A few years ago, in the UK, it would be safe to say that almost nobody knew what a payday loan was. However these days it is the first thing most people type into Google when they need a fast cash loan online.
Payday loans or cash advances were first introduced in the USA before being taken up in the UK.
Now with the credit crunch, more and more people are finding it difficult keeping on top of their finances and are seeking fast cash loans such as payday loans, but are they the only option available?
Logbook Loans Paid in Less Than 1 Hour
In addition to payday loans which are secured against your wages, logbook loans may be good alternative. They generally offer a far lower APR usually around 350% compared to payday loans at around 2000%.
A logbook loan is secured against the value of a car, van, motorbike or other vehicle of value. Logbook loans are very competitive compared to payday loans as they can be paid out in as little as 15 minutes, although you will have to drive to your nearest branch to pick up your cash loan. Another advantage is that the loan can be repaid over a number of months, which makes the repayments more flexible and manageable. Bad credit is not a problem either as the vehicle logbook is used as security for the loan simply drive to your local branch, pick up the cash and drive off with your cash loan up to half the value of your vehicle.
Check out Logbook Uk which gives a national directory of logbook lenders in the UK.
