Logbook Loans. A Safe Alternative to Payday Loans?

In light of the Office of Fair Trading (OFT)’s recent inquiry into Payday Lenders, and the subsequent revelations of irresponsible lending and bad practices throughout that industry, where does this leave the customers who still require access to quick cash loans?

One simple and fair answer can be found here at Eaffy Logbook loans. If you own a car, then you can raise cash against its value by applying for one of our Quick Cash Logbook Loans today.

And, given that we have some security in your car, our interest rates are but a small percentage of what most payday lenders charge so your repayments should be that much smaller. Also, our loans are not for a month or so; we go up to two years or even more, so constantly having to rollover your loan with us every couple of months is not an issue.

Q: What exactly is a Logbook Loan?                                                      

A: A Logbook Loan is an any purpose cash loan that is secured against your car. Each loan is based on the value of your car and, as long as you maintain both the payments of the loan and the car’s condition, then you continue to retain full use of the vehicle. 

Q: Why have I never heard of a Logbook Loan before?

A: They have been around for a very long time. In fact, the Bill of Sale, which secures the loan on your car, is issued under the Bills of Sale Act of 1878!

However, although the Logbook Loans UK industry provides customers with far cheaper loans than those offered by Payday Lenders, the industry itself is very small by comparison. The reason why you may not have heard about Logbook Loans before is because Logbook Lenders haven’t had the chance to tell you - Payday Lenders, with all their money and huge TV and other advertising budgets, have simply been shouting louder.

All customers must be aware that any logbook loan secured against your vehicle, which may be repossessed if you do not make payments. Late or missed payments will incur additional charges. All customers must make sure they read and are aware of all contract terms and conditions prior to proceeding with any loan application.

The majority of lenders will use what is called a Bill of Sale to secure the loan against the car. A Bill of Sale is what gives lenders security over the car. This means that until you have paid your loan the lender will technically be the legal owner of your car. However you can still drive it and once you have paid off your loan the ownership goes back to you.

Q: Why should I choose Eaffy Logbook Loan for my Logbook Loan?

A: At Eaffy Logbook Loan we offer quick cash Logbook Loans and we do so responsibly and in line with the Office of Fair Trading’s Guidance to Irresponsible Lending. We examine affordability very closely and only quote you on terms that we have satisfied ourselves and you that you can afford.

Our rates are far cheaper than those charged by Payday Lenders, so much so that we can often help Payday customers reduce their monthly outgoings by consolidating all their payday loans into one easy and affordable Logbook Loan repayment.

Eaffy Logbook Loans also have the ability to lend over longer terms, thus allowing customers to pick the right loan amount that suits their current financial situation.

Additionally, all of our rates are fixed and thus will not change throughout the term of the loan. this means that customers can also budget for the future as they will always know what their Eaffy Logbook Loans repayment will be. "Get same day logbook loans, instant loan against your used car, No credit check, No upfront Fee,no guarantor needed, Apply Now!