Why Logbook Loans are a Good Idea?

If you have heard of logbook or V5 loans, then you already know that there are a couple of things about them that are different compared to the regular bank loan. These short-term loans are facilitated under the BSA (Bill of Sales Act), which allows them to be secured using an item (in this case it will be your motor vehicle), which can be repossessed and sold if you fail to fulfil your obligations as a borrower. However, this is typically the only disadvantage of a logbook loan. Fortunately, there are a lot more benefits that come from dealing with a V5 loan company

You can borrow the exact amount you need.

A big advantage of this type of loan is that you can ask for an exact amount of cash that you need at that moment. This means that if you, for instance, need to borrow £12,459, you can apply for that exact sum. In fact, you can apply for any sum between 500 and 50,000 pounds.

Quick cash on your account

Saving money for emergency stations is often out of the question. Unfortunately, you never know when you might need the money. This is why logbook loans are so popular in the UK. With a logbook loan, you don't have to go through a long and arduous process you would have with a bank. The money will be on your account within 24 hours.

Keep the Vehicle and Use it

Unlike pawning your vehicle, logbook loan lender will allow you to keep possession of it and use it normally. Of course, this only goes if you are making regular payments. Otherwise, the vehicle can be repossessed without a court order.