Tips on picking the best logbook loan deals!

07.06.2021

People take out different forms of loans throughout their lives. One form of loan is a logbook loan. You can quickly and efficiently receive a cash loan with this type of loan without damaging your credit history. Let us explain how logbook loans work.

What are logbook loans?

Logbook loans are collateral-based credit. You can offer up one of your assets to a bank as collateral. The bank evaluates it, and you receive the exact amount in the form of a loan (based on the property evaluation). You make payments as if it was a typical loan, but you put your collateral asset to risk if payments aren‘t made. That means that you can still use your property, as long as you repay on time. For banks and other financial institutions, such loans are low-risk; that‘s why they don‘t affect your credit history. 

What to expect?

A good logbook loan company will always focus on the client. If you want the best and most reliable deal, make sure that the service provider has these traits:

  • efficient and straight-forward communication;
  • extraordinary service;
  • brand recognition;
  • the best rates.

Here at MOGO, we also provide logbook loans. We‘re a broadly recognized brand, and we also try our best at making each client happy.

If you‘re looking to get a logbook loan with us, here are some tips for you to keep in mind:

  1. Assure your eligibility for a loan. Outright ownership of assets is vital.
  2. Is the loan within your means? Make sure you can make payments on time. Losing a critical asset hurts way more than missing out on making a purchase.
  3. What are your goals? Determine if the reasons you‘re taking out a logbook loan are rational. We care about our clients, and the last thing we want them to do is make irrational choices.
  4. Get in touch. We will respond to you as quickly as possible, and we will communicate in a friendly and direct manner.