People generally feel stressed when they are in urgent need of funds. It is difficult to know where to go and from where to arrange funds. Criss does not write a letter to you before arrival. A person can only try to borrow funds from good friends and family members. But sometimes, that doesn’t help you. What is your last resort? Going to a bank is another aspect which involves more time, formalities, cost and no surety of approval. It may also happen that your application gets rejected on the basis of poor credit history. Then what will you do?
There should be a scope of instant approval and disbursement of loan within a day or two. Yes, you can apply for a logbook loan. The popularity of logbook loans has increased as they are easy to apply and approve. It involves minimum hassles and liberal policies for approval as compared to bank term loans. Yes, there are some similarities as well. Both the loans involve the concept of collateral security. In a bank loan, if you take a house loan, you have to keep your house as a security; whereas here, when you apply for a logbook loan, you have to submit your car or any other vehicle as a security. Do remember it is not a vehicle loan. Vehicle loan is always taken for the purchase of a new vehicle where the new vehicle is used as a security. In the logbook loan, you keep your existing vehicle as a security to obtain funds to be used for any purpose. The lenders are not concerned with the reason of need of funds. The objective is to take your vehicle as a security and get payment of instalments on time.
Many people feel stressed about their poor credit history. You must understand the importance of credit history. No institution can give you a loan without checking your credit history. You must try to make efforts to improve and maintain the credit history by paying your mortgage instalments and credit card bills on time. The moment you miss to pay, which is also known as bouncing of payment or cheque, your credit score decreases. If your credit score is good, you can get a higher amount of logbook loan. It acts as a surety that you have the ability to pay and have a good track record of payment.