LOGBOOK LOANS INFORMATION

Please see information on Logbook Loans below.

        

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
  • CJs
  • 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.

        


Please Note: www.whichwaytopay.ie is not authorised to give personal financial advice under the Republic of Irelandís financial regulations.

All of the Links, textural data, and image data is provided for informational purposes only.

Click here to view our Disclaimer

News Charts

As we all know our health is one of the most important things in life . So we need to make sure we are fully covered with the correct Health Insurance.
30 August 2016
Which Way To Pay
Health Insurance is a very important thing that everybody should think about , this also means taking the correct cover for your personal requirements.
Read More >>
New Product Range: Vehicle Loans
22 October 2015
Which Way To Pay
Check Out our latest new product range added to Which Way To Pay: Vehicle Loans
Read More >>
New Product Range: Home Loans
17 October 2015
Which Way To Pay
Check Out our latest new product range added to Which Way To Pay: Home Loans
Read More >>

Register for newsletter