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Are you searching for a fastest approval loan . There are various types of fastest approval loans , also called as short term loans. There are plenty of financial companies who offer various fastest approval loans. Two types of loans which are very popular in the category of short term loans are - Payday Loans and logbook loans.There are different reasons for the logbook loans to be called as a wise and reliable alternative to Payday Loans. Logbook loans are the fastest approved Loans and they can be applied easily thru online or phone. Compared to Payday Loans , Logbook loans is a sure shot winner in different aspects except in the case of processing time. Because, the whole process of payday loans can be completed online. Whereas with logbook loans , the process is partly online, as loan agent has to meet the loan borrower in person to verify the documents and vehicle details and requires sign of borrower on agreement. So, the process of payday loan is much faster than logbook loans. Below are some of the reasons, because of which logbook loans are called as better alternative for Payday Loans : Employment : Payday Loans are given to people having secured job and drawing monthly salary from employer for minimum last three months. Hence, the Pay day loan borrower has to be employed and for logbook loan borrower, there are no such conditions. Loan tenure : Although both the Payday Loans and logbook loans are short term loans. But, as the Payday Loans tenure is very small, this loan has to be repaid within 30 days. Whereas in the case of logbook loans , tenure can vary from 6 months to 36 months. Loan Amount : In case of Payday Loans the loan amount depend on the monthly salary of the borrower which can be very small amount, that is up to 1000 euros and logbook loans are the percentage of traded value of vehicle. Hence Payday Loans can be used only when you need require small amount of loan.Interest rates : Since Payday Loans are allotted for very short period, therefore interest rates of Payday loans are comparatively higher than logbook loans. So, based on the above comparisons between Payday Loans and logbook loans in different aspects, you can confirm that logbook loans are better alternative to the Payday Loans because of the more positivity of the logbook loans in all the above aspects.
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