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Logbook loans and payday advances are two financial products that have been in the news quite a lot recently due to the fact they have been rising in popularity amongst people with bad credit ratings. With the credit crunch still not over many of us are struggling, so the promise of an easy fast cash loan can be a little too hard to resist when we need to get our hands on money as quickly as possible. If we have no one close by to help then we will take cash from pretty much anyone who is willing to hand it out whatever the potential consequences.

You have probably heard of payday cash advance loans before, its a bad credit loan that is available to pretty much anyone who has a job and a bank account. You take out this loan over a very short period of time and you usually agree to pay back your debts when you get your next paycheck. Loans can usually be extended but doing do incurs large fees on top of the already extortionate interest rates. Expect to pay £20 interest on a 4 week £100 loan.

Logbook loans are bad credit secured loans which uses your car as collateral for your debt. If you fail to make repayments on time there is the chance that the lender will turn up at your door ro take possession of your vehicle which they will sell to recoup the money you still owe. You might think there is no chance of this happening but unfortunately unexpected events often take place in life which have put pay to your best laid plans. Paying high rates of interest on a loan is unfortunate, but losing your car because you could gather the money to make a repayment could be a veritable disaster.

Both payday advances and logbook loans are credit products which are best avoid unless you truly have no choice but to use them. Such times will occur very rarely for most of us, and if you budget your income and expenses properly you should find that you can always make your money go far enough, no matter how much is included in your monthly paycheck.