Payday Loans or Logbook Loans

When people first start looking for a no credit check loan online, they might get feel shocked by a huge number of websites, lenders and brokers.  Not to mention a number amount of websites that simply look like scams or have a dodgy feel about them.  One of the more accurate decisions to be made is to decide between payday loans or logbook loans.  They seem similar on this platform, but there are several crucial differences between the two forms of no credit check loan.

This article will first look at the similarities between the two most popular types of bad credit loans and then go on to list the differences. Some of these may be obvious to readers who have done some research online, but some things are more subtle and may affect the decision made by the potential borrower.

Similarities between logbook loans and payday loans

  • Both types of loans are no credit check loans.
  • Leaders of both types of loan will lend money to borrowers with very bad credit or who have been refused by other lenders in the past
  • Borrowers can make the initial application online for both logbook loans and payday loans.
  • Both have higher APR rates than mainstream banks which reflect the fact that they lend to lenders with poor credit who consider as a bigger risk.
  • Logbook loans and payday loans are both often seen as fringe financial products and not part of the mainstream lending industry.  Also, some people having a bad opinion of the sector as a whole.
  • You need to be a UK citizen over 18 years old to borrow money.

Differences between logbook loans and payday loans

  • With a logbook loan, your loan is secured on your vehicle. Even you may lose your car if you fail to repay the loan.  However, the borrower keeps full use of the car during the loan period.  With payday loans, the lender makes sure that the borrower can repay the loan i.e. has an income and then issues unsecured loans rather than secured loans like logbook lenders.
  • You can borrow larger amounts of money with logbook loans than payday loans.  Logbook loans, meaning a borrower can take as much money as he or she wants as long as the value of their vehicle covers the loan amount.  Lenders often lend half the market of value of the car.  Payday loans tend to be loans of less than a £1,000, whereas logbook loans may go as high as £50,000 if an expensive vehicle is used as collateral.
  • Logbook loans have a lower APR than payday loans also the loan period is usually much longer.  Whereas a payday loan is taken out for a month at a time until payday, a logbook loan might have an 18 month repayment period.
  • There are far more payday loans lenders available to choose from than logbook loans lenders in the UK at this time.

Visit today, Logbook loan quote gives a better idea of the terms on which the loan will be rendered. and find our articles on how to get financial freedom, how to redeem your credit score image and advice on sound financial planning.

What You Need to Know About Quick Quid!

What You Need to Know About Quick Quid!

There are plenty of lending services out there, and you have probably done your research so far if you are to apply for one of the services they offer. We know that choosing the right service might seem a bit hectic, and vain advertisements are always in your way.  One of the companies you might have come across is Quick Quid. We are writing to help you learn more about Quick Quid and whether you should consider their services or not.

Quick Quid was established back in 2007 as an online lending service. The company is a well known short-term lender in the UK, and they are associated with the trading CashEuroNet UK LLC. Their services are trusted by their clients, and their testimonials usually avow their utmost dedication to what they do. We have put together a research of what you need to know in order to learn more about Quick Quid:

  • What Kind of Services Do They Offer?

If you want to learn more about Quick Quid, you need to know what kind of services they offer. Quick Quid offers two kinds of short-term loans: regular payday loans that are up to three months, and what is called a ‘Flexcredit’ loan. Their Flexcredit loans usually extend up to ten months. Their payday loans can be repaid in a single installment, which should prevent the interest rate from going up; but you can also consider paying over two or three months if you find it more suitable to your situation.

Concerning Flexcredit loans, they mostly work as their regular payday loans, but the only difference is that you have the option to repay the borrowed amount over ten months. While this could be great if you are dealing with a terrible financial difficulty, the interest rate goes up the more you extend the time of your installments.

  • What Are the Terms and Conditions of Their Loans?

If you are thinking about applying for one of their services, you should learn more about Quick Quid and how they go about their business. If you are new to their services, you are eligible for up to £1000. This amount applies for both kinds of their loans; you should find information in the previous segment on which kind you would want to apply for. If you are a regular customer of theirs, the amount borrowed extends to £1500, whether it is a regular payday loan or a Flexcredit one.

Their application processing is quite fast: you application usually gets accepted within 10 minutes, if you bank does support fast transfers, and sometimes the approval might take up to thirty minutes.

Quick Quid usually charges for their short-term loan a specific amount of money per month. Let’s say you borrowed an amount of money and you want to repay it within ten days; they will charge you the same amount if you intend to repay in thirty days. That is why if you extend the time of your installments, the interest rate of your borrowed money goes up. If you apply for a longer term loan and want to repay your borrowed amount earlier in order to lower the interest rate, you should contact their customer service so they may arrange a way for you to do so.

If you would like to learn more about Quick Quid, you may sift through online reviews. You can find many as they are a well known company and their services are highly trusted. You can also refer to their website for testimonials of previous clients.