Logbook Loans

#1
Anyone ever had one?

Are they safe?

Anyone recommend a good company?

Sounds a bit too good to be true to be honest. Looked at the normal payday loans and to borrow 1k for 30 days is about £400 interest!

With the log book loans the same loan is only £140 interest, so am tempted by that, just worried they won't return my log book at the end of it.

 

Wurzel

Alert Team
#3
You basically offer your car as security in exchange for a very high interest loan. A very expensive way to borrow money.
 

The Fear

A Wise Man (once sat next to him)
#4
Ouch, sounds awful. Some of the credit card/loan providers these days are as bad as the old loan sharks. Scandalous interest rates.

I realise no one has to take them out and that the debt nation was well sold to many in society but 29-32% rates are still scandalous. Many get hooked via 0% offers.

 

kefkat

Vital Football Legend
#5
I wouldn't touch anything like that with a barge pole! I see the affects of it too often with CAP clients.

Better asking your bank for a overdraft which can usually be done the same day or find a way to manage without whatever it is you desperately need it for.

They are too easy and will have your life. If something happens you can't pay it back and renew it which is what they want with more interest on. Vicious circle you will never get out of as once you have had it once you will know how easy it is and do it again.

If you can't borrow the money the normal way through the bank or even credit card would be better than that then forget it.

I know I sound harsh however I see the affects of these weekly and how it impacts people's lives
 

SKEGGY

Vital Football Legend
#7
Representative Example
Representative APR
491.36% APR Fixed Annual Rate
127.2% Amount of Credit
£850
Duration
78 Weeks Total Amount Payable
£2,471.82 Instalments
78 x £31.69
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#8
The one I saw does short term loans.

Borrow 1k against your logbook and 30 days later pay back £1,140.

Don't worry I'm not getting back into old habits, just need a grand a month quicker than I had anticipated. Paying it back is no problem as currently saving a grand a month anyway.

Just a bit wary about these things, so wondered if anyone had used/could recommend one.

Being sensible is not all it's cracked up to be is it.

By being sensible and saving for this holiday rather than whacking it all on credit we have watched the price of the flights rise from £2,800 to £4,500!!!

Just noticed that we can get a return to Miami instead for £3,000, and theres no way I'm risking missing out on that and watching them spiral out of control too.

Just need that grand a month earlier than planned. Sod being sensible. Hasnt helped so far.