What's the Difference between Logbook Lending and also A Payday Loan?

Logbook loans in Uganda must not be confused with  same day payday loans; even though both types of  loans are generally very accessible as long as  a borrower accepts the lending institution's terms. And both  offer an instantaneous way one can get the some needed money on the same day with very little hassle.

Logbook loans are however different than payday loans.  Same day payday loan are short-term unprotected loans that permits borrowers  get money based on their salary and the money loaned needs to be repaid in full with  interest before the following pay day.

Logbook loans are more like traditional secured lending. It works  like secured home owner loan which is based on a home that is possessed by lender until the loan is paid off. The home or the property will certainly be held as protection by the lender if the loan is not repaid or the borrower defaults on the settlement arrangements. The borrower could lose their property if they do not maintain their agreed settlement schedules.

As for logbook loans, the cash borrowed is protected  by the borrowers car- talk about quick cash loans bad credit and this is it.  With a logbook loan, one is  able to obtain  a bigger amount of money than same day payday loan as long as  the car is worth that sum of money even when their credit rating is very bad. The lender will  also generally spread out the installments over longer settlement term as long as the payments can be fulfilled. 

For the logbook loan to work, there are conditions that must be met. Frist of all, anybody taking out this kind of funding  must be over eighteen years old and also be resident in Uganda. The car being utilized for  the logbook loan must have no exceptional problems, and also the borrower requires to be able to manage the regular monthly payments. A logbook loan is however not dependent on the borrower credit rating as there are no credit checks called for by the lender as part of the application.

The application process is in two components, the initial stage begins with either a phone conversation or a visit  to the lenders office and completing an application form plus other requirements that will be mentioned beforehand. After the lender has received the application form, they will prepare an inspection of your motor auto and also to see the autos logbook. At this inspection they will certainly value your auto in order to figure out how much you are able to obtain. They will then make you a deal and also calculate your regular monthly payments.

If you want to proceed with their offer after that they will certainly require to see some proof of your regular monthly earnings. So that you can complete the financing arrangement the loan company will certainly need you to sign their agreement and also for you to leave your logbook with them. When all the paperwork is finished they provide you with the money.

I run this blog to help my readers with their car maintenance and acquisitions as well as individual quick financing. I have worked worked for many years  in the motor as well as financial industry. 

So if you need personal help, why not talk to me. Send me an email inquiry using my contact page and I will get someone to assist you ASAP. or simply call  +256 781751338.

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