Logbook loan or payday loan? How they compare.
Both are ways to borrow when you need money, but they work very differently. Here is a plain comparison, so you can choose what suits you.
Our logbook loans
- Borrow
- £1,000 to £50,000
- Loan terms
- 18 to 60 months
- Repayments
- Weekly or monthly
- Annual interest (fixed)
- 84.0%
- Representative APR
- 193.63%
A UK direct lender you can rely on
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Established 200915+ years lending
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Thousands of driversTrusted us with their car
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Rated Excellent 4.8 / 5 from 174 Trustpilot reviews (opens in a new tab)
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UK based teamReal people, real phone line
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FCA authorisedFirm reference 680947
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ICO registeredYour data protected
Side by side
Two very different loans.
| Feature | Logbook Money | Typical payday loan |
|---|---|---|
| Amount | £1,000 to £50,000 | Usually smaller amounts |
| Term | 18 to 60 months | Usually weeks to a few months |
| Repayments | Fixed weekly or monthly instalments by debit card | Often one repayment on your next payday |
| Interest | Fixed when you sign, with no extra interest if a payment is late | Varies by lender |
| Settling early | Any time, with a rebate on interest | Varies by lender |
| Security | Secured against your vehicle with a Bill of Sale | Usually unsecured |
| Credit check for a quote | Soft search, no effect on your credit score | Varies by lender |
Which suits you?
A logbook loan may suit you if
- You need £1,000 or more and want to repay it over time
- You own your vehicle and want to keep driving it
- You would rather have fixed weekly or monthly repayments than one lump sum
It may not suit you if
- You only need a small amount for a few days
- You do not own a suitable vehicle, or it still has finance on it
- You are not confident you can afford the repayments
What it costs
Compare the total, not just the term.
Representative example
Borrow £3,000 over 36 months with 36 monthly repayments of £293.33. Total amount repayable will be £10,559.88. Representative 193.63% APR, annual interest rate (fixed) 84.0%.
The representative APR is the rate at least 51% of people taking out a loan are expected to receive. Your rate depends on your circumstances and your vehicle.
A longer term lowers each repayment but increases the total you repay. Your personalised quote shows your rate, your repayments and the total repayable before you commit.
Questions about our loans
How much can I borrow?
From £1,000 up to £50,000, and up to 80% of your vehicle's value, subject to vehicle, credit and affordability checks.
How long can I borrow for?
Terms run from 18 to 60 months, with weekly or monthly repayments. Use the loan calculator to see how the term changes your repayments.
Are there any hidden fees?
No. There are no hidden fees for taking out a logbook loan with Logbook Money. Interest is fixed when you sign, and your quote shows exactly what you will repay.
Can I repay my loan early?
Yes. You can settle your loan at any time and get a rebate on interest, so the sooner you settle, the less you repay. Early settlement quotes include one month's interest.
Borrowing responsibly. Your car may be repossessed if you do not keep up repayments on a loan secured against it. Our service is not advised, so if you are worried about money you can get free, impartial help from MoneyHelper, StepChange or Citizens Advice.
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