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The process of closing Log Book Loans


The process of closing Log Book Loans

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Every individual and corporation is in need of finance for meeting expenditure.

April. 30, 2014 - Every individual and corporation is in need of finance for meeting expenditure. Finding sources of money during recessionary and emergency situations can be quite difficult and tiresome. Logbook loans are the easy way to find finance for unique situations with minimal processing time. It is the best suited method of raising funds for individuals as well as business firms that has a simple set of applications process that is easy compared to any other modes of financing. It requires only minimal collateral security from the borrower. Like any other borrowing transactions in this debt also the borrower will be provided money to be returned with interest along with principal payment.

Quick financing option for traders and individuals

Traders and businessmen are largely in need of funds for expanding their businesses or to meet data to day business expenditure. Quite often individuals are also faced with the problem of shortage of funds when they want to indulge in a vacation or want to purchase a new car or even real estate property. The easy way of financing short term but large amount of funds is to take loans from banks or financial institutions. Loans are offered by private lending institutions in return for an interest on the principal amount for the loan period. In some cases, the borrower may also be required to provide any of his personal property as collateral security to assure the repayment of the loan. Logbook loans also offer its services on the same principle. Borrowers can pledge their cars, house properties, freehold land or premises and avail upto ninety percent of the market price of the collateral security as finance.

Quick processing of loans

In today’s computer based commercial world getting a loan has become a less time consuming affair. All documents and verification could be done using various online resources which brings down the efforts of officers. In fact, certain financial institutions have also started to claim that their loan processing time takes less than thirty minutes. The process of applying for a loan begins with submitting a loan application process to the relevant authority. An appraisal process of the repayment capacity of the borrower then follows. On being satisfied about the repayment capacity of the borrower further investigation is made into the purpose for which the funds are requested. Banks and financial institutions are keen on ensuring that their loan funds are not being misused or mistreated.

Documents required for getting a loan approved

Right from the first step to the last of obtaining loan documents of various types and sizes are required. Copies of property deeds or ownership documents of collateral security, personal identification documents of the borrower, income proof, income appraisal statements, and similar documents form part of the loan approval process. Professional lending institutions have the practice of providing a set of copy of all loan documents to the borrowers. Loan deeds are also signed in triplicate, with each copy being given to the borrower, the lending institution and to the local authorities.

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The process of closing Log Book Loans Every individual and corporation is in need of finance for meeting expenditure.