Because of the bad situation of economy, many people get in financial trouble. Sometimes it gets hard for people to fight with those crises with their monthly incomes. In those cases people try to borrow money from banks but it is very difficult and there is too much wait and documentation. There are also financing companies who help people in their needs. It is a fact that some of these companies do have many requirements for approving loans but there are also those companies which are providing people with different kinds of loans for different situations. These companies are providing loan of short amounts for short time period for emergency needs.
There are two very basic and easy types of loans, payday loans and logbook loans. Both types of loans are getting popularity and preference for different reasons. Here you will get all the information about both types of loans to decide which one will be better and has more benefits. Both types have different requirements and methods.
Payday loans are also known as unsecured loans. This type of loan is for short time period and a person can apply for this type of loan for financial emergencies such as a small house repair, AC repair or for the repair of other home appliances. One can also apply for this type of loan in case of medical emergencies. This type of loan is to help people until their next payday. Many people face shortage of money in the end of the month, this loan has been designed to help those people. Different lenders lend different amount of money such as some give money from £85 to £750 and other give £100 to £1000. The interest rates will also be different for each company. The method of applying for this type of loan is very simple and it takes few minutes. There is no need to go to any place for application submitting and getting the money. You can apply online through laptop or other internet devices and the lender will send the money to your home. The money can also be transferred to your bank account. This type of loan has more risks for lender than for borrower so there are a few things that a lender will required from the borrower such as house address, account number and recent pay slip. These requirements help borrower too in many ways such as the account number is required to transfer the money, and in case the lender gives the home delivery services, he will need house address and recent pay slip helps the lender to know if the borrower have enough income to return the loan or not.
Logbook loan is a secured loan. In this type the lender will give you the loan against your car or vehicle and the best thing is that you will still be able to use your vehicle. You can get a large amount of money in this type of loan which is not possible through payday loans. This type of loan also has some requirements such as you should be registered for logbook even if you are not the owner of the vehicle. If you have already taken any loan against your vehicle and haven’t given it back, you are not eligible for this type of loan. The condition of the car or vehicle also matter, it will help you to calculate the minimum amount of money you can take against it. You can use online application for logbook calculator and you can apply for this loan. The age of the vehicle should be less than 8 years.