You need some cash fast and you are ready to do whatever is necessary in order to get that money, so that you can score a rock, booze, new iPhone, take your new girl out for some good time or something even less profound? No, you are not that irresponsible type, you just arrived at bad times, you were of course at no fault at all, these creditors, they do not give an honest man a break, just a few days late with payments and they already scream and threaten. You only want to appease the worst of them, but if a quid or two remain, after the worst has been covered, who is to say it needs to be saved for later? No, that cash is going to turn it all around, you will see, you have a perfect tip, that horse is going to win, an outsider, nonetheless!
When you read this, it does sound pathetic, but these are all excuses that were used after a logbook loan got defaulted, spoken to people who conducted a survey in the UK not so long ago. Granted, these are the most ridiculous examples, but people did take out logbook loans for reasons that may sound bad in hindsight, but originally were considered perfectly legit. Think about it, what would it take for you to take out an unfavourable loan, one that puts your car at jeopardy and that will cost you much, much more than any other loan available, or known to mankind?
We all have a weak spot, when all sense is gone, when we think that we simply must get this money, no matter what and a logbook loan is the fastest way how to do it, even if you have bad credit. The car is just standing there, all paid off, it should and can help now. Selling it is not really an option, even if it were it would take days, maybe weeks to offload it, who can wait that long? Later you will simply find money elsewhere, pay this off early and avoid the huge costs, just for a few weeks, until something happens. Guess what, it never does. Most of the time the car is gone and you can complain all you want, it was your fault.
A logbook loan, just like any other loan, is no free money. Quite to the contrary, if you take out a logbook loan, chances are you will wind up paying even after your car is gone and sold. There is no free money, nothing is for free. Everything in this world costs something, granted, not always money, but stuff and things cost money and no matter how much you want any of it, you should rather keep it real, before you wind up broke and on the bad credit list, blacklisted for anything that matters financially.
Think before you spend, do not spend more than you have, plan properly and never waste money on gambling, the house always wins and you are not the house. You can always bounce back, so make sure you consider all options before you go the high road, consider consolidating your debt, consider starting fresh, after a period of fixing your financial standing. Yes, in emergencies, when there is no other way, a logbook loan can save your life. Every other reason to consider a logbook loan needs serious thinking, planning and help from someone who can objectively advise you. Make sure that you have such a someone.