Why I Got A Logbook Loan

I’d like to share a little bit of a personal story that I think will help out some of you regarding It was not too long ago that I was in need of a little bit of money. I won’t get into why, but let’s just say it was enough that I simply couldn’t ask my friends if they could help me out. And unfortunately, my credit score at the time was less than ideal. This kept me from going to a bank, as I knew that they would deny. So instead, I need to find a new alternative. After exploring all of my options, I decided to go with a logbook loan. A logbook loan is a great loan option for people with poor credit score for several reasons.

The first reason that I liked a logbook loan is that they didn’t check my credit score. I knew my score wasn’t good, and so getting a loan from a place that wasn’t going to check mine was certainly ideal. Instead they looked at my financial history and simply checked to make sure I had an ability to repay the loan. With this requirement satisfied, they were able to approve my loan request.

This leads to the second reason I went with a logbook loan – not a lot of requirements. Basically if you are a legal resident of the UK, at least 18 years old, and the legal owner of a vehicle, you can get a logbook loan. There are no complicated forms, and no lofty requirements. The lenders know they are dealing with people who probably have low credit scores, and so they aim to make getting a loan as easy as possible.

The third reason I went with a logbook loan is that the application process is very quick. For most lenders you just need to answer a few questions, and if you are approved, you will have your money within 24 hours. I didn’t have time to wait for the money to come in, and so finding a place that paid out so quickly was definitely a bonus. I was able to withdraw the money from my bank account the next day after filling in the application, and use the money how I needed to.

Lastly, and maybe best of all, is that I got to keep using my vehicle throughout the loan. I needed a car to get back and forth to my job, and without it I would have had a hard time paying back the loan. Instead I got to keep my car and my life continued on as normal. If you need a loan that won’t disrupt your daily life, a logbook loan is a good way to go.

As you can see, a logbook loan was the best option for me. If you are looking for a bad credit loan, I highly recommend looking into one of these kinds of loans. There are many benefits, only some of which were mentioned above. No matter what you go with, just make sure you do your research and compare your options. If you can do this, you should end up with the loan that is right for you.


Loans To Avoid

When you are in need of a loan, any option that comes your way may seem like a good one. This is especially true if you have a bad credit score, and your options are limited by it. However, there are several types of loans that you should try to avoid if you can. These loans may end up costing you more money than you expect, and can even put you in a worse financial situation.

  1. Payday Loans – These are some of the worst loans out there. Payday Loans are designed to be short term, small amount loans, usually meant for people to use while waiting for their next paycheck. If you need money now, but you don’t get paid for a few weeks, it can seem like an attractive option. However, Payday Loans typically have very high interest rates, making them very risky. If you don’t pay back your loan right away, the debt is quickly going to build up very high, and you may find yourself in some trouble if you are not careful. The only time we would recommend getting a Payday Loan is if you have a solid plan in place to pay it back, and you are sure you can stick to it. However even then, you can probably find a better option.
  2. Doorstep Loan – Doorstep Loans are a notch above Payday Loans, but they are still not great. With a Doorstep Loan you get a representative of the lending agency to come to your door. This agent will deliver the money, come back to collect payments, and is available to discuss any issues you are having with your finances. While the personal touch is a good thing, these loans are essentially Payday loans and run the same risks. Keep this in mind when considering a Doorstep Loan, and decide if the personal touch is worth the other risks.
  3. Guarantor Loans – One of the great things about Guarantor Loans is that you get much better interest rates. However, this is because you will not be using your own credit score. Instead you find someone to vouch for you, and they use their good credit score to secure you a decent loan. While this sounds like a good deal, keep in mind that if you fail to meet your payments, the burden of the loan will shift to the guarantor. You will then be putting a strain on a close relationship of yours, and this is never good. Relationships are much more important than money, so think carefully before getting a Guarantor Loan, as you don’t want to ruin a good one.

There are plenty of loan options out there for people with bad credit ratings, but not all of them are good. Make sure that you do your research before you agree to anything, and that you know what you are getting into. Just because you may need money, don’t let that cloud your judgment and put you into a situation that ends up making things worse. If you can think things over carefully, you should be able to find yourself a decent loan before long.


Starting A Savings Plan The Right Way

At some point in your life, there will probably be something that you will want to pay for, but you won’t have the money. You know this expense is coming up, but putting out all of the money at once will be tough. A better alternative would be to save up for it, starting as soon as you can, so that when the time comes, you have the money that you need (or at least a good chunk of it).

While starting a savings plan may sound easy, if you don’t do it the right way, it can end up not working. There are a few things that you should do to ensure that your savings plan will be a success. The first thing that you should do is have a goal in mind. Think about more than just what you plan on spending the money on, but actually how much you are going to need to save up. Come up with a solid number that you want to save, and think about when you need to have this money by. Setting strict limits will give you less leeway, and make it more likely that it will succeed.

Once you have your goal in mind, it is time to formulate a plan. Take the amount you want to save up, and divide it by the number of weeks you have until you get to your end date. This is the amount that you will want to save up each week. If you want to do it monthly, just divide the amount by the number of months instead. Either way, you want to know the amount that you should save up in increments. Doing it this way gives you a much smaller amount, and makes it more manageable. Now instead of finding all of the money at once, you just have to find this small amount somewhere in your monthly budget. Look at the other areas in your life and see where you can cut back. Maybe you don’t need to buy a cup of coffee each morning. Take every little bit that you save and put it towards your saving plan. Every little bit counts, so don’t overlook anything.

