The Difference Between Logbook Loans and Payday Loans
Spending five minutes online will reveal a massive number of no credit check loans available in the UK. The two most popular are logbook loans and payday loans. There are some differences between them but there are also a few similarities that will be dealt with first. Both forms of no credit check loan appeal to people who have very bad credit and/or have been refused by other mainstream lenders in the past. Most payday loans companies and all logbook loans companies provide loans for people with bad credit. This makes them a popular option for borrowers refused credit elsewhere, and may often indeed be the only credit available to them due to their financial history. Both types of loan have higher APR rates than the high street lenders, which is due to the fact that they are taking a greater risk when dealing with people with bad credit and this risk is reflected in the interest rates they are prepared to give all borrowers. Both logbook and payday both also have a bit o