Alternative to Logbook Loans

Logbook loans are very tempting because the financial product offers you the most convenient opportunity to avail of quick cash. In exchange for said convenience, however, are risks that include car repossession and high interest rates. If at all possible, borrowers are advised to check out cheaper alternatives first before going through with your application.
Here are alternatives to logbook loans that you might want to check out:

Credit Unions

If you only need a small amount and you happen to be a member of a credit union then checking it out first is highly recommended. Unlike online lenders offering quick cash, credit unions are more inclined to help their members rather than charge high interest rates. Credit unions may not lend you as much as £50,000 but they are more reasonable if only considering the price or cost of the loan.
If you thinking of just borrowing £500 or £5,000 then credit union is a good place to start your search for the most competitive deal.

Credit Cards

No matter what critics or people say about credit cards, they remain a viable source of funding for many borrowers today. Unlike logbook loans, however, credit card borrowing takes times. If you don't need the cash today then might as well wait for 14 days and apply for a standard credit card.
If it's your first time to own a credit card, you get to enjoy the perk of interest free purchases for at least 45 days. In short, it makes a decent alternative to shopping in cash if they run out. Check out the top credit cards provider in the UK at

Peer to Peer Lending

Also known as social lending, the peer-to-peer scheme is ideal if you are looking for friendlier interest rates for personal loans. If you have bad credit, this is another option to check out.
With peer to peer lending, the transaction takes place online where you can borrow money directly from unrelated individuals or peers. In other words, you skip through the intermediary choices such as banks and other traditional lenders making the loan cheaper than conventional personal loan options.

Family and Friends

Then there are family and friends who are more accessible than any other type of loan providers. If you need quick cash today, you try asking a member of your family, a close friend or even a colleague at work. You may not be able to borrow much but it is one option that's not only cheaper but also more convenient than other types of personal loans. More importantly, it is the cost that makes it a perfect solution to pressing money problems. Whether you need cash for overdue bills, unexpected medical expenses or for car repair, try asking family and friends first before settling with a logbook loan.