London, UK -- (SBWIRE) -- 03/10/2014 -- LogbookLoansCalculator.com, a website that provides real time logbook loan rates and quotes from leading lenders is pleased to announce their updated their newly developed real time calculator. ‘We developed this website in order to provide consumers with a resource to find the best logbook loans with the lowest rates. Our newly designed simple loan calculator allows the consumer to quickly input their loan requirements and get matched up with a lender that can accommodate his or her needs. The nature of logbook loans is typically related to an emergency situation or to satisfy a requirement prior to getting paid. With no restrictions o how the money can be used they have become very popular loans,” stated website representative Joe Hughes.
There are several logbook loan benefits, including the ability to secure the loan regardless of personal credit. Consumers that can not secure a traditional loan or financing can obtain a logbook loan even if they have bad credit because the entire loan approval is based on using the borrowers car as collateral for the loan repayment. “A logbook loan involves the borrower surrendering his or her vehicles logbook, which is held by the lender until the loan is repaid in full. The logbook lender is awarded the car’s title until the loan is paid back, at which time the ownership is transferred back to the borrower. The applications are done online and the funds can be in the borrowers hand the very same day. Logbook loans are a viable option for those consumers that are in need of money and can not turn to a traditional lending source due to credit problems,” added Mr. Hughes.
Logbook loans are a win/win for both the borrower and the lender and they eliminate the risks associated with traditional lending. Most traditional small personal loans are unsecured and based solely on the borrowers credit score and assets. Individuals without assets or good credit are turned now because there is too much risk for the lender. With logbook loans the borrowers get the money regardless of assets or credit score because a car that is owned free and clear secures the loan. In the event that the loan doesn’t get paid back the lender has the title of the car and can sell it to recoup their loan. The lender is protected and the borrower gets the money that they require, hence the reason for the increase in this form of lending and LogbookLoansCalculator’s free payment calculator.
LogbookLoansCalculator is a website that provides real time loan rates from leading logbook lenders. Website visitors can use the calculator to determine payment options and then connect with the leading logbook lenders instantly. For more information about this popular lending option for those with bad credit, please visit http://www.logbookloanscalculator.com/. Requirements for a logbook loan includes being at least 18 years of age, residing in the United Kingdom, and owning a vehicle that is free and clear of a lien.