Log Book Loans Are Getting Popular - Loan Officer Sees 34% Hike
Tom Bauer, a Logbook Loan officer from Florida, has never seen such brisk business since the economic downturn started in 2008. Having been in the loans business for sixteen years, Bauer is both happy and sd at the recent turn of fortunes both his and his clients. “there is a rainbow in my heart” smiles Bauer,
“I see people drive in with their cars and family in tow, and I whip out my log book loan, and hey sign it , I give them the cash and they get to pay whatever it is they are in debt for” His smile disappears “it all happens within thrty minrtes, hey its great business for me now, but to see so many people applying for loans to pay for their heating, cable, - you know basic stuff, is really sad.”
What exactly is a log book loan anyway? A logbook loan is a loan secured on the logbook of your car. If you own a vehicle, it is now possible to get a loan with your car or guarantee of safety, where the logbook as a guarantee.
The logbook presents proof of ownership of the vehicle and the automobile acts as security against the loan.
Bauer says “ logbook loans are the fastest and easiest ways to secure a loan these days.”
“I can have you out of here, cash in hand within thirty minutes or less” That’s what the sign says on his florida office.
With a lot of people in a financial pinch logbook loans are suited for borrowers requiring immediate funds quickly.
The logbook stays in possession of the lender for the period until the loan is repaid. The vehicle remains in the possession of the borrower. According to the deal -the borrower must keep the car in good condition, and continue the road tax and ensure the car has valid insurance and MOT.
“I do hope that it does not come to me taking their cars for non-payment of a grand or so..it hasn’t happened yet, so I guess things aren’t as bad as they seem right now. Im happy I can help people pay for basic stuff until they get back on their feet again – I don’t want their cars”
Bauer walks back into his shop as three more clients park their car in the drive way. Business is indeed good.
Click on this link - logbook loan if you are interested to learn more about this type of loans and find out how quick and easy it is to secure one.
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