Shopping Tips to Finding the Best Logbook Loan Deals

Logbook loans are personal loans often advertised with the lure of quick cash. If you have bad credit and you are eligible for this type of loan, it’s hard to resist such a promise especially if you have a pressing financial emergency. But just because you need quick cash doesn’t mean you should settle for the first deal you stumble upon. In order to find the best deals, there are key factors to consider. And to help you along, here are some shopping tips to guide you:

1. Plan your loan

When you find yourself in a financial bind, quick cash is what you need. But that doesn’t mean you should forego planning. Like with any other major financial decisions, you need a realistic plan to make this loan work. Sit down and think about your financial need. How much do you need to borrow? How much can you afford? How long should the repayment period be? These are a few questions to ask yourself when planning your loan.

2. Check out comparison sites

As soon as you’re ready to shop around and compare deals, you proceed with checking comparison sites. Rather than compare thousands of deals to find the best deal, you can cut through the process by going directly to comparison sites instead. Reliable comparison sites such as are a great place to start. These websites have done most of the work researching and scouting the market for logbook loan lenders, which they then rank accordingly.

3. Research your lender

While comparison sites may offer key information about your lender, you’ll want to go the extra mile and research about your lender yourself. To know more about your lender’s reputation and track record, you can read other borrowers’ reviews. Nothing beats an insightful review of someone who has transacted business with the lender you have in mind.

4. Read the small print

Though logbook loans are advertised with the promise of quick cash, there’s more to the financial product than same day approval, minimal requirements and no credit checks. Logbook loans, for one, are very expensive. It comes with a high representative APR. On top of that, there are also hidden fees and other charges that can balloon up the cost of your loan. To know everything there is to know about your loan’s cost, it would help to read the small print where you’ll find details and more info regarding interest rates and hidden fees.