Everything You Need to Know about Logbook Loans


One of the worst things that can happen to anyone financially is to stumble upon a financial emergency without an emergency fund to save the day. What makes it even worse is if you have a bad credit history. When your credit rating is less than perfect, it will be harder than ever to snatch an affordable personal loan deal. You can rely on unsecured personal loans but then the interest rates are very steep and the loan amounts offered are stingy. It’s a good thing there are secured loans such as logbook loans specific for people with bad credit. To know everything you need to know about logbook loans, read on below.

Guide to Logbook Loans

When it comes to personal loans, logbook loans are among the easiest and most convenient financial products to resort to. Logbook loans are secured loans that require borrowers to provide collateral to get approved. In this case, the collateral is your vehicle. The lender will essentially own the vehicle temporarily once your loan is approved. You still get to keep and use your car but remember that it’s now at risk for repossession.


Loan Amount

With logbook loans, the loan offers are much larger than what unsecured personal loans can offer. In most cases, borrowers can borrow a minimum of £500 and a maximum of £50,000. The maximum amount you are allowed to borrow will be dependent on your car’s trade value as well as on your monthly income. With more generous loan offers, logbook loans are ideal for a wide range of personal needs. Whether you’re short in cash or you need £10,000 or more for a major investment, logbook loans offer you one of the quickest solutions to your financial problems. To check out available logbook loan deals today, go to simplelogbookloan.co.uk.

Repayment Term

Most logbook loans have repayment terms that start from 12 months up to 36 months. For smaller loan amounts, the repayment terms are also shorter usually just a few weeks. Either way, you have the option pay your logbook loan weekly, bi-monthly or once a month. Repayments can be made through any of your lender’s numerous payment centers. You can also make your payment via an auto debit arrangement with your bank. If convenience is what you’re after, opting for the latter repayment option is highly recommended.


When it comes to cost, logbook loans can be pretty expensive considering that there’s no credit check involved. Borrowers are not required to have a good credit score, which means that providers are taking on higher risks than usual. To offset the high risks, providers offer logbook loans with relatively high representative APRs. The average APR for logbook loans is 400% or sometimes even higher. But then there are also providers offering cheaper deals. Your job is to look for deals with the lowest APR to ensure that your loan is as cheapest as possible.


Aside from the high cost, logbook loans are also considered high risk because there’s always the chance that your lender may repossess your vehicle in case of nonpayment. Repossession is not always the first thing lenders carry out for missed or delayed payments but it’s a resort most lenders do not hesitate from carrying out if they don’t receive any response from borrowers. While you can borrow more money, logbook loans are risks hence careful planning is crucial if you don’t want to lose your car in the end.

Car Loan Approved Stamp Showing Auto Finance Agreed


Should You Consolidate Debt?


If you’re researching on how to pay off debt, one of the key concepts you’ll encounter along the way is debt consolidation. According to many experts, debt consolidation is one way to deal with debt because it helps save interest. Other financial experts, however, beg to disagree because debt consolidation only addresses one symptom of the growing debt problem in the UK. If you’re thinking of debt consolidation, these things might help understand how it actually works better:

Consolidation is not for everyone.

Consolidation may seem like an excellent idea when you’re dealing with different types of debts but it’s worth noting that this route is not always for everyone. Before you try consolidation, you’d want to seek financial counseling or expert advice if necessary. Your debts need to be examined. Ideally, your balances should be mostly unsecured debts in order for consolidation to work.


Consolidation is a one-system payment for all your debts.

Once you’ve decided to consolidate debt, you’re essentially letting a third party handle payments for majority of your debts. You’ll be borrowing money to pay off all other debts so you only have one payment to worry about per month. At its simplest, that’s how debt consolidation works. The third party where you borrowed the money from will have a system to distribute your payments accordingly.

Consolidation will not solve your debt problems unless you put in effort.

While the third party has a preset system to take care of your debts, you still have work to do. Debt consolidation will just make the process of paying off debt a lot simpler and more efficient but you still need to be a team player in any case. You’ll still have to monitor your debts and the payments made. In fact, your lenders will still be sending you account statements, which you need to take care of.

Consolidation may be a negative mark on your credit history.

Before you finalize your decision to opt for debt consolidation, it’s important to remember that other lenders may perceive it as you filing for bankruptcy. It certainly is not bankruptcy but that’s just how it is in the lending market. If you do decide on debt consolidation, prepare for your credit report to get a hit or a red flag. Before you go for it, factoring this aspect in your decision will help.If you have a good credit score especially, thinking things through is essential. But if you’re already missing payments and you need debt consolidation then you should go for it if you really must.

Save Money or Payoff Debt: Which is which?


