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    Four Skills You Should Sharpen When Applying For a Logbook Loan

Four Skills You Should Sharpen When Applying For a Logbook Loan

For about 15 years, the number of logbook loans in the UK has grown from 3000 to over 40,000. Many people with a poor credit score in the UK get their requests for loans declined because they are high-risk parties. Though there are many alternatives they can turn to, logbook loans are preferred because they are easy to process and are approved very fast. However, the loans are very risky and have been associated with these very serious problems; Sinking deeper into personal debt Further damage to personal credit report score Recovery and auctioning of family car Breaking up of families Stress and depression Because of the immense dangers that can result from logbook loans, the borrower must understand how to handle it from the beginning to the end. This post outlines four most important skills that you should sharpen when seeking a logbook loan. Negotiating skills Logbook loans are not protected like hire purchase deals. Because of this, the lenders are free to craft agreements and optimize their profits. As a borrower, you need to have the right negotiation skills for driving the highest value for money. Using the negotiating skills, make sure to carefully review the loan agreement and […]
By |August 19th, 2017|Blog|0 Comments

Why Every Logbook Loan Lender Remains Open to Negotiations

The number of people who default their logbook loans in the UK is very high. This has made stakeholders start contemplating measures such as those introduced to help cap the Payday loans interest. FCA introduced news legislation that prohibits payday lenders from charging more than double the amount a client borrows. The main question at this point has been why more people are defaulting on their logbook loans? Unlike the conventional loans, logbook loans come with a very high-interest rate that can reach up to 400% APR. The burden becomes too much because borrowers are also servicing other loans and must also meet their monthly expenses. The ultimate impact is defaulting and sinking deeper into debts. If servicing the logbook loan is becoming difficult, many people fear that the lender will simply recover the car. However, this is not the case. The following are the main reasons why logbook loan lenders prefer to negotiate rather than recovering your car. Negotiating with the borrower yields more in profit Though you have defaulted for a few months, the logbook loan dealer sees an opportunity to make more profit. By renegotiating with the borrower, new penalties are […]
By |August 11th, 2017|Blog|0 Comments
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    Using Expert Assistance to Improve Credit Score after Taking a Logbook Loan

Using Expert Assistance to Improve Credit Score after Taking a Logbook Loan

If you are running to a logbook loan lender, the chances are that your credit score is very poor. Many conventional banks will decline loan applications from people having a poor credit score because of the high risk involved. Unlike the conventional lenders, logbook loan companies in the UK do not factor the credit score when approving loans. They mainly want to know the value of the car, proof of ownership, and capability to repay. Once the loan has been approved, the repayment journey begins. For many people, this process is lengthy and often culminates to defaulting and sinking deeper into debt. However, it need not be that way if you seek expert assistance. In this post, we look at four main ways that a financial expert can help you to complete repaying the loan, improve credit score and march to financial freedom. Understanding the genesis of the current problem You can only get out of the current situation by understanding its genesis. Why are you here? A financial expert will help you to appreciate some basics of finances so that the source of the problem can be identified. This is the best way to avoid falling into the same problem […]
By |August 7th, 2017|Blog|0 Comments
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    Using Expert Assistance to Improve Credit Score after Taking a Logbook Loan

Using Expert Assistance to Improve Credit Score after Taking a Logbook Loan

If you are running to a logbook loan lender, the chances are that your credit score is very poor. Many conventional banks will decline loan applications from people having a poor credit score because of the high risk involved. Unlike the conventional lenders, logbook loan companies in the UK do not factor the credit score when approving loans. They mainly want to know the value of the car, proof of ownership, and capability to repay. Once the loan has been approved, the repayment journey begins. For many people, this process is lengthy and often culminates to defaulting and sinking deeper into debt. However, it need not be that way if you seek expert assistance. In this post, we look at four main ways that a financial expert can help you to complete repaying the loan, improve credit score and march to financial freedom. Understanding the genesis of the current problem You can only get out of the current situation by understanding its genesis. Why are you here? A financial expert will help you to appreciate some basics of finances so that the source of the problem can be identified. This is the best way to avoid falling into the same problem again. If […]
By |July 20th, 2017|Blog|0 Comments
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    Logbook Loans and the Risk of Ballooning Debts: A Voice of Reason from FCA

Logbook Loans and the Risk of Ballooning Debts: A Voice of Reason from FCA

Every time conventional banks deny people loans, the first reaction is looking for alternatives. A Logbook loan is one of these options preferred by many because it is easy to apply and cash can be in the account within 24 hours. Despite the fact that logbook loans have very high-interest rates at times reaching 400% APR. In her article on “This is The Money”, Ruth Sunderland carefully captures the problem of debt in the UK and why people need to rethink about the root causes. Ruth Focuses on one man, FCA’S Chairman, Mr Baily, who is an inspiration. In this post, we agree with Ruth and Bailey’s argument that the problem if the high debt cannot be simply tackled by banning logbook loans and other high-interest loans. Rather, the focus should be empowering the citizens. A shift from low interest to high-interest credit has caught people unaware For years, many Britons were used to low-interest loans from financial institutions. They could walk into a bank and access loans at interest rates as low as 5%. Now that banks are more stringent to keep the associated risk low, many people are locked out because of low credit score.
By |July 14th, 2017|Blog|0 Comments

