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Log Book Loans – Quick Loans for Bad Credit

In the United Kingdom some companies online or ones that have shops such as cash convertors offer what is knows as a log book loan. This type of finance could be a cheaper alternative to the no credit check finance of short term payday loans if you have bad credit and need quick cash loan for any emergency.

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Loan (Photo credit: Philip Taylor PT)

So with logbook loans the lender provides finance using what is called a ”bill of sale”which is not like a traditional hire agreement, but instead uses a legal means of securing his loan on the debtors (person borrowing the money) vehicle via the cars V5 logbook.. So let’s say you need to borrow £500 in an emergency, a log book company will only do so providing they value your vehicle at a value higher than the loan to cover themselves should you default on repayments. By law the loan company will be able to re-posses your vehicle without the need to go to court to do so. So always be sure you have regular income and can pay back and keep any borrowing to an absolute minimum if you can to avoid potentially loosing your vehicle should things go wrong financially.

You also do not need to be a homeowner to apply, council tenants, housing association residents of people staying with friends or family members can apply. Your credit status does not matter so discharged bankrupts or people who have lots of CCJs and defaults will be able to apply. The great thing about logbook loans is that they can be completed very quickly in less than quarter of an hour in some cases! All you need prove is your income by providing wage slips. If you have tried every other source this could be an option for quick cash with affordable repayments. This kind of borrowing is typically for a period of between 3 months to 36 months. The reason the loan term is usually not longer is because most companies will not lend more than 50% of the vehicle value as the value of your vehicle will usually reduce over time and the lender needs to fully cover the loan should you default during the repayment period.

For many people who have poor credit and have been refused a loan elsewhere this could be just another potential option. However a word of warning. some Logbook loan companies offer huge instant loans of up to £50,000 and you need to question yourself if you are over borrowing. Always keep to your minimum repayments and pay on time otherwise it could be a slippery slope into deeper debt. Shop around for the best rate, some companies even offers nothing to pay for sixty days & read the small print! Check online reviews of the company if you decide to use one. Only borrow if you have to; short term loans should be treated as such and not rolled over and over getting you deeper into debt. As with any borrowing, always look at the alternatives before committing to anything as you may find it cheaper to get an overdraft, borrow on a credit card, sell goods on an auction site, pawn goods in a local pawnbroker or see if a friend or family member can help you out.

I Need A Loan

As well as needing catalogues to help us budget our lifestyles from time to time we may need to rely on Payday loans which can be a useful short term lending option to some when all you need is cash and not goods to help you get by.

In an emergency emergency situation these loans may assist you by giving you cash until your next pay packet. Be careful though as some companies can have extremely high APR rates well into the 000’s which means a small amount borrowed can soon rack up into huge debts if you don’t use them extremely carefully as a short term lending strategy.

Payday Loans Companies List not Recommendation For – Instant Cashloans

  • 1 Month Loan
  • 1st Stop Financial Services
  • 24/7 Moneybox
  • AdvanceQuid
  • Albemarle & Bond Pawnbrokers
  • Capital Finance One
  • Cash Choice
  • Cash Finance Direct
  • Cash Genie
  • Cheque Centre
  • Debit Card Loans
  • Early Payday Loan
  • Everyday Loans
  • FLM Loans
  • H&T Pawnbrokers
  • Instant Cash Loans
  • Lending Stream
  • Loans at Home 4U
  • MEM Consumer Finance
  • Mr Lender
  • Payday Express
  • PayDay Loan
  • Payday UK
  • Pounds ’till Payday
  • Pounds to Pocket
  • QuickQuid
  • Safeloans
  • Short Term Finance
  • Speed Loans
  • Speed-e-loans
  • Swift Sterling
  • The Loan Store
  • The Money Shop
  • Tower Capital
  • Tower Credit
  • Txtloan
  • Uncle Buck
  • Wage Day Advance
  • Wages Today
  • Wonga

*The above are not recommendations just some companies that offer these products that you may want to research.

I need a loan but my credit history is poor.


There are some steps that you can take that may help improve your acceptance in the future. Responsible lenders may not lend if you have lots of overdue accounts, lots of missed or late payments in the last twelve months, perhaps if you are financially associated with a person (your wife or partner) that has adverse credit history. Try to keep the applications down to a minimum when looking at your credit options as lots of searches for credit on your credit file may also ring alarm bells, accounts overdue. Other negative factors once you may want to look at on your credit file are things like if you are on the electoral role. Having catalogue accounts which you take care of how much you borrow and carefully manage may help you get a better credit score.

Are payday loans the real answer?
If you don’t need same day cash you can also look at other options like
1 month loan or 100 day or 12 month instant loans for bad credit status.

Have you considered putting some items up for sale on auction sites like ebay or more quickly at a cash convertor, cash4gold or pawnbroker  store for example?

Ask yourself do you really need this cash no matter what?

Perhaps a another good tip would be too look for payday lenders and not brokers as a broker may add extra hidden charges on. Do your research before rushing into anything check out as many review websites as you can. Always check the small print even though you may be desperate. If you can manage to do without borrowing the money, then it may help you far more in the long term than looking for bad credit 1 hour instant decision type loans may ever do.