Likely Loans with Bad Credit

Lenders Compared: Site Traffic Rankings & More (Data Updated for Jan 2018)

Best Logbook Loans for Bad Credit | Compare Logbook Loan Lenders

Best Logbook Loans for Bad Credit. Compare Logbook Loan Lenders

About

Logbook loans are usually secured contracts on cars, although caravans, motorbikes, vans etc can qualify depending on the provider. The borrower signs a standard credit agreement and a Bill of Sale form that transfers ownership during the time that the loan contract is live. The agreement ties in with 2 Victorian pieces of legislation: The Bills of Sale Act 1878 and the Bills of Sale Act (1878) Amendment Act 1882 (these apply to England and Wales). There is a variant in Northern Ireland, but not in Scotland where a hire purchase agreement would typically be put in place. The sector name comes from the V5C registration document (the logbook) that is handed over to the lender.

Back in 2014, the FCA estimated that this industry was valued between £59 and £76 million. This was a big year when 52,580 bill of sales were recorded. This tally was 30,124 in 2016 that shows that there has been a heavy decline in recent years, but this remains a booming market for the dominant players. The oldest brand (Mobile Money) who operates through various trading names is one and the other is Loans 2 Go who are the retail powerhouse with 55+ branches. They became a major force when they joined forces with Hermes Property Services in January 2015. Hermes had taken over the Logbook Loans brand that was the original market leader ran by former footballer (Iain Shearer).

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Western Circle: CashFloat, Payday Loans Net, PeraLoans and Quick Loans Express

Western Circle
History and Ownership

Western Circle Ltd is based in London and was incorporated back in March 2011. This company operates through 4 lending brands. The most well known of the pack is CashFloat, whilst the others are Payday Loans Net, PeraLoans and Quick Loans Express. CashFloat has been progressing well locally and this brand has interestingly expanded to Spain (as has PeraLoans). Each are based out in Barcelona and were rolled out in 2017. Western’s corporate site is a little outdated where it states that they have helped 4000+ people. On the Spanish LinkedIn pages that were each recently compiled they however note 20,000+ customers. This is still pretty small compared to the subprime giants with 1 million+ customers.

Float and Pera have been operating since 2014. QLE was taken over from a broker in 2015 and then we have PDNet that is the owner’s latest project that popped up in 2017. The product specs across the range are pretty similar. Both payday and instalment terms are targeted. CashFloat’s search engine rankings are up there with the very best of them and their traffic stats are continually improving with the top 10 now having been cracked. The switch overseas to Spain has been an interesting approach. They may be struggling to compete with Wonga over there where newcomers can at this time benefit from a free first time loan when repaid within 15 days.

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Quidie (Ltd): Fernovo and Quidie Online Lending

Quidie
History and Ownership

Croydon-based Quidie Ltd was incorporated in June 2012, but they wouldn’t become active until 2014. Market progression was pretty steady, but Google Trends data shows that there has been a spike across 2017. This coincides with a revamped product and ads being displayed in Google search. Whilst this was going on, we saw the launch of Fernovo. This new project has got off to a good start through extensive advertising across Facebook. It does appear that this fresh venture has already took command as the owner’s central brand especially since Quidie’s site content has either become outdated or they have opted to not upgrade to match the new project specs. This will be examined further below.

The delayed time before this firm would begin trading was seen as quite a strange timing to enter the market as a payday lender, since this launch occurred shortly after the FCA’s price cap had just kicked in. This was a time when monthly firms were quickly adapting to instalments. They would however finally make the switch with both active companies now targeting longer periods. An upgrade has also been put forward on pricing where there is now a competitive interest rate of just 0.5% daily. This already helps to place them ahead of many top lenders in the pricing department. 2018 looks promising, but it will be critical to keep up their recent promotional push.

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