LOGBOOK LOANS

What are Logbook Loans?

A Logbook loan is very similar to a payday loan. It is easy to apply for, and is aimed at those who have had problems being accepted for loans elsewhere. Poor credit ratings, CCJs and arrears are no longer a worry for applicants who need to get hold of funds for a variety of reasons, such as an unexpected bill that needs settling fast.

What is the Difference Between Logbook and Payday Loans?

Whereas a Payday loan is a loan which is designed to be settled at the next payday, a Logbook loan is secured against your car - which means you carry the risk of losing the car if you are unable to meet repayments. For this reason, a Logbook loan is less risky to the lender, and often means the terms are slightly more competitive than on a Payday loan. This is because officially a Logbook loan is classed as a secured loan.

Logbook loans are available from many providers online, and the application process is fast. Requirements include legal ownership of a car, and that the car is clear of finance. Early settlement is advisable as APR rates are fairly high.