An Overview of Logbook Loans

When considering loan options you will be aware that there are various choices available. Sometimes, it can be tricky to decide between the deals on offer and make a decision which is right for you. A financial advisor or other such individual can, in most cases, provide some guidance but ultimately the choice is yours.

This article will provide an overview of some of the general benefits of logbook loans and also the features of these types of loans.

Primarily, these loans are selected by those people who are unable to access credit at the ‘regular’ sources. Very often, this means people who have a history of bad credit and debts, CCJs and other issues. Regular sources of credit would be banks or other financial institutions that offer loans to people.

The reason behind these loans being popular with people with bad credit is down to the fact that there is no credit check carried out with these loans. Typically, regular lenders will run a credit record check on someone to work out how risky they are to lend to. People with a great credit rating will have no problem at all getting most types of loans but those with a poor credit score could be denied a loan.

For those people with bad credit a few different types of lenders have stepped in to service them. These would include payday loans and logbook loans. These loans differ a little in the way that they provide credit, in that a logbook loan company will use your vehicle to provide you with a loan.

This practice is based on the ‘bill of sale’ act and means that the person getting the logbook loan will provide their V5c document to the lender for the duration of the loan. The lender will then provide a loan based on the value of the vehicle to the individual.

You will notice when researching these loans the APR charged is significantly higher than regular bank loans. This is due to the fact that these loans are issued to those with a bad credit rating. These individuals are therefore deemed high-risk to lend to as they most likely are unable to get loans in other places. The lenders are therefore lenders of the last resort.

In the vast majority of cases, logbook loans are used by people who need a short term credit loan. Individuals will typically borrow cash for a few months for all manner of things – covering a debt payment, paying for some emergency repairs and so on. The loans can provide cash quickly without a complicated application process and this tends to favour those individuals who need money quickly.

The most popular way for people to apply for these loans is through the internet. Applications can be made in a few minutes by filling out a simple application form. The lender will then receive this information and give you a call-back to confirm some requirements and setup a date to view your vehicle and sort out the details of the loan.

In recent years logbook loans companies have come under increasing pressure from the government and consumer rights organizations to abide by clearer regulation. This year the CCTA introduced a ‘Voluntary Code of Practice’. The majority of respected lenders now abide by this code.

Remember when applying for logbook loans to take into account the criteria. The criteria doesn’t differ a great deal between lenders and it is usually required that you are over eighteen with a car clear of finance and a UK resident.

A Debt Calculator Lets You Know Precisely Where You Stand

Getting hard numbers on your debt can be difficult, especially when it’s, well, your debt. We tend to have an emotional attachment to our money no matter what form that money takes shape in. We might feel that it’s out of order to even think about our finances in a way that would lead to other solutions. However, you don’t have to feel this way at all. It’s important to take small steps to a brighter financial future. You might feel immense pressure to move quickly, but don’t give into that. It will only make you feel like there’s no way to get out of debt, and why would you want to feel that way at all?

So let’s start from scratch: it’s time to use a debt calculator to get yourself back on track. You might feel that it’s unnecessary to use one, but trust us; it really does make a difference.


You can see exactly where you’re going based on how much debt you have and how much money you’re paying every month. If you don’t like the numbers that you get back, that’s when you can explore other options. Some people feel that seeing the numbers in plain sight helps them plan better, because you can’t downplay numbers. You can’t shrug your shoulders and pretend that the numbers aren’t there. You have to put aside you doubts and realize that it’s just time to clean up your finances.

If you need any motivation, think about the goals that you have on your plate. Do you really want to miss out on those goals merely because you’re afraid to get started? Even if you’re the only one out of your group of friends that is thinking in terms of personal finance and prosperity for the future, is that really a bad thing? You really need to make sure that you focus on getting yourself out of debt first. Everyone else can come later.

There are debt calculators all over the place, and the other good benefit is that some will even let you know whether or not you qualify for an IVA. IVAs can help you reduce your debt dramatically if you qualify. But you won’t know your options unless you take the plunge today — what will you do next? Good luck!

Finding Money to Pay Your Taxes

However good we are at saving up money to cover the cost of our tax bills, it can sometimes be difficult to come up with the money when the bills come along. If you get a large tax bill, sometimes it can just seem impossible to find the money to pay it.

Borrowing the money is a solution for some people, but in this difficult economic climate, it can be difficult for companies to borrow money. You may also have other debts and not want to add to them. There is another solution that might be available though.

If you have outstanding invoices waiting to be paid, then you get these paid. You may have a selection of customers who never pay you on time or who are struggling financially themselves and have not yet paid you. This money could be what you need to be able to pay your tax bill. Unfortunately, the tax man will not wait and so you will have to get the money. Companies like http://www.hitachicapital.co.uk/ can help.


They will take those invoices off your hands and pay you for them. They will not pay you the full amount owed but a percentage of it and they will then chase the debt for you. This means that they will be able to immediately give you some money that you will be able to use to pay that outstanding tax bill. This could be a massive relief for you and it will mean that you will not have to worry about chasing those debts yourself either. This is something that many business owners dislike doing and perhaps do not have the time to do either.

If you would rather approach your customers yourself, you can still do that and get money through invoice discounting. This means that you will not lose that customer contact, which you might like and they will not have to deal with a factoring company rather than yourself.

