Benefits & Drawbacks
When used in the right situation and managed correctly, logbook loans can be greatly beneficial to the customer, with few drawbacks.
- There are no credit checks, so if you have a bad credit history you can still borrow money.
- There is no check of County Court Judgements, so if you currently have you, logbook loans are still available to you.
- You can borrow for any purpose. There is no justification needed for the loan so if it is for a holiday or new clothes, that’s ok with us.
- Logbook loans are fast and easy. To receive a quotation, there is only one form you need to fill out on the homepage of KM Loans. You can have your money within 24 hours of this form being completed.
- Higher interest rate and APR than credit loans.
- Chance of losing your car if you cannot make the repayment schedule. This is not often a problem, as you won’t be allowed to borrow more than you should be able to pay back in the initial loan.