WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. RATES FROM 45.3% APR TO 1575% APR FOR HELP, GO TO MONEYADVICESERVICE.ORG.UK

The Very Best Loans with Loantra

Short-Term Loans

Apply Today to Borrow up to £995

*Online decision

*Responsible lenders

*Rates from 278% to 1576%

*3-12 month repayment

Personal Loans

Apply Today to Borrow up to £25,000

*Instant Decision

*60-Second Application Form

*Rates from 4.7% to 278%

*3-36 month repayment

What Loantra can do for You

Will a Logbook Loan Be Worth It?

Do you need small loans without credit checks?

If you have a bad credit score, then it can sometimes feel like you contracted cooties. Suddenly, no lender wants to deal with you and you can find your custom being turned away everywhere you go. It’s certainly not a nice feeling and it can be particularly distressing if you badly need the money in order to afford reparations to your home, to run your vehicle or to keep up with your financial commitments.

Fortunately, there is always a way and with so many different financial products available you can almost always find a solution to suit your requirements. Let’s take a look at some of them…

Payday Loans

All loans are inherently risky, but logbook loans carry an entirely other level of risk with them. They require that you hand over legal ownership of your vehicle to secure the loan. This type of secured loan can put some people in great financial dangers, while others will simply be inconvenienced by it. Of course, if you repay the loan on time, then there is no danger to you, and you can retain vehicle ownership.

That doesn’t always happen, though, and you need to be aware of the risks and whether you should take them or not. That’s going to require a personal assessment of your financial situation and a close look at the terms of the logbook loan you are considering.

 

Can You Afford It?

Logbook loans have a low bar for entry, allowing even people with bad credit to put their vehicle up as collateral and reap the rewards of a fast deposit of cash into their bank account. It’s so convenient and easy that you might not stop to think about the consequences and whether or not you can afford it.

Your financial state should be the major determining factor when it comes to deciding on a logbook loan. If you aren’t really sure whether you can repay the loan in time, then you should not put yourself and your vehicle in jeopardy. It simply isn’t worth the risk for most people, if they think there is a chance they will not be able to repay the loan on time.

Of course, you can ask your friends to pitch in and help so that you don’t lose the car, but there is no guarantee that they will be able or willing to give you money. Unless you know for sure that the money is going to be available, you should unto count on it coming in. It is best to only consider money that you have coming in regularly, such as from your employment. Be sure to figure in your monthly bills as well when you are determining if you make enough money to afford the loan.

 

The Ease of Access Is Tempting

What makes logbook loans so attractive is how easy they are to apply for and to get approval for. So long as you have a vehicle, you may not need to prove that you are employed or that you have good credit. Some lenders will require these things, but not all, and if you look hard enough, you should be able to find a lender who will let you apply for the loan regardless. Your vehicle’s value will determine how much the loan is for, but even someone with a low value car can probably get at least a small loan.

Since just about anyone can apply and even be approved for such a loan very fast, it makes it enticing to try to apply for one of these when you are strapped for cash. You need to take time to consider the consequences. You may be so inconvenienced by losing your car that you are no longer able to get to work on time. You could end up losing your job and your source of income you are relying on to pay back the loan.

It’s important to remember the risks with something like this. Make sure you plan to repay the loan on time and that you have the resources to afford it. Look at all the potential repercussions and plan for the worst. If you can do all that, and you can’t really get the money any other, safer way, then it really may be worth the risk to take out a logbook loan.

See How We Compare to Our Competitors

Loan amount
£500 - £20,000
Loan term
12 - 60 Months
CUSTOMERSCORES
Good
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Loan amount
£500 - £100,000
Loan term
1 - 18 Months
CUSTOMERSCORES
Excellent
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Loantra is a licensed credit broker and not a lender.

We will never charge you for our service and the lender will not increase the rate to cover our fee to them.

We work with over 40 different lenders to bring you the very best rates from across the UK market.

Representative 305.9% APR. Representative example: £400 borrowed for 90 days.

Total amount repayable is £561.92 in 3 monthly instalments of £187.31.

Interest charged is £161.92, interest rate 161.9% (variable)

Warning: Late repayment can cause you serious money problems. For help, go to moneyadvice.org.uk.

Do not borrow more than you can pay back as defaulting on payments can lead to serious monetary problems.

Any collateral you have against the amount may be at risk of repossession.

5 most recent personal loan reviews

Review of Natwest

My personal loan from NatWest was planned in advance because I like to do plenty of research before committing to something as important as a building extension. I wanted to make sure the loan would be possible and that it was at a competitive rate before I started employing architects and builders. I was in regular contact with our local branch’s loan adviser and they finally sorted out a very good loan for me and once that was agreed I got on to the job of planning this extension. We’d already had the go ahead from the local council so it was all systems go once that all important loan was finalised. Sometimes it’s best to deal with your own bank for such an important loan and I am pleased that I entrusted NatWest with my loan.

Review posted by Wayne Crouch, Plymouth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of U Switch

In our position your company treats us well. We have the income but unfortunately due to circumstances beyond our control our credit rating is bad. Thank you Uswitch for giving us a chance.

Review posted by Neil Morrison, Perth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Wonga

Suprised at ease of application. Never wanted to use these kind of things but had a very tough month and needed a few pounds before payday. After checking different options I found the small amount to payback manageable and it’s all payed back 2 days after payday. Easy process with quick response.

Review posted by Anthony Bell, Chelmsford

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

All reviews have been sourced from Trust Pilot to ensure authenticity of testimonials.