Introduction of quiek log book loan
When banking system was first introduced in different countries over the world, it was engaged only with receiving cash from the customers and paying it from their accounts as per their requirement. At that time bank acts only as the safe custodian of cash of their customers. In modern time the concept of banking has changed a lot. To make their business grow bank has emphasized in lending credits to all potential clients. By this time many financial institutions solidify their position in the money market and emergent as reputed credit lending institutions. The monopoly of the private money lenders gradually decreases who were in the practice of squeezing public as much as they can by charging exorbitant rate of interest on the amount they used to lend. The banks and other financial institutions began lending money at a reasonable rate of interest which the general public can afford. But in spite of these credit lending policies introduced by banks and other financial organizations a sector of people of our society could not avail these lending facilities. This may be due to the cause that they are already overburden with previous loans or the minimum net salary requirement is not met. For them the introduction of Logbook loan came as a blessing. Due to its simplicity in applying loan and processing thereof Logbook loan is growing popular day by day among all section of people. Due to its quick approval procedure it is also considered as fast loan. Though sanctioning of other types of loans depend on the credit rating of the intending borrower, his degree of solvency and nature of income, these criteria’s are not needed for verification during approving Logbook loan. This saves a lot of time. Logbook loans are essentially secured loans and are approved against logbook of the borrower’s vehicle.
As mentioned above choice of logbook loan is obviously a smart choice to get quick, easy and confidential cash. Credit has become a harder task in the scenario of today’s world for everybody in present economic background. Struggle for getting a loan continues even today even for those who are without a poor credit rating.
The Logbook should be in the name of the intending borrower who has applied for such loan. The vehicle against whose Logbook the loan is being sanctioned should remain free from any financial claims whatsoever. The road tax and insurance premium of the vehicle should be paid regularly and the update documents should be submitted with the loan application, else the proposal may be turned down and rejected. The borrower should also provide positively the MOT certificate of the concerned vehicle as a proof that the vehicle is in good shape and condition and safe to ply on the road. A fresh MOT certificate has to be produced to the lending institution in every three years till the Logbook loan is fully liquidated. The age of the vehicle should preferably be within 8 years.
The interesting feature of this loan is that though the Logbook is kept as collateral security against the loan sanctioned with the lender and the legal right of ownership is transferred in favor of the lender during the entire loan period, the actual possession of the vehicle remains with the borrower.
Vikas Gupta,for information on Log Book Loan,Logbook Loans,Log Book Loans,Cheap Logbook Loan,Loan,Loans,Cheap Loan,Bad Credit Loan,Short Term Loan.Please visit our site: http://quicklogbookloans.co.uk/
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