Are you looking for a loan that doesn’t take your credit history into consideration? Are you looking for something that can give you the money you need to tackle a big goal today, in the promise that you’ll make on-time…
Category: Logbook Loan
Logbook loans are becoming a more popular form of borrowing money than ever before. Effectively, this is a secured loan with the value of the loan secured against the value of your car. This allows you to borrow up to…
When looking for a loan, one of the best ways to work out whether you’re getting the best deal, as well as to find out more about the loans market, is to consult a comparison website. It’s easy to compare…
Loans and interest rates aren’t the most fascinating of subjects but you do have to have a basic understanding of these matters if you are thinking of applying for a loan and need to calculate how much it will cost.
Log book loans
If you are thinking of applying for a logbook loan, even though the weekly repayments from companies, including carcashpoint.com, are small you must realise that interest payments will form part of the weekly repayment instalment. Whenever you borrow money, you will always have to repay that money as well as additional interest, and the interest will vary from company to company.
What is interest percentage?
According to the financial website Money Saving Expert, the percentage interest is the percentage of the amount of money that you have borrowed and is added onto the loan repayment amount. You will always be aware of the interest rate so that you can work out if you can repay the loan. Banks, payday lenders and logbook loan companies all adjust their own interest rates, so even though the Bank of England is currently setting an interest rates of 0.5% this doesn’t mean that UK companies have to set the same rate.
Annual Percentage Rate (APR)
The Financial Conduct Authority, (FCA) states that ‘APR stands for Annual Percentage Rate and you can use this to compare the affordability of different credit and loan offers.’ Some people find that they face problems as a result of the language of the loan agreement. For example, the wording ‘representative APR means that 51% of accepted applicants may have to pay one amount, and 49% may be offered a different higher rate.’ The key is in the term ‘representative.’
There comes a point where everyone has to look at the type of loans that they’re actually taking out. If you’re taking out payday loans, that’s one thing…but what about if you’re just trying to go with say a logbook loan? The truth is that when you really can’t afford to make your loan payments, you might feel like everything is just going to be falling apart. Don’t let that happen to you. If you can’t figure out how to make your payments, you’re going to find yourself dealing with a lot of tough issues. It would be better to face your problem head on, but a lot of people will not do that. They’ll bury their heads in the sand, hoping that everything will get better when that’s not the way to go about things. You’re much better off looking at the way to really get things done than just spinning your wheels.
The first thing that you must do is make sure that you are facing the problem head on. Talking to the lender is the best way to really make sure that you can handle all of this on your own. Sure, it’s scary, but do you really want to find that you just can’t seem to get things to flow as smoothly as you would like? Probably not. You want to absolutely make sure that you have things under control. Otherwise, you’re going to be in for really rough sailing. Calling the lender might sound troublesome, but trust us — they want you to call them. They want you to reach out to them. If you don’t reach out, you’re going to be stuck with penalties and other issues. The lender will not want to hear you later on when things go sour. You have to be able to stand up for yourself and make absolutely sure that you have things together.
Be honest with them. If it’s a temporary thing, they will definitely understand. On the other hand, you want to definitely ensure that you’re making room for big growth in your life. The last thing that you want to do is avoid facing a creditor merely because you’re afraid of what will happen. Believe us; you are better off letting them know what’s going on.
If you’re in trouble with your loans, you might be tempted to borrow more money to cover up the problem. This is not a good idea — even if your parents offer to help you out. If you know that your issue is with the ability to repay, then you have to be able to get that covered before anything else.
Logbook loans are a great source of money when you really need to get caught up on some bills, with enough left over for a few little treats along the way. But what if you don’t have such pressing financial…
Logbook loans are a hot topic in the world of fast financing, and for good reason. Once you have a logbook loan that’s been approved, you have money to use on anything that you could possibly think of. However, people often wonder if that’s really the case. Once you are approved, it is true: lenders will not ask you what you plan to use the money for, and they will not base their approval on what you need the money for.
