วันจันทร์ที่ 10 มิถุนายน พ.ศ. 2556
The tenure of a payday advance is rarely 2013
The amount extended by payday loans is often referred to as 'cash advances'. The amount you can avail through a payday loan is largely dependent on your pay-check. This makes the amount relatively small in nature. It's extremely difficult to borrow a significant amount of cash loan via payday loans.
The logbook loan lender has the capacity to extend a loan up to 75% of the value of the vehicle you own. Logbook loans can range anywhere between £500 and £50,000. The amount extended in a logbook advance is usually a combination of the worth of your vehicle and your estimated capacity to repay the loan.
Rate of Interest
The tenure of a payday advance is rarely more than thirty days. Because of the short term nature of this loan, the rate of interest charged on such a loan is designed to give the lender maximum benefit in the shortest amount of time. This means that as a borrower of a payday loan you realize that you are paying the lender a significantly larger amount than you borrowed owing to the high rate of interest charged.
The logbook loan has a rate of interest higher than that charged by traditional financial institutions. But when you compare the rate of interest charged by logbook loans to those charged by payday loans, logbook loans can charge a significantly lower rate of interest thus, saving you a lot of money you would otherwise end up paying as an interest on a payday loan.
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