What are Logbook Loans?
A logbook loan is where an individual wishes to put up some collateral to borrow from a lender. This will usually happen when a vehicle is put up as security in order to guarantee that a borrower will repay. The company who thereafter issues the loan will give a “logbook”, a book of tickets with each ticket representing a certain amount which should be repaid on a weekly or monthly basis. The borrower will remove a ticket every time an amount should be repaid, and send it to the lender along with a check or money order to repay their obligation.
Logbook Loan Alternatives
Logbook loans require collateral. Perhaps you do not have a vehicle or other item of value you want to put up as collateral, or the process of providing the paperwork for it is too much of a hassle. There is an excellent alternative to this type of loan requiring collateral, which are known as payday loans. These type do not require collateral, but instead operate on whether or not you are currently employed. The consideration for providing funding rests on your ability to repay from your income.
Cash Loans You Could Qualify For (If Employed)
Whether you’re looking to borrow money in London, Leeds, Manchester or anywhere else in the UK (including Scotland), we can help you get a payday loan (not requiring collateral) if you are employed and meet our other criteria.
Many people are looking for a Cash Converters logbook loan because they need money quickly and are unaware they can borrow money without needing collateral. Instead of locating a money shop or Cash Converters location near you, apply online with us and have money transferred to your bank account if accepted.
Advantages of Payday Loans
The advantage of acquiring a payday loan is that it can often be obtained much quicker, with less paperwork required, than obtaining a logbook loan. Furthermore, many laws have been passed recently that protect UK citizens who desire to apply. The laws have significantly reduced costs and given rights to borrowers to protect them from unscrupulous lenders. The end result is that getting a payday loan is convenient, relatively cheaper than you could get one in the past, the paperwork required is far less and the speed of obtaining one could be far greater.
Disadvantages of Payday Loans
Why would you prefer a logbook loan over a payday loan? Because you are putting up collateral, the lender is more financially secured in their lending endeavor. That means their risk is lower, and as such, they can then afford to offer a loan at a reduced cost. You may find that this method is cheaper if you willing to put up items for collateral and take the extra steps — though this may require more paperwork, not be available as quickly.
We do not offer logbook loans. We specializing in providing payday loans to people who wish to borrow money. If you are employed and need money quickly, please click the apply button above and submit your application. We promise to process your application quickly, and you will know very quickly whether we can provide a loan or not. If we can, the money can be forwarded to your bank account, allowing for a no-hassle solution to borrowing money short term.
You can apply 24/7 through the convenience of our online application processing. Without requiring a car or motorbike as collateral, you can submit your application today and know in a very short period of time whether accepted. It is not required to visit a money shop to either apply, or receive your fast cash.
We are ready to help you with your short term financial crisis. We can provide the funds you require quickly, without requiring collateral. If you are employed, or are receiving benefits, please consider submitting your application today.
Cash Converters Small Cash Loans
What is Cash Converters? It is a company that offers loans that are secured by collateral, such as a vehicle, motorbike, boat or other similar item of value. Do you need a cash converters payday loan? Consider using our services instead, as we do not require collateral. We can issue your funding fast, and give you a near immediate response as to whether you qualify. Our loan application can be completed in as little as 15 minutes. Why not apply now as you have nothing to lose!