Logbook loan

A logbook loan is like when you borrow something from your friend and promise to give it back later. But instead of borrowing toys or clothes, logbook loans are for cars. So if someone needs money and doesn't have it, they can borrow money from a company that gives logbook loans. The company then keeps the car document (like a car ID) until the person who borrowed the money, pays it back. And if they can't pay it back, the company can sell the car to get their money back. So it's like a car swap for money that you pay back.