Everything You Need to Know About Logbook Loans


In the face of financial emergencies or unexpected expenses, personal loans offer a quick way out. Logbook loans, in particular, came as handy solutions for people with bad credit who can’t otherwise avail a traditional loan from major banks and lenders. If you’re in the market for a logbook loan, don’t sign a deal just yet unless you know everything about the financial product. Here’s a quick guide to logbook loans to help you along.

What are logbook loans?

Logbook loans, as you can glean from its name, are personal loans that are secured against a borrower’s vehicle. The loan, therefore, is a secured personal loan where the lender keeps your vehicle’s logbook or V5 document. This means temporary ownership has been handed over to your lender while you still get to keep your car and the cash.

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How much can you borrow?

With a security involved in the form of your vehicle, logbook loans offer larger loan amounts than unsecured personal loans. In most cases, you can borrower between £500 and £50,000. Or depending on your vehicle’s official trade value, lenders can lend you up to 70% of said value for the maximum loan amount. The loan is payable in 12 months up to 36 months either through bi-weekly or monthly payments.

Who are logbook loans for?

As mentioned, logbook loans are specific for car owners with bad credit under their belt. With the vehicle as security, there’s no credit check involved, which is the best part about logbook loans. Even if you have a history of ccjs or defaults, you can still avail a logbook loan provided that your car is acceptable and you meet the eligibility criteria. You can then use the money to meet a variety of personal needs from overdue bills to rent, medical expenses and more.

What are the requirements?

To be eligible for a logbook loans, borrowers are required to meet only the most basic of requirements. One, you must be of legal age. Two, you must live in the UK and lastly, you must be a car owner. Your vehicle must be free of any financing to be acceptable. You’ll also be required to provide important documents such as your car’s V5 document, MOT certificate and insurance details among other things.

Where to apply for a logbook loan?

Logbook loans are widely available online. To apply for a logbook loan, there’s no need to leave the comforts of home. You just need to find a reliable lender with a solid track record and apply online. The initial application will require you to complete an online form and the lender will contact you for further instructions.

What are the risks?

Like with any secured personal loan, there’s always the risk of repossession with logbook loans. Once your sign and close the contract, you agree to the terms that the lender has the right to recover your vehicle as per the bill of sale and credit agreements. The lender may then sell the vehicle to cover for your outstanding balance in the event of nonpayment.

Should you apply for one?

Considering the high risk involved, extra caution is needed when taking out a logbook loan. While it’s accessible and quick to avail, borrowers must know and understand that logbook loans are not only risky but also costly. But so long as you understand how the financial product works and you’re sure that you can afford the monthly repayments, logbook loans can meet any pressing financial emergencies.

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Top Tricks to Improve Your Credit Rating Fast


With the New Year is a new balance sheet and another chance to boost your credit rating. If you’ve struggled with your personal loan and other financial applications because of bad credit, now is the time to work on improving your credit score. Here are some tricks and tips to help you this year.

Check your credit report

Before you roll out your credit score improvement plan, it is important to start from the beginning by checking your credit report. You can do this once annually for free. Peruse your credit files for any errors or inaccuracies. If you find any, report said errors and dispute them if necessary. By correcting any error, you can dramatically improve fast.

Apply for a bad credit credit card

Another trick that will quickly boost your credit score is to apply for a credit card. The advice may sound counterintuitive but it makes sense if you look at the bigger picture. Applying for a credit card offered for people with bad credit is a stepping-stone of sorts to help you prove your creditworthiness and responsibility as payer.

Keep credit card charges at minimum

If you have existing credit cards, you need to keep the charges at minimum. Ideally, the charges should be kept below 30% of your credit limit. Once the bill arrives, pay it in full every time. If you can keep at this habit for several months, chances are high that you’ll see a significant improvement on your credit score in no time.

Request for a credit limit increase

If you’re eligible for a credit limit increase for your credit cards, take advantage of the opportunity and request for it. With a credit limit increase, your creditworthiness also improves. This trick, however, may backfire if taken without caution. If you’re going for a credit limit increase, make sure that you’re not going to increase your charges along the way.

Never miss or delay bill payments

One of the best tricks that works every time when it comes improving your credit score is to never miss or delay a bill payment. Whether it is with a utility bill, phone bill or credit card bill, you must commit to pay all your bills on time. Considering that 35% of your credit score is attributed to your payment history, there’s really no better way to boost your credit score than to show credit agencies that you are a responsible payer.

Pay off high interest debts

Another major factor that affects your credit score is the amount of debt you owe. It is 30% of your credit score. If you want to boost your credit score fast, you need an effective debt repayment plan. You can start by paying off your high interest debt first. This way, you’ll get rid of the high cost interest rates kept adding up to your total amount of debt owed.

