There comes a point in most people’s lives when they need to borrow a little bit of money. It could be to get some home repairs, pay some bills, or even just take a trip. For most people, when they need a loan, they will turn to a bank. However, if you have a less than ideal credit score, the bank will most likely turn you down. Since improving your credit score takes time, you need to find an alternative loan source in the mean time, and one of the best sources is a logbook loan.
If you are the owner of a vehicle, and a legal resident of the UK, you can use your vehicle to secure a loan. Every owner of a vehicle has what is called the logbook for that car, and this is where the loan gets its name from. Borrowers can get up to 50 percent of their car’s value in a loan, and use this money however they like. When compared to other bad credit loan options, a logbook loan is one of the more simple, quick, and affordable types of loans. Not convinced? Here are a couple of reasons as to why you should get a logbook loan.
- Affordable – With most bad credit loan lenders, they need to charge very high interest rates in order to protect themselves. People with low credit ratings are seen as high-risk, and the interest rates are their way of combating this. This is not the case with logbook loans however. Since you are using your car as collateral, the interest rates don’t need to be as high. This can end up saving you a lot of money in the long run.
- Simple – On logbook loan sites, getting a logbook loan is very easy. There is a quick application that you need to fill out, and once you do, you are quickly contacted by a member of their team. From there completing the loan process is a breeze, and if you qualify, the money will be delivered to you within the next 24 hours in most cases. Unlike getting a loan from a bank, there are no complicated forms to fill out or long waiting periods.
- Easy To Qualify – For logbook loans, there are not a lot of requirements in order to qualify. In most cases, the requirements are like this – You must be a legal resident of the UK and at least 18 years old. You must also be the legal owner of a vehicle that is fully insured. Lastly, you need to prevent some evidence that you can repay the loan, usually by presenting a pay stub. And that’s it!
- Keep Your Car – Just because you are using your vehicle as collateral, doesn’t mean you have to give it up. Your vehicle is probably essential to you earning an income, and the lenders don’t want to prevent you from repaying the loan. You get to continue driving your vehicle throughout the duration of the loan so that there is no disruption to your daily life.
- Flexible Payments – Most lenders will work with you to find a repayment plan that works for you. They will discuss how often payments are due, how much will be due, and if you have any problems meeting these payments, they will work with you to find a solution.
As you can see, there are plenty of reasons that a logbook loan is a great way to go. If you are in need of a loan, and your credit score is keeping you from going to a bank, then this is the way to go. Contact any logbook loan lender like SimpleLogbookLoan today and see what options they have available to you.
One of the most common types of debt is credit card debt. When you have a credit card, it can be all too easy to spend money that you don’t really have. Before long you have a large balance due on your credit card, with no way to pay it. The interest keeps piling up, and you ultimately end up in debt. To keep this from happening, there are a few standard practices that you should keep in mind whenever you use your credit card.
First, you want to make sure you are using cards that have reasonable rates on them. That way if you can’t pay back the entire amount one month, you will not get hit with a very large charge. When you are signing up for a credit card, they will let you know what your APR, or interest rate, is going to be. You can then compare it against other cards and make sure that it is a good decision. You always want to know as much as you can about any credit card before signing up for it. Often times people end up mismanaging their credit cards simply because they got a card that wasn’t right for them.
Next, always keep track of all your expenses. Any time you spend money on your credit card, you should try and pay it back right away. This way when the end of the month rolls around, you are not surprised by how large of an amount that you owe. If you can’t pay it right away, at least right it down so that you can plan for it accordingly. A personal budget is great for this so that you know what you can afford to spend, and what you can’t.
If you find that debt has built up on one of your cards, look and see if you can transfer it to another card. This is a good idea if the card you are transferring to has a lower APR. Then you won’t be spending as much on interest in order to pay back the debt. This is also a good strategy if you recently signed up for a credit card, and they don’t charge interest for the first year. Many credit cards offer rewards to new members, and this is a common one. Then you give yourself more time to pay back the debt and get your finances in order.
Lastly, make sure you take advantage of rewards. Most credit cards these days offer some sort of rewards system, either by giving cash back or by giving you points. Utilizing these programs can be a great way to save money in other areas, so that you can apply the savings towards paying off your credit card debts. Look into the cards you have now and see what sort of rewards are available. If you are getting a new card, these rewards will often be advertised and they should be considered when deciding which card to get. Hopefully these tips will help you to manage your credit cards better in the future, and keep you out of debt.
When you need to borrow money, it may seem like any option will have to do. This is especially true when you have a bad credit score, and you need to get a loan from some place other than a bank. Unfortunately, there are many options for bad credit loans, but not all of them are a good idea. One such example is a Pay Day Loan, which is one of the worst kinds of bad credit loans. If you are looking to get a bad credit loan, here are the reasons you should avoid getting a Payday Loan.
- Interest Rates – This is the main issue with these types of loans. Payday Loans are over a short period of time, and are generally given to people with low credit ratings. Because of these two factors, the interest rates are very high. You may only borrow a small amount, but by the time the loan is over, you end up paying back much more than you borrowed. There are many bad credit loan options that have lower interest rates than Payday Loans.
- Loan Term – Another problem with Payday Loans is the length of the loan. For most people, you expect to borrow money and have time to pay it back. With this type of loan though you are expected to pay it back when you receive your next paycheck. This can make it hard to play out a repayment strategy, and even harder to pay back the loan.
- Poor Customer Service – When it comes to Payday Loans, the lenders are not very flexible. They know their rates are unreasonable, and they will not alter them if you cannot make a payment. This can lead to a very frustrating experience, and a very hard to pay back loan. Borrowing money and having debt is stressful enough without having a lender that seems like they are out to get you. Remove this headache and go with a lender that is more flexible with its loans.
