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Aug 26

Is a logbook loan the best option out of all the same day cash loans?

Posted by:Patricia Clark

Are you currently assessing the options that are available to you regarding borrowing money? There are lots of same day cash loans solutions for people who find themselves in this unwanted position. One of these options is a logbook loan. But, is this the right solution for you? Read on to find out the answers you are looking for...

First and foremost, it is imperative to determine what a logbook loan actually is. This is a loan that is secured against your vehicle. You will still have access to your car, but you will have to hand over your vehicle’s V5 logbook, hence the name. In most instances you will be able to borrow up to around 70 per cent of your car’s current worth, provided the lender believes you can afford the repayments.

So, is this an option for you out of all the same day cash loans? Well, firstly you will need to make sure you are eligible for a logbook loan. You will need to be over the age of 18. The vehicle in question will need to be yours and paid for in full. Aside from this, you will have to show that you have the ability to make the repayments, thus income slips or something similar will be required. The lender will also need to see proof of any other income and your regular outgoings, such as rent and other finance repayments.

If you meet the requirements that have been mentioned, you can then begin to assess whether this is a good option for you. A logbook loan may be suitable for those that need to borrow money for a few months or a couple of years. It is a short-term loan but it usually offers a longer repayment term than a payday loan. As a result, you will also usually be able to borrow more than you would if you went for a payday loan.

All in all, a logbook loan can be a solution for individuals that need to borrow anything between a few hundred to a few thousand pounds and want more than a couple of months to pay the money back. However, if you merely want to borrow a little bit of money until your next payday, you may want to consider something else instead.

Summary – There are many different same day cash loans for those that find themselves in a position where they need some extra cash. This post assesses the option of a logbook loan.

Author bio – Patricia Clark has been a journalist since she graduated university in 1999. Since then she has covered many topics, from same day cash loans to office relocations.

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350.5%APR Representative
Representative example: Loan amount £1000. Duration 18 months. Repayable by 16 monthly repayments of £170.42 and one of £198.42 (includes Bill of Sale registration fee of £28) commencing two months from the date of the loan. Total amount repayable £2925.14. Rate of interest 187% per annum fixed. Representative 350.5%APR. LOANS ARE SECURED ON YOUR CAR. The vehicle may be repossessed if you do not keep up the repayments.