Some experts say paying off your debt first is better while others adhere to the conventional wisdom to save more money before you pay off your debt. If you’re like most people, getting two contradicting advice can be quite confusing. Considering that personal decisions when involving your finances are often complicated, things can get even more confusing from here. But like with every other major decisions you make in life, there is no one absolute rule to follow in the case. At the end of the day, it’s about your personal circumstance and which option is best for your situation.


To answer the question whether to save money first or pay off debt first, here are key considerations that should help you decide:

Amount of debt owed

One of the first things you need to do is find out the amount of debt you owe. This includes mortgage, car loans, credit cards and other types of debt you currently owe. By knowing the total amount of debt you’re currently sitting in, you’ll have a clear idea of where you’re at financially. Make a list of your debts and their designated amount then arrange them according to interest rates. The one with the highest rates should be prioritized once you’re ready to start paying off your debt.

Interest rates for your debt

Don’t stop with just knowing the amount of debt you owe. Go deeper by actually finding out how much interest your debts are costing you. Arrange your debt according to these interest rates. Chances are high that your credit cards will top the list. Credit cards when maxed out and not paid in full can cost you a fortune in interest. This means that you’ll have to pay them off first chance you get.

Amount of savings you have

If you’re like most millenials then you probably have zero or negative savings. But hopefully you’re not a millennial or a typical consumer. Either way, you need to know where you’re at financially in terms of the amount of savings you have. Ideally, you should have some emergency funds to depend on for unexpected financial emergencies. As a rule of thumb, you should save up to 3 to 6 months’ worth of expenses to constitute a decent emergency fund. Apart from said fund, you also need another savings account for investments and other major financial projects you have in mind.

Interest rates for your savings

If you do open a savings account, you’ll have to find out how much your savings earn in interest. If it’s a conservative account then chances are that your interest rates are very high compared to the interest rates your debt is costing you. In this sense, your debt’s interest will be cancelling out the amount you’re earning from your savings, which is why you need to be smarter where you put your money in. If you were willing to take risks, maybe you’d want to invest in high paying investment mediums such as stocks or mutual funds.

Financial goals

Depending on your financial goals, you can move forward and decide which one to prioritize best. Provided that you already have an emergency fund, the next step you need to do is find a balance between saving money and paying off debt. If you’re especially being weighed down by debt, it would make sense to focus on getting rid of your high interest debt for a period of time while still setting aside a certain percentage for savings. Again, the key is to strike a balance that works best for your financial situation.



6 Ways to Pay off Your Debt Faster


In today’s day and age, debt has become a part of life to a point that we rely on debt to pay bills, buy clothes and even consumables. Debts such as mortgage, car loans or student loans are understandable because they involved investments that are potentially good for your finances in the future. We couldn’t say the same thing for rampant debt such as credit cards however. And debt like high interest credit cards is weighing most people down.

If you’re currently stuck in debt and you badly want to get out, here are xxx ways to help you do just that faster and more effectively:

Hold off the credit card charges

If you’re like most people, you know you have credit card charges more than you should have. There’s no better time than now to deal with them. If you’re serious with your desire to get out of debt, it starts with a decision to stop incurring more debt. Hold off using your credit cards for the meantime. If you can, hold off all other types of debt to expedite the process of getting yourself out of debt.

Create a realistic debt repayment plan

Deciding that you’ve had enough of debt weighing you down is just the start. To carry through with your decision, you need a debt repayment plan and it doesn’t have to be complicated. Just list down all your debts then prioritize them according to their interest rate. The trick is to pay off debts with the highest interest rates first then go down the list from there.

Reduce expenses

As part of your repayment plan, you need to make a deliberate effort to reduce your expenses. Even if your income is modest, there’s no excuse here if you’re really serious to pursue a debt-free lifestyle. To do that, you need to create a realistic budget. Look at your budget then your expenses. Which areas can you reduce your expenses without really hurting your lifestyle? You may think it’s impossible to do so but it’s really all a matter of creating a plan you can commit to follow day in and day out.

Look for additional income

If you’re having a difficult time living below your means then you might want to look for a part-time job to supplement your income. You can walk dogs and earn extra money to add to your debt-repaying fund. You can also try applying for an online job. For two to three hours a day, you can a virtual assistant or a freelance writer and earn extra money that adds over time.

Save more

Before you can truly get out of debt and live a financially comfortable life, there’s one habit you need to master. Just ask any financial expert and they’d tell you to save more money no matter your income. As you reduce your debt, you should also consciously increase the amount of money you’re setting aside for savings each month. It’s all about balance. Just set aside a comfortable percentage off your income for savings then increase it gradually per month.


Seek professional help

When you’re involved in an insurmountable amount of debt then seeking for professional help or advice makes perfect sense. Sometimes you just need to accept the fact that you can’t do it on your own anymore. Just make sure to work with a financial expert with a solid track record. You want someone who is genuinely interested to help you get out of debt and not just to earn fees off of you.