Log Book Loans – A Great Idea If You Hate Your Car
About 12 months ago, just as I was going through a divorce, I found myself in a pretty dire financial situation and on need of some quick cash. Since my bad credit rating stopped me getting a loan from any of the conventional channels, I decided to hunt around on the Internet to see if I could find a lender willing to advance me the money I needed.
In the end, I decided to opt for a credit product known as Log Book Loans. All I had to do was put my car on the line with a bunch of shady money lenders and they would give me cash equal to half the value of my vehicle. Yes, I know you’re thinking that doesn’t sound like a very good idea and you’d be right. A few months after taking the Log book loan out I failed to make a payment and the very next day I had a couple of unfriendly gentlemen at my door to relieve me of my motor vehicle. Lesson learned, if you are desperate for cash seek impartial advice rather than visit the professional loan sharks.
You might think that this is irresponsible of me, but it really was an honest mistake. I mean, I absolutely intended to pay back the money, but things happen, you know? My family is more important than my car and I had some unexpected things come up that were out of my control at the time. If I had never been in that situation, it would have been a better deal. But, such is life I suppose.
If you ever find yourself in that position, I’d recommend that you try working an additional job or get yourself a loan from a family member as a last resort. If I could do it all over again, I wouldn’t. Some things are just not worth the added hassle.
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