To make your plan stick, it is often a good idea to take it out of your hands. A good way to do this is to set up a separate savings account at your bank, and to have the small amount you determined automatically deducted from your account at the end of each week (or month). This way your savings account gets the money that it needs, but you don’t have to remember to do it. It is just like your paycheck is now a little bit smaller. Set it and forget it, and when it comes time to use the money, you’ll be pleasantly surprised at how much is in there.

Having a successful savings plan is all about planning and dedication. If you can make a good plan, and make yourself stick to it, you will be able to reach your goal. Write down your plan, then come up with a way to make sticking to it as easy as possible. Keep your goal in mind, no matter how far away it may seem. If it is an important goal to you, it will help you to stay focused on your savings goal. We hope this article was able to help you out a little bit, and that you will be able to reach your savings goal before long. Good luck!


Credit Score Basics

When it comes to a strong financial health, one of the most important factors is your credit score. Your credit score can dictate a lot of things in your life, such as whether or not you can get a loan, an apartment, or even a mobile phone contract. However for many people, their credit scores remain some vague number that they do not know too much about. To try and correct this, we thought it would be a good idea to go over some of the basics. Hopefully by the end of this you will understand not only how your credit score is determined, but how to improve it if need be.

First, you should know how to find out what your credit score is. There are several ways to go about this, but the easiest is probably to check it online. There are a few sites that can do this for you, with the notable ones being Experian and Equifax. These are credit reporting agencies who can tell you your credit score. The first report is usually free, but you will have to pay a small fee for each one after that. Some sites, like CreditExpert, offer you free credit scores at all times, but you will have to deal with some advertisements from credit card companies. Checking your score is easy once you find your way onto one of these sites, and you’ll usually just have to fill in a few questions in order to get your score.

Once you know what your score is, you want to know how it got that way. If you request a full copy of your credit file from one of these websites, it will tell you the factors that are in play in determining your score. Some things that will factor into your score is your credit card usage, your current debt level, and how responsible you are with making payments. Some of these things will have a larger impact on some people rather than others, depending on your situation. If you have a healthy score, just keep going with what you were doing, and try to keep up god financial habits. If, however, your score is low, you will want to take steps to improve.

One thing you can do to improve your score is start paying back your debt faster. Spend any extra money you have at the end of the month towards paying off debts, even if it is just a little bit. The sooner you get rid of debt, the sooner your score will go up. Another thing you can do is make sure you are making all of your payments on time. Mark them down on a calendar and make sure you have enough money budgeted to meet the payments when they are due. Lastly, look at how you are using your credit cards. You don’t want to be spending to the max of each card, and you don’t want to close down old cards. Doing simple things like this can go a long way towards improving your credit score.


Credit scores can have a large impact on your life, but they don’t have to be out of your control. A few simple steps and a better level of awareness goes a long way. The best thing you can do is educate yourself on credit scores as much as possible, and hopefully this article gets you going in the right direction. You don’t want to find out your score is low at the wrong time, so get on it now before it comes as a surprise.


How To Manage Your Credit Cards

Credit cards can be of great assistance to many people. When you need to borrow some money on the short term, you can turn to your credit cards to help you out. We don’t always have the money we need right at the moment that we need it, but with a credit card you can still spend like you normally would. Unfortunately, having this luxury can lead to some bad habits. Some people spend money they don’t have, and sooner or later they find themselves in debt. If this has happened to you, or you think you are heading in that direction, then we have a few tips that may help you out. Use these suggestions to better manage your credit cards, and you’ll be well on your way to a better financial health.

  1. Number of Credit Cards – First, you should take a look at the number of credit cards that you own. Having too many credit cards can harm a credit score, so try and keep it to a select few. If you plan on closing down some of your cards, keep in mind that the length of your credit history will impact your score, so it might not be a good idea to close down your oldest cards. Weigh your options and think of the impact it will have on your credit score before making a decision. Also keep in mind annual fees, because if you aren’t using the card that much, you don’t want to be paying for it needlessly.
  2. Credit Limits – Each credit card you own likely comes with a credit limit. This is the amount you can spend on your card. While it may be tempting to spend up to the limit, this is a bad idea. Not only will it harm your credit score, but it will be harder to pay back. Ideally you only want to spend on your credit card what you can afford. Credit limits should not be seen as the amount you should spend, but the amount you should spend in case of an emergency.
  3. Credit Utilization – If you add up all of your credit limits among your credit cards, and all of the money you have spent on those cards, the percentage would be your credit utilization. You want to keep your credit utilization as low as you can, and definitely not more than 70 percent. This is the ideal spot for your credit cards, and will make payments more manageable.
  4. Budgeting – Every time you make a purchase with your credit card, you should write it down. Keep a running account throughout the month so that when it comes time to make a payment, you are not surprised at what you owe. Often people just spend on their cards without thinking, and then the bill comes around and they can’t afford it. The best thing to do is pay off each purchase as soon as you can to make the end of the month less scary.
  5. Rewards – Lastly, you should take full advantage of the rewards offered by your credit card. Some credit cards will offer you cash back on your purchases, while others will offer you reward points. Using these can save you a lot of money down the line, so make sure you pay attention to what will earn you rewards, and then make sure you use them. Also, when you sign up for a credit card, most will have a new customer bonus, such as no interest for a year, so make sure you take full advantage of these.

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