San Fransisco, CA -- (SBWIRE) -- 10/12/2012 -- Loans come in all shapes and sizes. But in general, there are two types of loans – secured loans and unsecured loans. When taking out a secured loan, the borrower has to offer something to the lender as collateral. This allows the borrower to take out more money than they would be able to with an unsecured loan.
Logbook loans are one type of secured loan. With a logbook loan, the borrower offers their vehicle as collateral. The borrower simply signs a formal bill of sale and gives that to the lender, after which the borrower has full access to both the vehicle and the cash. LogLoans.co.uk has been getting a lot of attention lately for their editorial content on logbook loan lenders.
Logbook loans are available to any resident of the United Kingdom who is over the age of 18 and owns a vehicle that is no more than ten years old. Logbook loans are an ideal type of loan for those who have poor credit but want to take out more cash than the amount available through payday lenders.
Once visitors have ensured they meet those requirements, they can use the LogLoans.co.uk website to sign up for a free quote. The website requires only a few basic pieces of information in order to issue a quote. Visitors need to enter their contact information, for example, as well as the make, model, and year of their vehicle.
A spokesperson explained what makes LogLoans superior to payday loans and other types of financing:
“Logbook loans are popular for a number of different reasons. First, they don’t require any type of credit check. They are also one of the fastest and easiest types of financing available to UK residents. And, unlike payday loans, borrowers can receive up to £20,000 in financing through logbook loans.”
Another attractive feature of logbook loans is the fact that interest rates are significantly lower than the rates offered by payday loan companies. Since the loan is secured with a vehicle, lenders are assuming less risk. That means they are able to offer faster approval and lower rates than many payday loan companies in the United Kingdom.
In addition to connection consumers with the appropriate logbook loans lender the site also offers a myriad of editorial content on logbook loans. The site covers the advantages of the loans, how to get one and the eligibility criteria.
LogLoans.co.uk offers logbook loans to consumers in the United Kingdom. Logbook loans are secured by a vehicle title, which means no credit checks and lower rates for consumers. For more information, please visit: http://www.logloans.co.uk