Five Things That Will Help You Avoid Defaulting On Logbook Loans

When applications for loans are declined, many people speedily look for alternatives. One of the commonest options is the logbook loan. A logbook loan is taken against a vehicle, and the lender rarely factors the credit score.  They are fast to process and borrowers can have the cash in their accounts in less than 24 hours. While the loans are really easy to get, their interest rates are very high. Some logbook loan companies charge APR (annual percentage interest) of as high as 400%. Many people have found themselves on the wrong side of the lenders after defaulting severally and their vehicles getting towed away. In fact, this risk is very high for most borrowers. If you already defaulted on several other loans resulting to bad credit, how will you manage a log book loan with an even bigger interest rate? Here are five things you can do to avoid defaulting on logbook loans. Borrowing only what you need When a bank declines an application for a loan, it is important to scale down the amount to borrow from other stakeholders. Here you must get it right; the more you borrow, the more you will pay! Therefore, if you only […]
By |April 5th, 2017|Blog|0 Comments

The Ultimate Guide to Lower Logbook Loan APR: Why Pay More?

One outstanding characteristic of logbook loans is that they attract very high-interest rates. Because many people turn to logbook loans after conventional banks decline applications for credit, they are willing to take whatever is available. In other cases, applicants are simply unaware and simply take the credit without worrying about APR. The gross effect is some companies hiking their APR even to rates more than 400%. This should not be the case. In this post, we bring you the ultimate guide to lowering your logbook loan APR. Be patient when seeking a logbook loan Just like other enterprises, the APR offered by different dealers differ with a huge margin. Note that the dealers are also in business and, therefore, tie their APR to several conditions. For example, even if your credit score cannot let you secure a loan from a bank, you might have hit the point that a logbook loan dealer wants to give lower rates. Therefore, you need to carefully follow the preferred logbook loan dealer and meet the set conditions. Take time to review various logbook companies to select the one offering the best deal for you. Use what you have to reduce the amount to borrow and […]
By |March 30th, 2017|Blog|0 Comments

Logbook loan dilemma? Here is why you should steer clear of them

Granted, the allure for logbook loans has been informed by ease of application, faster approval and the fact that credit checks are not mandatory. In fact, lack of credit checks is the single most attraction to logbook loans. It in essence gives bad credit individuals an opportunity to get access to credit facilities without stressing over the state of their credit score. While this has been a major benefit of logbook loans, this loan product has not been devoid of inherent risks to the borrower. What is a logbook loan? Fashioned as a short term loan, a logbook loan is essentially a secured loan where the borrower signs over ownership of their car to the lender in exchange for credit. Unlike a payday loan, the car is security and therefore the lender has a way of recouping their money together with interest by disposing off the car in the event that the borrower is unable to service the loan. This security is perhaps the reason why logbook loan lenders are not keen on performing credit checks or simply don’t care about the results of it thereof. The catch with logbook loans If you’ve never taken a logbook loan and contemplating taking out one, […]
By |March 22nd, 2017|Blog|0 Comments

Expert tips on credit card management

Credit cards can be a cause of agony in today’s world and a reason to celebrate all the same. A good number of people have suffered heavy debts, and there’s a group that shed tears of joy all thanks to credit cards. Whether a credit card seems like an extra source of income to you or a debt-creating invention, how you handle and manage your credit finances could be that factor that separates the financially stable from the bankrupt. Have a budget Have a personal budget and an overall estimate of how much you spend in a month. Figure out whether your credit card usage is in line with your net income and how it’s affecting the budget to avoid being caught in debt. Credit card companies keep score of your spending and paying behaviors, and this is what lending institutions use to determine how much to loan you and at what interest rate. Failing to make your payment, or making a late payment could adversely affect your credit score and make your experience in taking loans a nasty one. So have the month planned out long before you start it. Credit counseling services If […]
By |March 15th, 2017|Blog|0 Comments

Spring tune up – take care of your car now that winter’s over

It’s spring, a warm relief after the blistering winter colds. Everybody’s excited, and this is the time when you’re going to get your house all cleaned up. But your car needs some attention too, especially if you are in an area where the winters build up so much snow and ice. Once the weather starts warming up, there are a few tweaks you need to make to your car, otherwise you face the danger of getting a hefty repair bill midway to your summer vacation. Here’s a few things to keep in mind when tuning up in your vehicle for the spring. Tyres To matter how sophisticated your vehicle is, the tyres are the one and only part touching the ground. This means you should pay close attention to them. The warmer conditions expand the air in the tyres and this may cause a pressure gain. The increased pressure distorts the treads, reduces road contact and causes uneven where on the tyres. In extreme cases, the tyre could even burst especially when encountering bumps and potholes that become prominent during the spring. So ensure you your tyre pressure is within the recommended bracket and […]
By |March 9th, 2017|Blog|0 Comments