There are many ways that you can get money to pay for your tax bill, but this is one that could benefit many companies and mean that you are able to get around the difficulties of cash flow caused by companies not paying their invoices. You may decide that it is a service hat you want to use all of the time to save you the hassle of collecting debts and allowing you to get what is owed to you, sooner.

Ways to lower monthly spending

Everybody is feeling the financial pinch. There are more responsibilities in the budget but money tends to worth less every year. If you are struggling to make ends meet every month, robbing a bank is not your only option. Making small changes in a number of areas can significantly reduce your monthly spending, along with setting up a realistic budget and sticking to it rigorously.

Cut down on your entertainment expenses

The first area to consider is entertainment. If you are regularly eating out, cut that expense in half or eliminate it completely. This is a luxury; if it is very important to you, see it as a temporary sacrifice until you have settled your debt and are in a stronger position financially. Cancel any subscriptions for magazines or newspapers; you can read most of them online or at the local library.


If you do not use your club memberships regularly, such as at the gym, cancel these and find other cheaper ways of exercising, such as walking your dog or doing dance exercises to a DVD in your own home. Cancel cable television – many programs can be watched online or downloaded for free. Go to the movie cinemas less often; there are many interesting alternatives to spending an evening watching a range of advertisements and one movie.

Consider your clothing budget

If you are in a job where you need to look your best, you will unavoidably have to purchase new clothing and accessories regularly. Avoid always shopping at the most expensive shops; try non-brand names or thrift shops or have clothing exchange parties with your girl friends. Have a look at second hand and vintage clothing stores; they often have considerable bargains that are very fashionable. Have shoes repaired and re-soled instead of throwing them away. Consider dyeing some clothing or shoes instead of buying the latest fashion colour which might last for only one season. Children do fine in chain store clothing; avoid falling into the brand name trap especially for little ones.

Food

Share with a few friends or neighbours and buy in bulk. Be on the lookout for special offers and coupons; buy more when non-perishable items are cheap. Buy generic (or no name brand) groceries instead of paying more for a famous name product. Do not go shopping when you are hungry; you will buy more than you need and much of this will be snacks. Take an apple with you for when you get hungry at the shops; avoid buying food there for lunch. Make your lunch at home and pack it in for work, perhaps using some of the leftovers of the evening meal. Cook a large amount of food and freeze it for the following week or for the weekend.

Having your own vegetable garden can cut down considerably on the cost of fresh vegetables. Tomatoes, green beans, a variety of peppers and herbs are easy to grow; canning them will extend their use for months.

Transport

Cut down on trips you take to the shops; rather plan one big shopping trip per week. Try to make use of public transport as much as possible; if it is close enough, you could even walk in good weather, getting some exercise at the same time (you cancelled your gym membership, remember?). Keep your car in good condition and serviced regularly; inflate the tyres to the maximum to consume less petrol. Also, shop around to see if you can reduce your car insurance costs.

In your home, switch off all appliances at the wall socket when not in use and switch off the lights when you are the last one to leave a room.

Use Text Messaging to Apply for a Payday Loan

Text messaging has provided many benefits beyond merely communicating between individuals, and now being able to get emergency cash is one of them. Using text messaging for loans is an incredibly simple way for an individual to get emergency money quickly. Unless a person is independently wealthy or has close relatives who are, there is a great likelihood that they will need to borrow money at some point. In many cases, they will need a loan on short notice and with a little hassle as possible. Getting emergency loans is usually difficult, however. Loans from banks and family members often have strings attached and the process of borrowing is usually anything but quick. That is where payday services that offer loans via text messaging come in.

The Case for Payday Loans

Payday loans have long been criticized for their high interest rates and are often seen as a means for people with low incomes to wind up deep in debt. The critics tend to ignore the fact that these loans are typically used only by people with few options for acquiring much-needed funds quickly. Payday loans are for people who need money in an emergency and have nowhere else to go. As such, they provide an invaluable service to people who may find themselves suddenly unable to buy essentials like food or clothing.

How Text Message Loans Work

The borrower’s first step is to register with a service that provides text message loans. A mobile number and their name as well as bank account/debit card details are all that is required. They will receive a PIN which will serve as their password and to identify them. When the person finds themselves in a situation where they need money quickly, they simply send a text message to the number provided in a format like the following : loan amount, their pin and the amount of time before they can repay the loan. The amount will usually be credited to their bank account within a matter of minutes. When the loan is due, the money owed will simply be debited from borrower’s account on the appointed date. No sitting nervously before a bank manager or pleading with a family member. These loans will be available to the borrower around the clock so that no matter what time of day the emergency occurs, it will be possible to send a text message and receive a loan.

Payday Loans are Often Available When Bank Loans are Not

Banks have certain requirements for anyone seeking to borrow money from them. Among other things, they may be required to provide collateral and show that they have a good history of making payments on their debts. One of the many benefits of payday loans is that they are usually available to people with low credit scores or who fall into other categories that make them poor lending risks for banks. With a payday loan service, any individual with a regular source of income can have access to money that can help to pay emergency expenses.

How to Choose a Text Message Loan Provider

The first part is the customer service. How friendly are they? How knowledgeable? The circumstances in which the loan is necessary are usually stressful enough without having to deal with rude and unhelpful customer assistance on top of it. Another important factor is the efficiency of the service. In other words, how quickly does the borrower get the loan? The whole point of a text message loan service is to get the loan as quickly as possible with as few hoops as possible to jump through. The loan provider should be able to provide the money within a short period of time.