Is a Logbook Loan the Right Option?
When you have bad credit and you can't seem to get approved for a personal loan everywhere, you might think your best option now is a no credit check loan such as a logbook loan. That may be true but there are also other alternatives you can try if you're up to it.
Just like logbook loans, payday loans are quite popular in the UK because it requires no credit checks for borrowers. It's a good option to look at first if you're only in need of cash from £100 up to £1,000 and the terms pretty short too. Repayment is required in 28 days or basically on your next pay check. Click here if you want to know more about payday loans.
If you don't own a car and payday loans just won't meet your needs, another no credit check product to peruse are guarantor loans. With this type of loan, you don't need collateral or security. Instead, what your lender will ask is a guarantor who will back up your application. Your guarantor can be anyone not linked to you financially and he or she should have good credit and can provide proof of regular income.
When all else fails but you still need quick cash for your bills, medical expenses or any other pressing need, you can try peer-to-peer lending. You wonít be able to borrow a huge amount but itís still a viable option especially because the interest rate is lower than the aforementioned loan types.