How Logbook Loans Work

APR Explained – Why is the APR “%” number always so High on Logbook Loans?

Well that’s a simple one…Logbook loans are strictly meant to be used for short term borrowing, and should never be considered for long term reasons. By law, APR is required to be represented as an annual percentage rate, not monthly, which is a common term for a Logbook Loan. Besides, there is plenty to consider. You can only borrow an amount that correlates in an affordable manner against your own vehicle. Besides, with more and more of a crack down on short term lenders, you’ll find that nowadays they’ll do everything they can to help you in the application process. With the market more competitive than ever, Logbook Loan companies are pulling out all the stops to give you a better deal, and avoid any negative feedback. They are there as a smarter alternative to Payday Loans. So ultimately, how logbook loans work is simple: you use your car as the guarantee for the loan, and better still, you get to keep driving it! With fixed monthly repayments, a Logbook loan can be granted in less than 1 hour. If you want to find out more, you can visit: https://www.moneyadviceservice.org.uk/en/articles/logbook-loans Or if you already like what you’ve seen, please continue to look around our website, or chat to us Live right now.