Logbook Loans – Compare logbook and payday loans and choose the best

At the present time logbook loans and payday loans, both loans are popular in the UK. These loans have been designed for the people have bad credit and need instant money. But, before you secure any one you need to compare and need to choose that which one is best for you. So, today we are going to discuss about these loans.

The first and major difference between payday and logbook loans is “amount”. You can borrow a higher amount through logbook loans which you can’t get in payday loans. Logbook loans are secured loans and offer from £500 to £50,000. On the other hand you can borrow from £80 to £750 through payday loans. There is also a same thing that both kinds of loans have been made for bad credit holder. These both loans are approved instantly without credit check.

With payday loans you must have a valid bank account and a debit card for the money to be paid but in logbook loans there is no need of these both things because lenders of logbook loans let you choose between cheque and cash. Under the logbook loans you get 3 to 5 years to repay the loan which is really a long period but in payday loans you get a short period of time to repay the loan. The most important thing is an interest rate which is high in payday loans because these loans are unsecured loans but in logbook loans interest rates are lower. These are few things which you need to compare for deciding that which is suitable for you.