Many people won’t be shy in admitting that they have had to borrow money over the past few years. This is something that most families and individuals have had to do. The financial strain has been felt by all in the UK. When the recession first hit, people were miffed. A lot of families had not been in the position whereby they had to cut down on their costs before and now they needed to find ways to save money and watch what they were spending. It took some time to get used to it. But now people are more aware of managing their finances and being prepared for the economical bad cloud that has been cast over for a while.
One area that people are only recently becoming savvier about is the borrowing of the money. If you are lucky enough to have a friend or a family member who can help you out then that is great, but not everybody has that luxury. Instead people are turning to payday lenders and alike in order to get that added bit of cash that can pay off the bills or accommodate the unpredictable expensive month they have experienced. However, as a lot of people have unfortunately found out, payday lenders can have monumental negative knock on effects. The percentage added on is often huge, and if people miss their pay date then they can end up in big trouble.
A great alternative that a lot of people are switching to is getting a loan that is secured against something they own. Log book loans in particular are proving to be the most popular. This is when money is borrowed and it is secured against your vehicle. The money you can borrow is determined via the worth of your vehicle. If you do not pay back the cash you owe, then the company who you have borrowed the money from will have the right to seize your car. If you can afford the repayments and pick a policy you are comfortable with, then you can end up with a fantastic method of borrowing money. Nothing changes; you can still drive your car as you usually would. The only difference is, you will get the money you need and you will get it quickly too. Most log book loan lenders offer to put the money in your bank within a mere 24 hours.
One of the main reasons log book loans are such a great option is because of the eligibility criteria. As long as you can legally drive a car and have your own vehicle you are eligible to apply. This is something that is very different in comparison to the other methods of borrowing money that are available in the UK today. Most will require you to provide extensive details regarding your financial status and you are likely to need to have a credit check as well. This deters a lot of people. A lot of people have bad credit ratings. In some instances, they don’t even have a rating at all because they have not borrowed enough money to be assessed. And, let’s face it; nobody wants their financial life to be poked into. This is especially the case if you need to borrow money at the moment, as it is likely that finances may be a very delicate topic.
If you are looking for a way to borrow money fast and easily then look to 2013’s hottest trend; log book loans.
Kerry Harrison is a freelance journalist. She writes on a variation of topics for online publication. Regarding this article, she used Varooma in order to find out more information about log book loans.