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7 Unbreakable Rules of Personal Finance


No matter the time and age, there are timeless personal finance rules you shouldn’t break if you want to get a hold of your finances this 2016. If you can manage to stick to these rules for the entire year, your financial life is in for some surprise. Though some of these rules may be hard, they have worked time and again. So if you’re ready to improve, boost or give your finances an overhaul this 2016, here are 7 unbreakable rules you should know about.

Set financial goals

If you want your financial life this year to go somewhere then it’s high time to set some financial goals. Consider your financial goals as a map or guideline for this year’s financial journey. Set both short term and long-term goals. And make sure all goals are realistic, reasonable and reachable.

Save and Invest

You’ve probably heard the advice to always “pay yourself first.” For some, that might mean treating yourself to a shopping free. That’s not it at all. When financial experts say to pay yourself first, it means to save and invest money. Paying yourself in this sense means to save up for emergencies and other expected expenses. It’s basically financially-proofing yourself for the unexpected.

Live within your means

Living within or below your means is easier said than done. With the lure of instant gratification, swiping your credit card for a much-needed shopping therapy is more tempting than ever. But regardless, you need to learn the art of living within your means if you want to control your finances and not the other way around.

Create more income

If you can’t live within your means then you might want to try this unbreakable rule instead. Create more income. Again, this is easier said than done but if others can do it so can you. Sometimes, it’s a matter of time management so you can squeeze in another job. Maybe you can become a freelance writer or create a blog you can monetize. Either way, the goal is increase your income to cover all your expenses and save some money in the process.

Pay your bills on time

This sounds like common sense but many people continue to break this rule time and again. If you’re really serious with making your finances right or better this 2016, you need to start committing to paying your bills on time. This includes all your bills. From your utility bill to your phone bill and more importantly credit card bills, you need to pay them on time to avoid hefty interest rates and penalties.

Limit your debt

One of the most dangerous financial mistakes you can ever commit in any lifetime is to get drowned in huge amounts of debt. Though not all debt is bad, most of them can put a cramp on your finances. The best way to handle debt is to limit them or not have any at all if possible. If you are currently knee deep in high interest debts, it’s time to create a debt repayment plan. If you must hire a financial advisor to help yourself get out of debt, do it.

Plan for your retirement

Retirement may be several decades away from now but it’s never too early to plan for your retirement. Other than your emergency fund and regular savings, investing for retirement is a must if you want peace of mind when it comes to your finances and your future. If you’re employed, make sure to avail the full company retirement offer.

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How to Get Out of Debt the Smart Way this 2016

Get Out of Debt

For most people, one of the biggest financial hurdles they have to face at one point or another is debt. While racking up debt may seem as easy as swiping your credit cards, paying it off takes time and effort. This is why plenty of consumers think they can’t ever pay off their debts. Most of these people have tried to get out of debt but to no avail. Fortunately, a new year means a new slate or a new beginning if you may call it that. To kick off this year’s getting out of debt project, here are easy and smart tricks that might work for your situation:

Know how much you owe

Just thinking about debt is stressful enough. Imagine if you have to get out of your way and make an effort to know exactly how much you owe. That should raise the stress level several notches higher. But no matter how difficult it may be, this is the vital step you cannot afford to slip. Only by knowing how much you owe will you be able to create a viable debt-paying plan that can work.

Create a budget

Creating a budget still works even if you think it’s already obsolete. You’ll never be able to create a debt-repayment plan unless you know your budget by heart. You need to know which expenses you can curb and how much money you can allot for repaying debt. There’s no other way to get around this so as soon as you know how much you owe, get down to creating a simple and realistic budget you can stick with.

Curb your spending

There’s this 10×10 rule that helps consumers to reasonably curb their spending. Rather than drastically cut back on your spending, you can do it gradually by shaving off £10 off your spending rather than £100 in one go. £10 may seem little but the money adds up over time. Before you knew it, you’ve already curbed £1,000 you can use to pay off debt.

Pay off high interest debts first

If you have a long list of debts to pay off, don’t get overwhelmed. Just list them down with the high interest debt on top going down. When paying off your debt, aim to get rid of the most expensive debt first. This could be your credit cards with high interest rates. Once the first debt is paid off, target the next debt on the list and continue doing the process until all debt is eliminated.

Use cash

Considering how expensive credit cards are, this is also the best time to spend money the traditional way. Use cash whenever possible and keep credit card charges at 30% or below of credit limit instead. When you use cash for shopping, groceries and other purchases, you’ll be more aware at how much money you’re spending as opposed to credit card charging where you’re just handing out your card for purchases.

Seek professional advice

Finally, it wouldn’t hurt to seek for professional help and advice when it comes to paying off your debt. If you’re feeling overwhelmed because of the amount of debt you owe and you don’t know where to start, it might be best to work with a professional. A good financial counselor can create a reasonable and realistic debt repayment plan for you. Yes, you may need to spend money for expert advice but having someone knowledgeable to kick off your debt repayment project will position you on a good start. A good start, while not a guarantee, will help you achieve your debt-repayment goals this year.


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