We always get asked from our readers whether their situation works well to apply for a logbook loan. We tend to take your questions and concerns very seriously and research the market wisely in order to provide you with the adequate information you need to get out of your financial problems.

Financial instability is a concern of us all. The expenses we tend to cover with our monthly salaries are rising with time, and wages are not keeping up with that rate. It’s quite common to suffer from financial difficulties, as most of us have families to look after and recurring purchases to make. That is why many people have started to research the market in order to find a suitable company that should assist them with their finances.

The thing with traditional sources of loans, like your regular bank, is that they tend to demand specific requirements with no regard to their clients’ interest. Most people with bad credit history cannot acquire a loan from their banking service; a thing which leads them to look for other alternatives with higher rates of acceptance.

Once of such options is logbook loan services; and as our readers send us many questions regarding this specific type of loan, and whether they need to be employed to apply or not, we decided to cover this area for you.

  • Why You Need to Be Employed:

First thing that you need to consider is that a logbook loan is a debt that is going to haunt you if you do not plan to deal with it well. When you decide to apply for a logbook loan, your lender is technically going to repossess your car in exchange for the service they are providing you; that’s to ensure that their money will get back safely to them. In case you miss the date of your repayment, or you are not willing to repay your borrowed money, you lender will definitely repossess your car. This is why you should be employed in order to be able to repay your debt back on time. If you have other sources of income, or expecting cash flow during the period of your repayment, you might be able to repay your debt as you agreed with your lender.

  • Consider Re-assessing Your Situation:

If you unemployed and you need fast cash, you need to re-assess your financial situation before things gets even worse. There are terms to the deal you are about to sign off; and if they are not met, the loss would be yours, not the service provider’s. Try reaching out to people you know; dear family members and close friends can help you our when you are tight on cash.

Just remember that applying for a loan when you do not have a secure source of income is a serious risk to your financial situation.

  • You Might Not Need to Be Employed:

As the service provider of your logbook loan secures their money through the repossession of your vehicle, you might be able to apply for a logbook loan even when you are unemployed. Logbook Calculator accepts your application if you are over 18 years or and as long as your car is free of debt. Most companies that offer logbook loans do not pay attention to this specific requirement, but you always should. They are secured by the repossession of your car; but if you are unemployed and your car is lost, that’s another hit to your financial situation that you might not be able to get out of.