Everybody needs some extra cash in case of an emergency. There are plenty of ways in which we can raise money, but what are our best options?

We will be discussing four of the best loan options that anybody can apply for. These options include logbook loans, payday loans, personal loans, and second mortgage loans.

Logbook Loans

Logbook Loans use your vehicle as collateral. In other words, you give away your car’s registration documents or logbook in exchange for money. While you technically give your car ownership to the loan company, you can still use your vehicle as long as you pay back the loan.

The worth of the loan that you receive depends on the value of your car. Looking across some of the most reputable logbook loan companies, you can typically borrow anywhere from £1,000 – £50,000. However, some companies only allow you to borrow 50 percent of your car’s value.

This is a fast way to get money. Often approved in around 24-48 hours, it means the funds can be in your bank account fast!

The repayment terms are flexible and dependant on the logbook loan company and many offer allow you to repay the loan early without incurring astronomical charges.

Payday Loans

Payday loans are also known as cash advances. Typically, you are only able to borrow small amounts of money.

Repayment usually has to be made within two weeks. Additionally, borrowers must pay back the money in one payment, including interest and service fees. While these loans are easy to get, the APR percentage is usually high.

Personal Loans

Personal loans are also called unsecured, as no collateral is involved. These loans are borrowed from your bank, credit union, or online lender. You are required to repay the money in fixed payments over two to seven years.

The APR rate you receive with your personal loan depends on your credit score, debt-to-income ratio, and credit report. If, for example, you have an excellent credit score, your APR rate will be low. If your credit score is not great and you do not qualify for an unsecured personal loan, you may still be approved for a co-signed loan.

The repayments of these loans are usually automatically taken from your checking account. This means that it is very unlikely that you will miss a payment.

Second Mortgage Loans

These loans usually involve substantial sums of money and have a fixed rate. The repayment period is typically between five and fifteen years.

A second mortgage loan lets you borrow money based on the value of your home. Your property is an asset, and this type of loan allows you to use it for other projects without having to sell.

You can borrow significant amounts with a second mortgage loan – some companies even offer 85 percent of your home’s value. The interest rate is also often a lot lower than other types of debt. The average APR rate for a home equity loan is 5.6 percent.


Especially in the current times we are living in, having access to funds to act on business and personal ideas and fulfil your daily needs is vital. Now you are equipped with some of the best ways to increase your cash access in 2020.

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