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Logbook Loan Tips

                If you have decided that you want to take out a logbook loan, there are a few things you can do to make the most of it. Logbook loans sometimes get a bad reputation for being risky, but if you take the right precautions they can be a great way to get money instantly at little risk to you.

1.       Borrow Only What You Need – It's the old saying, don't bite off more than you can chew. Figure out the bare minimum of what you need, then take out that much. If you take out more money than you need “just to be safe”, you'll have a harder time paying it back. Stick to what you need, and your logbook loan will be much easier to manage.

2.       Don't Extend Your Term – While it may be enticing to prolong your loan term and lower your weekly/monthly payments, it may end up costing you in the long run. A general rule of thumb for loans is to keep them as short as you can. When your term is prolonged, you end up spending more and your interest keeps accumulating. Keep it short and you'll be happier in the long run.

3.       Shop Around – Don't just take the first logbook loan you are offered. There are plenty of lenders out there such as who will offer you various logbook loan terms. Shop around a little bit and see what is out there. When you apply through our site, we'll show you different options for lenders so that you can see your options. This is a great way to make sure you are getting the best deal possible on your logbook loan.

4.       Pay on Time – The last piece of advice is probably the most obvious; always pay on  time. When you fail to pay back your loans, not only does your interest accumulate, but you run the risk of losing your equity. Budget out your money and always be sure you'll have enough to pay your loan when the time comes.

Following these simple guidelines can make a big difference when taking out a logbook loan. Managing your money and not getting in over your head are the keys to a successful loan. If you follow the advice above, you should have no problem taking out a logbook loan and paying it back quickly.