When it comes to bad credit loans, a couple of options come to our mind. First one is a payday loan, and the second one is logbook loan. Which one is most preferable or more convenient? Well, to get the answer, keep going through this article, you will inevitably end up with a good conception and difference between both of them.
About Payday Loan
Let’s focus on the payday loan first. It is bad credit loan that people like to opt for if they have a poor credit rating. The lenders would not check your credit score. They will allocate the loan amount by your present job situation or income. Opting for such loans is quite hassle free, as you can make an online application for the loan, from lenders site directly. The application process is easy and would take hardly 5 minutes. You have to fill in some basic details, and you will find your loan is approved within the night if you are eligible against their criterions. Yes, there no hassles, though some criteria still are there. You need to have a stable income to apply for a payday loan. Some payday loan providers are even checking credit scores in these days. Hence, payday loans are also getting tougher to avail.
Till now payday loan has been known as one of the best options if you are searching for bad credit loans. For payday loan bad credit, it is essential to find a trusted as well as eminent lender. Payday loans come with a high percentage of interest-free for repayment of the loan. This is surely a drawback of a payday loan. Apart from that, many hidden charges or additional fees could also be there, if you miss a loan repayment premium.
The Concept of Logbook Loan
Logbook loans are the appropriate alternative solution for payday loans. However, some criteria are still there, and the primary measure has a car. So, if you have a car, then you can apply for the logbook loans. Depending on the value and age of your vehicle, you can request for a loan amount from the lender. The lender will check all aspects and give you the loans. Now, this amount varies from lenders to lenders. If you are lucky enough you can get an actual high amount against your car from a lender. The best part is that even after going for a loan, you can still keep your car. Only the logbook will be maintained by the lender. You have ample of time and options to repay your loans. So, set your loan repaying period wisely and enjoy life, during financial crunch time even.
It is even easier to avail logbook loans, in compared to payday loans. Another huge benefit is that logbook loan from Payday Loans Now comes with a relatively lower rate of interest for loan repayment.