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Payday loan and Logbook Loan are almost like a personal loan, but both has a lot of differences and similarities between themselves and also when compared to personal loan . Both the Payday loan and Logbook Loan are fast cash loans . And With both the Payday loan and Logbook Loan , the approval process is quick and easy.Payday loans are usually for amounts from 500 to 1000 dollars and personal loans are usually for amounts of 1000 to 10,000 dollars and logbook loan is for the amounts between 500 euro to 50,000 euros. Both the Logbook Loan and Payday Loan are called as short term loans with fast approval and does immediate cash deposit to your bank account after approval. Where as, personal loans are Long Term loans. With personal loans, you usually do not receive the cash fast and you usually have to go through a normal loan process, which can take anywhere from 1 to 2 weeks or more time to receive your loan amount. But with personal loans, for payback, a lot of time, like some years of time will be given. With a payday loan , the entire loan amount is due within 1 to 4 weeks. First, try to understand why you need cash exactly and then think whether you need fast cash and can you payback in short time or long time, then decide which one is best as per your need and choose the one. With Logbook Loan , if you fail to payback the loan amount within the time as per the agreement, then the lender can sell your vehicle in order to reclaim the loan amount. The loan amount extended by payday loans is often referred to as cash advances. The amount you can get through a payday loan depends on your pay check. So, it is very difficult to borrow huge amount of cash using payday loan . Where as, the logbook loan lender has the capacity to extend a loan up to 75% of the value of your vehicle. With Logbook Loan, the loan amount is extended with a combination of worth of your vehicle and your estimated capacity to payback the loan . The tenure of a payday loan is rarely more than thirty days. Because of this short time limit, the rate of interest charged on this loan is designed to give the lender maximum benefit in the shortest amount of time. Which mean, as a borrower of payday loan, you need to know that, you are paying the lender more amount than you borrowed, because of the high rate of interest that is charged. Of-course, both the Logbook Loan and payday loan charge a little more rate of interest, higher than that is charged by traditional financial institutions. But when you compare the rate of interest charged by Logbook Loan with the payday loans, logbook loan can charge significantly a lower rate of interest which saves you a lot of money instead of making you pay a huge interest on a payday loan. Logbook Loan
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