Quick Logbook loan question..

Jsutherland7

Hi, how is everyone doing? Just thought id ask a quick question and some advice about a log book loan.

Basically my car doesnt have any previous finance or anything like that.. I just want to know what are the best companies to go with for a LogBook loan and would it be possible (just an example to loan 400 and pay back 50 each month on the 28th?)

Any replys would be very much appreciated! Thanks

J

immoral_angeluk

My reply would be DON'T. They're a recipe for disaster and a quick way to lose your car....

You're better off getting a payday loan than a logbook loan, and a quick read of these boards will show you how unpopular payday loans are so that should give you some idea what a bad idea logbook loans are...

Apples2

You'd repay £50 a Month for about the next 200 years.

malkyh

What's the deal if you default? Do they just take your car?

immoral_angeluk

malkyh wrote: »

What's the deal if you default? Do they just take your car?

They will register a bill of sale, giving them ownership of it, which means if you default they are entitled to terminate the contract and repossess the car to sell to pay off the debt.

Be very very careful, a lot of them have horrid reputations too and will not wait around very long before taking the car.

Jsutherland7

whats a Payday loan then? I just need a cuple of hundred pounds to get through this month and pay off some parking fines. any advice?

thanks for all relpys btw!

malkyh

A payday loan is just as bad if you default. Is your credit already shot?

I'd explore (if you haven't done so already) all other available avenues such as overdraft, credit card, friends, family before going down the logbook/payday loan line.

If you default, you will regret it.

immoral_angeluk

Jsutherland7 wrote: »

whats a Payday loan then? I just need a cuple of hundred pounds to get through this month and pay off some parking fines. any advice?

thanks for all relpys btw!

Payday loans are short term loans of small amounts. Usually repaid after a month (or less) in full with added (high) interest.

Have a look at wonga to get an idea. Avoid people like toothfairy, payday express, wagedayadvance etc... wonga seem the be the best of a bad bunch generally.

immoral_angeluk

malkyh wrote: »

A payday loan is just as bad if you default. Is your credit already shot?

I'd explore (if you haven't done so already) all other available avenues such as overdraft, credit card, friends, family before going down the logbook/payday loan line.

If you default, you will regret it.

I disagree. With a payday loan you don't risk your car/livelyhood (if you need a car for work) if you default...

I agree that there are definitely other options to consider though.

malkyh

I pity those desperate enough to have to resort to these measures for a few hundred quid.

I am no way well off, I barely have enough to get by from month to month but if I was short a couple hundred quid I'd sell my scrawny !!!! before taking a loan from these scumbags.

Jsutherland7

I was gonna do it through CashConverters. I just really need a cupple of hundred till the end of the month. Is there no way of gettin from 200 to 400 and payin back 50 each month and like maybe 150 extra interest which i wouldnt mind doing in 50 installments each month ?