What's the Difference Between a Logbook Loan and a Payday Loan?


You need to borrow some cash - fast.

Perhaps you've been refused by your bank or building society. Perhaps you've got a poor credit history, such as CCJs.

Don't despair - there are many loan providers who will lend you money. Two of the most popular types of loans are logbook loans and payday loans. So, which one should you take out? Which one is best for you?

We'll help you decide. We'll start with a quick outline of each type of loan...

Logbook loans

These are a quick and relatively simple way to get credit. They're suitable for those with a poor credit history, as there is usually no credit check involved. As long as you're over 18, a resident of the UK and you own a car or other vehicle, you could borrow up to £50,000 depending on its value. Here's what you need to do:

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visit a local branch with your vehicle show proof of ownership, tax, insurance and MOT collect your money when your loan is approved leave your logbook with the branch as security pay off the loan in instalments, while continuing to use your car as normal receive your logbook back once the money is fully paid off make sure you don't default on the loan, or you could lose your car

Payday loans

Just like logbook loans, these are a quick and relatively simple way to get a loan, even if you've got a poor credit history. They're short term loans, usually taken out for an amount up to £1,000, and paid back on the date that you get your next pay check. Here's what you need to do:

find the right payday loan provider for you apply for a loan and provide evidence that you have a job and a bank account agree to the loan terms, sign your online contract and receive your money pay off the loan on your next payday

So, what's the difference between payday loans and logbook loans?

Amount borrowed: payday lenders usually only lend up to £1,000, while logbook lenders can lend much more - about 75% of the value of your car.

Interest rates: logbook loans generally have lower APR or interest rates. This means that, if you pay your logbook loan back over the same period as a payday loan, you'll end up paying much less interest.

Speed of loan: while both types of loan pay you the money on the same day once approved, payday advances tend to be paid into your bank account, so can take a few days to clear. However, logbook loans can be paid in cash, so if you need the money urgently, it's a good choice.

Repayment period: if you want to pay your loan back over a longer period than a month, you'll have more flexibility with a logbook loan. Payday loans usually (but not always) have to be paid back on the date of your next pay check.

Employment: if you don't have a job, you won't be able to get a payday loan. A logbook loan is, therefore, the logical choice, as long as you own a car.


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