- Loan Amounts – Fourth on our list is how much you can borrow with a Payday Loan. On one hand, you can only borrow a small amount. This is good because of the high interest rates, but bad if you need more money. If you need a loan for anything substantial, a Payday Loan will not be able to help you out. You are better off looking elsewhere.
- Better Options – Lastly, a big reason you should avoid Payday Loans is that there are simply better options. Doorstep Loans, Logbook Loans, and Guarantor Loans can all provide you with the money that you need, at a reasonable rate. For many people, when they get a Payday Loan, they need to turn to one of these types of loans eventually anyway for help paying off the first loan. Do yourself a favor and look into other bad credit loan options instead of a Payday Loan.
As you can see, there are plenty of reasons why you should avoid a Payday Loan. We know how hard it can be to be in debt, but it doesn’t have to be as difficult as Payday Loan lenders make it. Hopefully this article will convince you to go with another option so that your lending experience is a little better.
As someone who was recently in debt, I can tell you that it was no fun. Having debt is like carrying around a weight with you at all times, and when you finally get rid of it, it is a huge relief. I know there are many people out there who are also struggling with debt, and I would like to help you out as best I can. Below are the steps that I used to get myself out of debt. Hopefully you will be able to apply them to your own life, and get yourself out of debt sooner rather than later.
Step 1: Relax – The first thing you need to do is simply relax. Yes, having debt is a burden, but with the right planning, everyone can get themselves out of debt eventually. But if you stress over it, it will only make your life more miserable, and it won’t help you pay back your debts. So relax.
Step 2: Start Planning – Now you can actually begin the process. Planning ahead is essential to paying back debt, especially if you have several different loans out. Get out a piece of paper and write down all of the different debts that you have. Rank them from the ones with the highest interest rates, to the lowest. Also write down next to them what the minimum payment is you need to make on the loan each month. On another piece of paper, write down how much you have to spend on paying back loans each month.
Step 3: Allocate Funds – With your debt written out in front of you, it is time to start figuring out what to spend. Add up all of the minimum payments you have to make each month and subtract it from the allocated money you have on the other piece of paper. If you don’t have enough, you are going to need to adjust your budget to give yourself more funds. If you have left over money, apply it to the loans at the top of the list. These were the loans with the highest interest rates, so you want to pay them back as quickly as you can. Making payments that are larger than the minimum will help you to pay off the loan much faster, and save you money in the long run.
Step 4: Look At Other Options – There are many options out there for helping people with debt. First, you should talk to your lender and see if there is anyway to lower the interest rate or adjust the monthly payments. If that doesn’t work, you can look into a consolidation loan. With this type of loan, you are essentially combining several smaller loans into one large loan, making it easier to pay off. You can also apply this strategy to credit cards, by using a credit card with a lower interest rate to pay off one with a high interest rate. Explore what options are out there for you, and see which ones will work best for your situation.
Step 5: Stick To Your Plan – Once you have a solid plan in place – knowing what you are going to pay towards your debts each month, or any other options you took advantage of – make sure you stick to it. A debt reduction plan falls apart if you don’t stick with it. You need to make your debt a priority, and not just something you pay back when you feel like it. I know that other things come up all of the time, but there will always be an excuse to not pay as much as you can on your debt. Try to avoid these excuses, and make paying your debt back the top priority. Once it is all gone, you will be very happy that you did.
For people dealing with debt, a personal budget is a must have if you want to get out of it. Without a budget, it is very hard to overspend each month and not only not make progress towards paying back your debt, but potentially make it even worse. If you are dealing with some debt issues, use the following tips to help yourself set up a budget. While it may not get you out of debt next week, it is a step in the right direction.
- Gather Information – In order to get started with a budget, you need to gather together everything that you’ll need. Documents showing how much you earn – such as a pay stub – along with documents showing what you spend – receipts and bills – are a must. To more information you can gather, the more effective your budget is going to be.
- Choose A Method – Once you have all of the information you can find, you need to decide how you want to create your budget. There are many mobile apps out there that can help you to create a budget if you want something that you can take with you on the go. Or there are computer programs you can download that will manage everything for you. Lastly, a simple piece of paper and a pen will be enough if you want to go that way. Choose whichever method you think will work best for you, and remember that you can always switch methods if the one you picked is not working.
- Organize Your Data – For the rest of the steps, we are going to describe the process as if you used a paper and pen, since each mobile app and computer program is different, but the overall concepts are the same no matter the method you chose. The first thing you want to do is organize all of your data. For spending, make a complete list of everything you spend money on in a typical month. Include bills, entertainment expenses, etc. Sort the list from the highest priority to the lowest, so that you can see which expenses are the most important. At the bottom of the list, add up everything so that you have a total expenses amount for a typical month. On another sheet of paper, write down all of your incomes and add those up as well.
- Adjust – If after completing the above step, you found that your expenses are more than your incomes, you are going to have a problem. Doing this for too long will quickly lead to debt, which you want to avoid. Look at your list of expenses and see where you can cut back. Start with those items that you put at the bottom of the list, and get rid of as many as you have to until your income total is higher than your expense total.
- Maintain – Now that you are earning more money then you are spending, you want to keep this up each month. You’ve now set aside how much you can spend on any given thing, and the important thing to do is make sure you stick within those limits. This is where mobile apps can really come in handy, as you will always know how much you can spend while you are out. If you don’t have one, just make sure you add your expenses in at the end of each day so you know how much money you have left for the remainder of the month.
The most important thing to remember about personal budgets is that they won’t work if you don’t stick to them. If you can plan them out, keep up with them, and let them dictate your financial decisions, you should have no problem managing your money effectively. Good luck!