What to Do If You Lose Your Car

Documents you need to be aware of about your vehicle Simply looking after and keeping your car in good condition is not all there is to it. Making sure that the paperwork associated with it is well kept is an important aspect too. So what happens when you lose some or all of the paperwork associated with your vehicle? Let us first look at the key paperwork concerning your vehicle that you need to be aware of. Driving license. This document is a very important part of your vehicle documentation. It provides evidence of your legal right to drive. Always have your driving license with you when you are driving. Logbook. Also known as V5, the logbook is an official document that contains details of your vehicle and also shows that you are the owner. It is a necessary requirement when you are entering into any form of financial contract that will include your car such as taking a logbook loan or when you want to sell your car. MOT certificate. This document shows that your vehicle is fit to be on the road and is provided to you once you take an MOT test every year. Ensure you have this document safely kept […]
By |February 27th, 2017|Blog|0 Comments

Choosing a Financial Adviser

If you find yourself worrying about – and struggling with – your finances, it might be a good time to seek help from a financial adviser. But finding one nowadays isn’t always as easy at it may seem. Below are some helpful resources that you could use to get in touch with a bona fide financial adviser. Draw up a shortlist of three or four firms and give them a ring before deciding on which one to go with.   Which? Local – This crowdsourcing site helps you get in touch with financial advisers near you based on recommendations from other Which? members. FCA – The Financial Conduct Authority’s online register is a great resource for checking whether your financial adviser is properly authorized or not. Unbiased – This online directory uses your postcode to find financial advisers near you. VouchedFor – This website lists financial advisers and offers real reviews and ratings from former clients. CISI – The Chartered Institute for Securities and Investment is a trade body for financial advisers. Their website’s wayfinder tool is a great way to find CISI-accredited financial planning firms based on your post code. Things To […]
By |February 20th, 2017|Blog|0 Comments
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    The Most Important Things to Review before Signing a Logbook Loan

The Most Important Things to Review before Signing a Logbook Loan

Logbook loans are easy and fast to get because they do not have a lot of background checks. Many people with low credit score are turned down by banks because they are seen as high-risk parties. One of the best options in such a situation is the logbook loan that is borrowed against a personal vehicle. Though the loans have higher interest rates, the borrower is guaranteed about half the value of the car. Before signing a logbook loan, here are the most important things you must comprehensively review. Benefits of going for logbook loans Your credit score does not count. All you need is to have a well-maintained car and its logbook. The amount you can get is only limited by the car value. The loans are processed very fast so that you can have the entire process completed and money deposited in your account in just a couple of days. Depending on the lender, there is an opportunity to review the terms of the agreement if you need to extend the repayment period. The most important things to review before signing a logbook loan Other available loan options Two things that you must contend with about logbook loans are […]
By |February 13th, 2017|Blog|0 Comments

No Brainer Ways to Cut Down on Car Expenses

Probably the biggest expense you can have next to buying a home is buying a car. Unfortunately, it doesn’t stop there, as owning and maintaining a car comes with even more costs. In fact, it’s probably the second largest expense in every household next to food. Many car owners do not realise that many of the factors that rack up car expenses are staring them in the face, and they are ridiculously easy to change. Here are a few, simple tips so that having a car won’t cost you an arm and a leg. Save on Mileage Drive safely – aggressive driving behaviours such as rapid acceleration, hard braking, and speeding not only put your safety at stake, but they can lower your mileage and waste your gas very quickly. Set your cruise control at 50 mph. Try to go without air conditioning or at least set it to a higher temperature. Turn the engine off when you’re parked. Drive your car slowly for 30 seconds after starting it. Use the correct oil for your engine. Using an oil other that what’s recommended can increase friction in the engine and lower your mileage. Keep tires inflated and make sure not to […]
By |February 5th, 2017|Uncategorized|0 Comments

Logbook loan debt – important things you need to know

With the dark cloud of low credit scores hanging over the heads of most UK citizens, logbook loans have become the credit facility of choice to many. You don’t need to look far to understand why this is the case. Simplicity of the application process, few requirements and the fact that credit checks are not a determinant are some of the reasons as to why Logbook loans have gained favour with most UK citizens reeling from a poor credit rating. But before we move forward, what are logbook loans? Well, if you are thinking of taking out a logbook loan for the very first time, it is quintessential to note that they are generally classified as bad credit loans. In other words, individuals with bad credit are most suited to apply for this kind of loan. That said, from the mention of the name, logbook loans are generally a way through which bad credit individuals get access to loans using their cars as collateral. A person simply signs over ownership of their car to the lender in exchange for a certain amount of money.   What happens is that you simply lose or rather hand over […]
By |January 23rd, 2017|Blog|0 Comments