What lenders look for before giving you a logbook loan

When it comes to logbook loans, it always seems like the borrowers are more concerned about the loan than the lenders. However, that is not always the case. Logbook lenders have their own questions and concerns too. Before issuing a loan, lenders have to hope and ensure that they will get their money back in one way or another. That is why they also have to take a couple of things into account. By knowing some of these things, you can be able to gauge yourself and know what to expect before applying for a logbook loan. Have a look at them below. Age One of the first thing a logbook loan lender will always ask you before issuing you a loan is the age of your vehicle. The age of your car helps the lender in determining the value of your automobile and ultimately the amount that you’ll be eligible to. You’d be surprised that some car owners don’t even know how old their vehicle is. However, you can find such details using the VIN (Vehicle Identification Number). If you have never seen your VIN, it is usually located on your dashboard area near the windscreen. You should see it […]
By |July 10th, 2017|Blog|0 Comments
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    Loan advice: Things to note before acquiring a simple logbook loan

Loan advice: Things to note before acquiring a simple logbook loan

A logbook loan can be a really great option when you are searching for money to help you through tough financial times. The quick processing and little requirements make them an excellent alternative for acquiring money. After all, you only need to own a car. However, are they always the right loan for you? Here are a few things about logbook loans everybody needs to know. Are great for emergencies only Logbook loans are a favourable option in case you need money fast. However, you need to be aware that they are not that good for your pocket as they seem to be. Actually, logbook loans have really high APR’s compared to bank loans. Although you might get your cash quickly, these high interest rates are something you need to avoid if you can. Logbook loans should be among your last options when it comes to seeking finances. Therefore, if you think you can get by the next couple of weeks without taking a loan, continue staying strong. You will be much better off in the long run than when you take a logbook loan. You could actually lose your car It’s no joke. You […]
By |June 27th, 2017|Blog|0 Comments

Why logbook loans are the right choice

In life, anybody could face financial drought. Finding money during this period can become a really difficult task, especially if everyone home is depending on you. Not to worry though. There are so many alternatives for getting money in such financial situations. The only problem is finding the right option for you. Thankfully, you can now acquire some cash to help you out using your own car. All you need is your logbook and you are good to go. So, what makes logbook loans such a great option for acquiring money? Keep reading and find out for yourself. Easy to access Unlike all other loan options out there, logbook loans have proved to be some of the easiest loans to access. Furthermore, logbook lenders are not that hard to find. In fact, if you take a good look around, you should find very many of them around. After all, the logbook loan business is really booming nowadays. Moreover, logbook loans involve very minimal paperwork. That means that you do not have to compile a bunch of documents together. Apart from your logbook, all you’ll need to do is probably fill out a few forms and you’ll be informed of your […]
By |June 22nd, 2017|Blog|0 Comments

Five Hidden Dangers of Taking a Logbook Loan

Taking a logbook loan is as simple as proofing a car is yours and source of revenue. In many cases, you can have the cash against the car within hours of application. However, many financial experts have referred to logbook loans as serious landmines that could easily land a borrower into a sea of trouble. Apart from the high APR that could run well over 400%, there are other numerous dangers that a borrower should be cognizant about. Costs of repaying the loan early While most lenders point the ease of applying and releasing cash, the target is making clients fail to interrogate the entire agreement. However, you can only fail to check every detail of the agreement at personal peril. One of the hidden costs that they do not want you to see is the penalty for early repayment. If you have agreed to repay £70 every month but repay £100, a penalty will be levied on the additional £30. If you do not read between the lines and have the clause that limits the repayment only to the agreed amount per month, there is a risk of additional charges running into hundreds of pounds. Negative impact on your credit score The […]
By |June 17th, 2017|Blog|0 Comments
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    Ten Questions You Must Ask a Logbook Loan Lender before Signing the Agreement

Ten Questions You Must Ask a Logbook Loan Lender before Signing the Agreement

For decades, logbook loans have earned a very bad name. From high APR to associated high risks, the list of potential dangers ahead is endless. Indeed, every financial expert will strongly advise you to stay clear of the logbook loan as much as possible. Despite all the risks, many people are left with no option but the logbook loan when banks decline their applications. To keep these risks low, it is important to identify the right lender and ask these ten questions. 1.      What is your level of customer care service satisfaction? A good logbook loan lender should have a high level of customer care customer satisfaction. This demonstrates that a lender is committed to helping clients plug their financial gaps successfully without getting into further trouble. 2.      What are your requirements for logbook loans? This question is very helpful because it helps the applicant know whether he qualifies for a loan or not. This question will assist you to understand whether only those in employment are eligible or even self-employed people can apply. 3.      How flexible is the loan repayment process? While most loans are offered with fixed repayment terms, lenders are flexible in some cases and can help clients address issues when they arise. […]
By |June 6th, 2017|Blog|0 Comments