2017-01-06 / by admin / Logbook loans / No Comments

Logbook loans

A logbook loan is a kind of a secured loan where the lender takes the borrowers V5 document as security for the loan. However, that’s the far that the creditor goes. You get to keep your car as you make payments. This means that the creditor legally owns your car for the period of the loan, and if you default payments, it is within the law to collect it from you. Therefore, ensure you do some thorough research so that you understand the fees, the terms of payments and the reputation of the lending company.

Eligibility

When applying for a logbook loan, there are some criteria that must be met. First you must be the legal owner of the vehicle you use against the loan. You must also be a citizen of the UK who is 18yrs and above. Remember, to have these documents ready when taking out a logbook loan.

Things you need to know

It is also important to know that the amount of money you borrow will depend on the value of your car. This does not depend on the type of vehicle since any vehicle that is roadworthy is good to go. In order to get the maximum value for its money, get your car independently valued. Alternatively, ensure you understand the means the lending company uses to value cars. This way you will be able to challenge them in case you feel you deserve more than offered.

One of the nicest things with a logbook loan is that you can continue using your car as you make repayments. This means that even if it was used as loan collateral, you won’t have to go commuting everyday using public transport.

You may still be able to get a logbook loan even if your car has existing finance against it. However, this usually applies when the existing loan is almost completed and only if you have permission from your current lender.

Using your car against a loan does not mean that you cannot sell it. If in the course of the loan period you choose to sell your car, then go right ahead. However, bear in mind that you are still responsible for the remaining balance unless you have an agreement with your buyer to pick up the payments from you. If that’s the case, ensure you inform your lender about the changes. Otherwise if you default on your payments you may fall victim to penalty fees and worse still losing your case.

One of the things to consider before taking a logbook loan is the condition of your car. Ensure it is in its perfect state. Most importantly, you need to have other supporting documents that prove how you have been taking care of you motor vehicle. A logbook loan will best serve you in times of an emergency. So when you want to inject some urgent cash in your business, look no further.

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2016-12-21 / by admin / Credit History / No Comments

Top tips for having a flawless credit history

Attaining a perfect credit score is no walk in the park. It is like trying to achieve your perfect weight. In fact, a study in 2010 shows that only 0.5% attain a score above 850. If you want to be among these chosen few, then you do not need stories on how to massage your credit score to make it look good to lenders. You need real action! That’s why this article is meant just for you. Here are some top tips that can keep you on the course of a perfect credit score.

Get the right mix of credit accounts

There are two main types of credit accounts that can be listed on your account. Revolving accounts such as credit cards is one type. These accounts have a variable monthly payment based on the amount you borrow. The other form is the revolving accounts like mortgages and students loans. They are typically for large amounts of money with a fixed payment each month. If you want to have a perfect score, ensure you keep a combination of the two.

Keep your balances low

Having a high available credit to low debt will definitely earn you a perfect score. After all, credit bureaus use these two variables to determine your score. So it is better to have high available credit and low debt. To maintain this, try using your plastic only for emergency expenses. Additionally, you should also pay off balances as soon as possible if you want to keep that balance low.

Do not borrow to buy assets that depreciate in value

One major aspect you’ll have to alter is your borrowing style. Try and avoid buying assets that depreciate in value such as cars, vacations and clothes using loans. Remember, when you borrow, you will eventually need to pay back with some interest. So, if you borrow something that increases in value or makes you more money, you get richer, and it’ll be a lot easier to pay the loan. However, if you use the loaned resources to buy liabilities, then paying back the loan becomes even harder and this eventually reflects on your credit score.

Be consistent

Making it to have a top-rated credit history requires planning and more so consistency. You’ll need to religiously pay your bills on time and track your expenditures. It is not easy to create a budget and stick to nor spending more than you earn. That is why you need to be consistent. You will only make it by creating a system that will keep you in the right track.

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2016-12-21 / by admin / Debt Financial Moves, Uncategorized / No Comments

Smart financial moves to make when in debt

When you are in debt, you probably wish to shut off your eyes and make it all disappear. And while that would be appealing, you need to do a lot more. Budgeting is a good strategy. However, it will only take you so far, especially if you have suffered major financial setbacks. If you are finding it hard to pay your debts, or worried you might not be able to clear off your loan, worry not! Here are some smart moves you can take to dig your way out.