This opens the door for a few situations, to be sure. Let’s go over them.
A Temporary Reduction in Income
If you work in a field that lowers your hours for part of the year, then you already know how tense things can be when you have to make money. Unfortunately, your bills don’t care whether you’re working with full hours or not. They still expect to be paid, and the collectors will be at your door if you don’t get it together. When you can’t go to friends and family anymore to get the problems solved, where do you go? The bank? That’s a joke these days. The banks generally only wish to lend to people that have top notch credit. If you’re in a bind, chances are pretty good that you just don’t have that avenue to explore. This is a great situation for a logbook loans, because you can borrow the money that you need and have plenty of time to pay it back. You will be approved as long as it’s a temporary reduction and nothing that’s going to mean you’re out of a job. Stable income is more important than the number itself. Most lenders are more than willing to work with you.
A Death in the Family
Funeral costs can be absolutely outrageous. And don’t think that the Government is going to step in and help. The average allowance for funerals was only 300 GBP. Most funerals, including the preparation of the body, can be nearly five times that, if not more. The upswing in funeral costs is why it’s so important to plan ahead. Of course, who can plan for a sudden loss? No one, that’s exactly right! This is where you can turn again to logbook loans, because you will be able to get the money that you need quickly. Again, you can get approved without having to talk about your problems. The lender just wants to make sure that you have a willingness to pay the money back as agreed.
A New Baby
Getting ready to bring home a newborn is a very exciting yet stressful time in a family’s life. Whether the birth is natural or via adoption, one thing is clear: there are a lot of things to be purchased, and not very much time to make those purchases. It’s best to ensure that you are truly looking at every aspect of the purchasing process, so you don’t miss anything critical. A logbook loan can be paid over a longer length of time than a traditional cash loan, making it a better choice when you have a lot to pick up for your little ones.
Is every financial emergency equal? Not at all. You might have an expense that comes up every single year, but if you haven’t had time to prepare for it, it’s definitely an emergency. You have to cover it somehow, and then move on with your life. Unfortunately, a lot of people don’t think very hard on how they’re going to be able to get little things taken care of. This leads to a lot of tension that could have otherwise been avoided. If you’re looking hard at the issue at hand, you might not come up with very many solutions.
Unfortunately, families are struggling these days, so it’s unlikely that your family will be able to come up with the money for such an expense. They may also see it as a problem that you have to solve for yourself. As adults, we’re tasked with solving a wide variety of issues. Getting an advance from your boss directly might be impossible. Also, the more people that you tell about your problem, the more sets of options there will be. Everyone loves to give advice on a life that isn’t theirs.
So what can you really rely on? Well, you can beat big emergency expenses with logbook loans. There’s nothing wrong with these loans, though you might be suspicious since they’re easier to get than loans from the bank.
There’s a reason why lenders don’t mind handing these out: they’re secured. What you’re putting up is your vehicle for the duration of the loan. Even though this sounds scary, it’s really isn’t. The only time that you would have to worry about the payments would be if you missed them. Start missing payments and then you’d have a risk of losing the car. Most lenders know that people fall on hard times even during repayment. If you stay in constant contact, you’re very likely to have everything solved for you. Why would you want to risk losing your vehicle, after all? You need it to get to work. Even if you live in a park of the UK where public transportation is plentiful, there are still freedoms attached to having your own car. When you can drive yourself places, you are truly the master of your own schedule.
To get yourself a log book loan; first you are going to need the vehicle right? Applying for a new car loan or car finance in the UK when you have bad or poor credit isn’t easy, some loan lenders and even some brokers will simply turn you away once they learn of your poor credit status, so is there any help out there for those with bad credit who are looking to buy a new or nearly new car? The short answer is yes.
Knowing the rules automatically means that you’re going to be able to handle your logbook loan much more easily than if you didn’t have any information at all. For those of you out of the loop, a logbook loan is…