If you are unable to take out a loan because there is no asset like your home which you can provide as security, and if you also have a bed credit score, there still is a solution. A logbook loan allows you to take out a loan with your car as security. With the logbook loan you can borrow sums between GBP 500 to GBP 50,000, depending on the value of your car. Very often logbook loan lenders will be able to accept your application without a credit check. As with a payday loan, the money will arrive very quickly. They are a very good secured loans.
Similar to a payday loans are logbook loans is designed to be paid back as soon as possible within around one month. If one does not keep up with one’s repayments for a logbook loan, it is possible that one loses one’s car. This means less risk for the lender and therefore a logbook loan generally will be a little better-priced the payday loan. Most of the logbook loan lenders will accept you if your car is not older than 10 years, and you will be able to borrow up to 50 percent of its value. Before applying for a logbook loan take enough time to compare different lenders and calculate the interest rates carefully.