United Kingdom (23rd May, 2013) – Varooma, the cheapest provider of logbook loans in the UK, comments on the rise of logbook loans and their benefits in comparison to payday loans.
People across the UK are being refused bank loans on a daily basis and, as a result, this has led to the rise of payday lenders who are eager to lend cash quickly. However, as some payday lenders charge significant interest rates of up to 4000% APR, many people are now looking for responsible alternatives for quick cash.
With 28.7 million cars on the road throughout the UK as of 30th June 2012, it is no surprise that there has been a huge rise in logbook loan lending in this uncertain financial climate. Therefore, if a person owns a car then they can offer it as collateral for the loan and will receive rates at the fraction of the APR associated with pay day companies.
Logbook loans also allow a car owner to borrow money for a term that allows them to effectively manage their personal cash flow, and loans are available without a credit check. Most logbook loan companies also offer penalty free early settlement options which allow a person to borrow for a term of 2 or 3 months and simply repay interest for the time they had the loan. Logbook loan rates can be as low as 178.2% or 5% FIR per month; however, a person’s car is at risk if they do not keep up the repayments and the turnaround time for a logbook loan is a little longer in comparison to a payday loan.
A spokesperson for Varooma commented: “We pride ourselves on being responsible lenders and believe logbook loans are a superb alternative to payday loans. Therefore, if a person is struggling to receive a loan from the bank and owns a car then they should come to us at Varooma for a short term loan from £500 to £50,000 at the lowest APR guaranteed.”
For more information on Varooma and their logbook loans in the UK, visit their website at http://www.varooma.com/
About:
Varooma is the cheapest provider of logbook loans in the UK and allow people to borrow up to 70% of the value of their car. Committed to responsible lending, all interest rates are checked every day to ensure their customers receive the very best price and they can receive their money in as little as 2 hours. Varooma also won’t undertake any credit checks and a person will receive their V5 back once the loan is repaid.
Contact:
Dan Gale, Greenlight Credit Ltd
Regus Business Centre
Wellington Way, Weybridge
Surrey, UK
Zip: Kt13 0TT
Tel: 0330 440 0101
Email: customerservices@varooma.com
