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LOGBOOK LOANS INFORMATION

Below you will see information on Logbook Loans.

        

LOGBOOK LOANS

Logbook Loans are often put under the same umbrella as Payday loans, and indeed the two loan types are similar.

How are Logbook Loans Similar to Payday Loans?

Both loans are aimed at you if you have had problems with:

  • Poor credit rating
  • CCJs
  • Arrears

You are more likely to be accepted on a Logbook or Payday loan than, say, a normal Secured or Unsecured loan. Both Logbook and Payday loans provide the borrower with funds quickly, and are best paid off as soon as possible.

What is the Difference between Logbook and Payday Loans?

So far we have compared the two loan types. But there are a couple of main differences: Unlike Payday loans, Logbook loans are secured against your car. That means they are actually a secured loan, but instead of being secured against a large asset such as your home, here it is your car that is used. So, if you are unable to meet repayments on a Logbook loans, you risk losing your car.

Logbook loans generally have slightly better rates than Payday loans, because there is less risk for the lender. They know that if you fail to meet repayments, they can take your car. The representative APR rate will still be pretty high so the earlier you pay off the loan, the better.

Logbook loan lenders will not carry out credit checks so if you have had problems being accepted elsewhere, you are likely to be accepted for a Logbook loan. As with any loan, make sure you are aware of the risks you are taking on when borrowing money. Ask yourself: Can you afford to borrow? Will you be able to meet repayments or will this add to your debts? If you are ever unsure, seek independent financial advice.

        

 

 

 

 

 

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