Logbook loans cannot compete with other loans in terms of the time span for which they have been in use, given their recent entry in the financial market. Nevertheless, logbook loans have left the other loans far behind in terms of popularity.
One of the primary reasons behind the popularity enjoyed by logbook loans is that they allow borrowers the advantages of secured loans without protracting the process, as in secured loans. Secured loans involve valuation of the asset pledged as collateral. This may often involve time. A borrower who may not have provided sufficiently for the delay might receive the loan proceeds much after the desired task is over.
The delay may not be endured by borrowers whose needs are of an immediate nature. Logbook loans have been specially designed to cater to immediate needs. Logbook loan is a secured loan, wherein loan provider is offered rights on car or any other vehicle. A distinctive document used for the process is the logbook. Logbook is issued by the Driver and Vehicle Licensing Agency (DVLA) as registration form V5. Logbook contains entries regarding owner/owners of the vehicle, registered keeper of logbook, chassis number,...
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