is that the lenders of such loans are more at risk and therefore, they don’t trust their customers and in turn, they charge them with a large amount of interest rate. So, this is quite a parallel phenomenon. But if we talk about the logbook loans that we offer, the situation is completely different.
These logbook loans are always preferable as they don’t charge customers with a large amount of interest rate that is not affordable by them. They only charge a slight amount of interest rate, which actually includes the fee for getting the loan.
Moreover, these types of loans are not often associated with a high-interest rate because the lender is sure that you will pay your all the repayments as you have got the loan against the car value and your documents are also in the hand of the lender. So, in such cases, lenders are often at low risk.