Snowballing

Digging your way out of debt is more mental than it is has to do with financial knowledge. That is why this method should be at the top of your list. It involves paying off the debts with lowest balance first, then slowly paying off the other debts in the same order of balances. Remember to do this regardless of the rates. Clearing the smaller debts will create a positive motivating effect that will keep you on track. Use this method when you are able to pay more than your minimum monthly payments, since it will help your credit score improve gradually.

Alternatively, you could use the debt stacking method which is just the opposite of snowballing. It involves starting off with the debt with a higher balance and trickling down in that order. There’s little difference between these two methods, and it is up to you to do your research and choose one that perfectly suits your needs.

Calling your creditors

If you are having trouble clearing off your debts, then call your creditors immediately. Remember, that one call you make can do the trick. So, contact your creditors and explain yourself. Inform them on how you fell behind on payments, and the possible concessions you need to catch up. Most lending companies have hardship programs, and may lower your interest rates or extend the loan period. Do not forget that the company wants you to pay the loan and will therefore be more willing to help.

Debt management: professional help

This method is perfect when you’re deep in debt and cannot even afford the minimum monthly payments. In this case, working with a credit counselling company is a viable option for you. After all, they can manage to get you lower rates. All you need to do is to send a monthly payment to them and they disburse it to your creditors accordingly. Ensure you go for a regulated and legal company with an established reputation of good service since there are many scrupulous companies out there that can sink you deeper in debt.  It will be best if you take time to understand the fees and their terms before signing up.

Get a 12-month loan

This is a good alternative when you need to clear off your debt within a short period. A 12 month loaning option take a short time to process and has simple payment terms, so you do not have to miss that deadline and risk your account being closed. You will be required to repay within 12 months so ensure you have a plan beforehand.  Remember, this method can help you clear chronic debts. However, getting into debt in order to pay off another debt is risky. Therefore, use this approach only when you have at least one or two debts to clear on the waiting line.

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2016-12-21 / by admin / Loans for Unemployed / No Comments

Loans for the unemployed

When unemployed, you might need to take out a loan in order to make ends meet. However, very few lenders would give you a loan if you do not have a salary or employment. This is usually because they view people with no salary as a risk they would rather not bring on board. Remember, the greater the risk you’re perceived to be, the higher the interests you will pay. Therefore, you need to have a few tricks up your sleeve. To help you out, here a list of all the loans you can easily access despite having no job.

12-month loan

Get your life back on track with these simple 12-month payday loans. You could get up to £20,000 in a single day without any hassle. Once you meet all the criteria and are approved, the money is yours. You do not have to worry about your credit history. However, ensure you talk to your provider beforehand. What’s important is that you prove affordability through other sources of income, and you will be approved. Alternatively, get a guarantor with a good salary and amazing credit history to co-sign the loan with you. There are many lenders out there who are more than willing to listen and assist you. But do not bite more than you can chew. Just borrow the amount of money that you need so that you may be able to pay with ease and avoid worsening your credit history.

Logbook loan

Taking out a logbook loan is a very smart move to make as it does not matter whether you have a good credit history or not. After all, you only need the V5 and identification documents to prove that you are the legal owner of the vehicle and a citizen of the UK. Ensure you go for a credible lender who has established a reputation of great service. To further increase your chances of approval, ensure your vehicle in good condition and take documents that prove so with you.

Loans for bad credit

If you have had to bite the bullet of losing your good credit history because of the untimely entrenchment that happened to you, then this is a good option for you. The last thing banks want is to support potentially risky debts. Therefore, do not hesitate to go for a bad credit loan if you want quick cash for fixing that leakage. Loans for bad credit are specifically meant for people whose credit history is not pleasant. For as long as you can reflect affordability and reliability, then you can make money within 24 working hours.

No credit check loans

Alternatively, as a result of losing your healthy credit report, opt for this kind of loaning. It simply means that you look for a lender who does not conduct credit checks. One of the best ways to find such a lender is to use major search engines that will offer you many alternatives of lenders who are ready to listen to you. Ensure you choose a company with an established reputation of good service and satisfied customers.

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