Surprising isn’t it???
But it’s true. Now you can actually convert your car into an earning member of your family by applying for log book loans.
Log book loans are secured on the log book of your vehicle. A Log book in legal parlance is the registration form V5. It has entries regarding the current registration mark, VIN number or the chassis number and details about the registered keeper of the log book
One need not risk any asset as the log book of the car itself serves the purpose of collateral. Log book loans require the borrower to keep the log book with the lender until the loan amount has been repaid in full. Also the borrower has to keep the car in good condition throughout the tenure of the loan.
If you require money for any unexpected personal expense then it would be advisable to look no further and apply for a log book loan. Being a secured loan it is offered at a much lower rate of interest than any other loan as the lender feels secure in extending this type of credit. There usually is a cap on the amount of money that is offered in log book loans though it is usually not very high.
The extent to which one can borrow depends upon the type and condition of the vehicle.
An important pre-condition in this type of loan is that the borrower has to keep the card in good condition throughout the tenure of the loan.
No credit checks are required in case of logbook loans and even people who have had a history of bad credit can apply for these kinds of loans. Log book loans have a very low decline ratio and are perhaps the easiest to obtain.
Source: http://www.articlealley.com/article_179796_19.html
