Payday Vs Logbook Loans

There might be instances in someone life when you are turned down for loan or even been rejected to give loan by your friend/family or above all that the major banking/lending institutions. There could be many reasons to that and it might include; you less salary, bad management or even poor credit history. In this situation, a person look for options that can give them the loan with hassle free processing and even without the credit check. With the changing trend in the lending market the logbook loan and payday loans are taking the place of the other forms of loan. These loans are easy to avail with less hassle and even though the money is transferred without any trouble.

Logbook loan is a kind of loan which is secured against the logbook of the car, bike or even van. Such kind of loans is given if a person has a car owned by him/her and h/she is able to meet the basic criteria of the logbook lenders. Although very little documentation is required; yet it gives a chance to secure a loan without any investigation or credit check. There are number of companies that are exclusively working for the logbook loans and everyone has their own terms and conditions as well as the repayment criteria. However with a 12-month loan you have the flexibility to repay the loan amount. http://www.12monthpayday.co.uk/ is working on the logbook loans and like other they have quick money transfer as per the worth of the car. They are unique in a way that their payment mechanism is very flexible. In general the major issue with the debtors is the loan repayments; as they are in debt it is difficult for them to manage the loan repayment and at 12monthspayday we ensure that you pay as per your affordability and connivance. From us one can take the loan £250 to £50,000; depending on the worth of the car and same as the case with the tenure; ne can take in 12, 36, and 48 even in 36 months. Further to this we don’t push the entire amount to be taken; yet the borrower can take the amount as per the worth and as per the given limit.

On the other side logbook loans has an advantage over payday loans. Although payday loan allows you to borrow a smaller amount of money; but this means that every next day the loan amount has to be paid back. . This means that you can take care of the bills or get that urgent repair fixed right away but the next day it will be headache as you need to ask for loan again with the interest rate and it can certainly increase the amount of loan. Payday loans offer the very small amount and since it is unsecured as well; there is always an associated concern for the loss of the asset. Although payday and logbook loans in interchangeable in terms of quick cash and processing but the amount and the flexibility of repayment makes them different.