What informs Logbook loans popularity?

From the very first time logbook loans were unveiled in the UK, it was clear that the heralding of a new dawn had come. The days when having a poor credit rating was grounds for discrimination when applying for a loan now belonged to the past. The many nerve wracking moments that those with bad credit experienced while applying for a loan became history. UK individuals could now apply and subsequently get approved for logbook loans without having to worry about the debilitating status of their credit score. For this reason, logbook loans in the UK became quite popular. It gave reprieve to those who from time immemorial had been sidelined, discriminated and looked down upon when it came to availing of loans. With that in mind, what has informed the ever rising popularity of logbook loans?

No credit checks

Without a doubt, one of the biggest selling points of logbook loans has to do with the fact that applicants do not have to worry about credit checks. Credit checks are a standard practice especially when you wish to avail a mobile phone contract or personal loan. However, UK logbook loan lenders are not concerned with your credit score and therefore you can be assured of faster approval without bottlenecks.

Simple requirements

Another reason for the soaring popularity of logbook loans has to do with the fact that the requirements are quite simple and basic. I mean, you simply need to own a car, to be a legitimate UK citizens, be a person of 18 years and above and you are good to go. Other additional information needed is proof that you are a resident of the UK, proof that you receive a pay slip every month or you are in self-employment, your cars insurance and tax details as well as Ministry of Transport certificate.

Faster approval

Having bad credit and looking for a loan product that will approve your request within the shortest time? Well, logbook loans seem to have that amazing characteristic. Provided that you have furnished your lender with all the required documentation, you can be rest assured that your approval will be done within hours.

Opportunity to improve credit score

The reality is that improving your credit score while all mainstream lenders give you a cold shoulder in your attempts to get a loan is a tall order. However, logbook loans give you the opportunity to gradually improve your credit score. Of course, the secret is in ensuring you don’t miss your payments and this will inadvertently improve your credit report.

Longer repayment period

Longer repayment period is one of the reasons logbook loans continue to gain immense popularity. A person can essentially spread out their repayment up to a period of 78 weeks. This does not put pressure on the applicant and basically gives them ample time to plan their repayment.

In light of the above benefits, logbook loans have over the years enjoyed unrivalled attention especially from individuals with a poor credit score. They can now get access to the much needed cash without going through many bottlenecks.