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log book loans , please logon to http://www.logbookloans.com/. ">There are many ways that one can get a loan. When you buy a house, when you buy a car or when you buy something that you cannot pay right away. All these loans are secured by the lender against the assets that you are purchasing with the loan so that in case you are unable to repay the loan, the assets can be sold to recover the loan taken by you. Log Book Loans are loans that you can get against your car if it is owned by you. The security for the lender company is the market value of the car that you own. There are many advantages of taking log book loans. Most lender companies who deal with log book loans do not let credit ratings or other financial problems that you may be facing come in the way of granting the loan. There is also no need for you to own your home or any other property; you may as well live in a rented flat to be eligible for the loan. The time required for processing the loan is also usually very short. If you have all the papers ready when you apply for the loan, you can get it in as short a time as one hour. The lender company gives log book loans with a full repayment plan depending upon the loan seekers ability to pay back. After all these precautions in case the borrower is not able to pay back, the lender company scrutinizes the financial status of the borrower and also the intention of the borrower with regard to repay the loan. The company works closely with any customer who is making an effort to repay their debts. Only if it is found that there is no willingness or absolutely no intention to repay then the vehicle may be sold by the company to recover the amount lent. Selling the vehicle is the last resort to recover the loan amount. The disadvantage of taking log book loans is only with regard to the interest charged by the lender company. Usually a very high rate of interest is charged and it is possible that you may repay almost three times the loan amount in as short repayment of eighteen months. However, there is no penalty for paying off the loan before the decided repayment period. In this case, interest charged is only for the period the loan is taken. Log Book loans are thus for people who need a loan for a short period and who cannot get a better deal elsewhere. Adam Charles is an author of this article and writes about log book loans. To know more about log book loans , please logon to http://www.logbookloans.com/.
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