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From Banking and Financial Services - Financial Markets

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Logbook Loans Take the Upper Hand from Banks in Secured Lending

Wed, 11 Apr 2012 18:56:20 EST

Consumers are turning away in their droves from high street banks and towards logbook loans as preferred forms of secured lending, says UK logbook loan provider,

A spokesperson said, 'As much as some of our customers are not eligible for secured loans from banks due to not being homeowners, an increasing proportion of them are homeowners who eschewed banks to select logbook loans as finance solutions.'
'After the scandal of many banks seeing their credibility being called into question with government bail-outs and bankruptcy, many customers of ours don't feel comfortable with entrusting these institutions with their financial affairs. Banks themselves are no longer viewed as impervious to financial hardship and the risk of signing over one's property is too high for some customers.'

The spokesperson continued, 'In addition, property is often the largest asset most people possess. Their car is the second largest but it is a lot less alarming to secure a loan against a vehicle than a home. Customers feel more comfortable with a 78 week logbook loan secured against their car with a company like us, rather than a 60 month bank loan secured against their home.'

'A lot can happen in 5 years – the UK had several large banks and mortgage providers go bust in a matter of days, so you can understand people's rationale. Banks have lost the upper hand on consumer lending and just don't represent what customers want these days. Logbook loans seem to offer them more appealing terms. '

About Us  was established to provide loans for UK customers secured against the value of a vehicle such as a car, motorcycle, van or any other type that has a log book. This proof of ownership is held in exchange for the loan funds and held by the lender for the duration of the loan, while the customer continues to use their vehicle as normal. Upon complete repayment of the loan, the customer received back the logbook.

Source: WebWire

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