When it comes to taking a personal loan, there’s always been a large and varied selection available, both online and on the high street. But figuring out which one’s best for you can be difficult and confusing. Log book loans have become a quick and easy way to take out a loan, so we take a look at seven benefits of log book loans that you should know about before you make your final decision.

A different way

Though your finances may be stretched from time to time, money has always been available from banks and other money lenders in the form of loans. Whether you need cash to buy a larger, expensive item or if you need to boost that home renovation project or even your holiday fund, the only thing holding your loan application back could be your personal criteria.

For several years now, money lenders have been more and more strict with their policies to make sure they’re taking the smallest possible risk with the money they lend to people. This means that your own financial status has to fit exactly with theirs in order to get the money you need. Fortunately, logbook loans work slightly differently. And while many log book loan lenders own policies are similar to their high street bank counterparts, at Car Cash Point we have lots of benefits that others simply don’t offer.

Benefits that help you

While every money lender says they have the best deal or offer the best rate, at Car Cash Point, we can genuinely lay claim to being the only UK log book loan lender that includes certain benefits as standard to help you. No special treatment. No advantages dependent on how much your borrow. Just great customer care and a refreshingly transparent loan option. Here’s our list of the 7 benefits of a log book loan:

1). Fair rate of interest

The truth is that other log book loan providers have a far higher rate of interest than us. This is usually because they’re lending money for a shorter period of time and they want to maximise their return, usually at your expense through hidden charges, but don’t be put off. Equally though, don’t blindly accept the first offer you see. Many of these providers charge exorbitant APRs that can hinder rather than help you.

At Car Cash Point, our log book loan interest rate is nearly half that of some of our competitors excessive rates. And what’s more, it’s fixed so you know it’s not going to go up during the life of your loan. We also guarantee that we have the lowest interest rate of UK lenders, so you’re given our assurance of a fair rate with no hidden extras. Plus, if you do find another online log book loan lender with a cheaper rate, we’ll beat that price by 10% – guaranteed!

2). No credit checks

That’s right! While the majority of other lenders, including other log book loan lenders, will check your credit rating, Car Cash Point won’t. Formal credit checks are not just a quick peek into your private financial history. Any check that’s made will stay on your record for years and could adversely affect your credit score and rating in the future.

Most other loans depend on a good, healthy credit score before you see your money. But at Car Cash Point, we recognise that everyone has different circumstances and we don’t use bad credit as an excuse not to help people. So if you’ve had any credit problems in the past, like a CCJ or bankruptcy, or are currently having problems, we should be able to help you. Car Cash Point are the only UK log book loan lender who does not require formal credit checks.

3). No hidden fees or charges

As with any signed agreement, the hard truth is often buried deep in the small print. Loan providers are often struck dumb when it comes to giving you the details of any charges or fees that you might incur during your loan. As a result, you find yourself paying for all sorts of hidden fees and charges that you could have avoided if you’d known about them, like costs incurred for the loan company contacting you by letter or even sending a text.

Adding on these extra charges just builds up the amount of money being owed with borrowers getting into financial difficulties trying to pay it back. At Car Cash Point, we’re up front, honest and transparent about any fees and charges that you may incur. And that goes for any late or missed payment charges to any other kind of fee – nothing is hidden from you.

4). No penalties for early settlement

It seems unreasonable to us that any borrower should actually be charged for paying their loan off early. But that’s what other lenders do. Some of the more unethical lenders will even slap a three-month minimum period into your agreement before you can even think about ending your loan. That means you’re not allowed to pay your loan off early, even if you wanted to. Some may even add a proportion of future interest onto your outstanding balance. This is just another penalty for wanting to settle early.

We don’t think anyone should be penalised for trying to end their loan early if they need or want to. Luckily, Car Cash Point can give you the amazing benefit of being able to pay off your loan completely, 100% penalty free, whenever you want – even after just one day! Once again, we’re the only UK log book loan lender to offer this advantage to all our customers.

5). You can make overpayments

During the life of your loan, your circumstances might change. You might even be lucky enough to receive an unexpected windfall for example. Wherever your income boost comes from, it makes sense to pay a bit extra off your loan if you can doesn’t it? Log book loans with Car Cash Point let you do that – no problem.

While many log book loan lenders allow overpayments, Car Cash Point are the only UK lender that will charge reduced interest on the remaining lower balance. Other lenders simply keep their interest amounts the same, despite the fact you’ve paid more off. And we allow as many overpayments as you like, so the more you can pay off, the less interest you pay and the more money you save overall.

6). Repayments that suit you

Once you’ve agreed terms of your loan and you receive your log book loan money, then comes the start of your repayment schedule. While Car Cash Point will make this as manageable as possible for you, it can still prove to be a juggling act making sure your own finances will cover the payments. To make this easier still, we offer you flexible repayment options that genuinely suit you.

Car Cash Point are the only UK lender that will offer you weekly, fortnightly, four-weekly or monthly repayment options. We let you choose the right one that suits you, making your repayments and budgets a whole lot easier. It’s in our best interests to help our customers wherever we can and our range of repayment options are designed to fit with the way you receive your income. Many other lenders are not quite so agreeable and you shouldn’t ever accept a loan repayment term that puts you in financial difficulty.

7). You can still use your car!

Even with all the benefits that come with a log book loan from Car Cash Point, one of the best is that you still get to use your car in the same way as you always have done. Even though the car is used as security against your loan, you’re free to use it for work or pleasure, without any restriction.

You’re still responsible for any road tax, fully comprehensive insurance and vehicle MOT though, so don’t forget to keep on paying those just like you normally would. As long as you do, you’ll see no difference in your day to day use.

We’re here to help

So there you have it: 7 benefits that explain how log book loans from Car Cash Point can help you quickly and easily. With loan amounts from £500 up to £100,000 available to borrow for up to five years, it’s probably worth a call to one of our experienced loan advisors to see how easy it is to get the money you need.

Our award-winning customer service is second to none and we’ll make sure you understand every aspect of your loan with us before you sign up. Not only that, but once your application is approved, you could receive your money within just one hour – usually within minutes!

So call 0333 220 4419 or apply online today to take away all the confusion of a typical loan and take full advantage of our seven Car Cash Point benefits.

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