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Welcome to Mission Loans

What are logbook loans?

Simply put, a logbook loan is basically a loan taken with your vehicle as security. The lender owns your vehicle until you pay the loan back. The amount of money you can borrow highly depends on the value of your vehicle; the higher the value, the more money you can borrow.

How do logbook loans work?

On taking the loan, you are required to give the lender your logbook or vehicle registration document which proves that you own the vehicle, but this is purely symbolic and does not have any legal implications.

Although the lender temporarily owns your vehicle, you can keep using it so long as youíre repaying the loan. When you successfully repay the loan, you automatically regain ownership of your vehicle. However, if you default the repayment, the logbook lender can seize your vehicle and sell it to repay the loan. This can be done even without a court order because at the beginning of the transaction you will be expected to sign a document known as a ĎBill of saleí. This document gives the lender legal right to seize your vehicle.

The gains

Here are some of the benefits of taking a logbook loan with SimpleLogbookLoan.

The risks involved

But a logbook loan is not all milk and candy. If you really need a quick loan, below are some of the risks incurred that you should be aware of: