Debt

Drowning In Debt? Here Are Some Lifelines

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Being in a lot of debt can often seem like an inescapable situation. Before considering bankruptcy or fleeing abroad, it’s important to remember that there are still recovery options out there, even for those debtors with multiple thousands to pay and more creditors than they can name. Here are some of the main ways that you can help dig yourself out of deep debt.

Negotiate with your creditors

It’s unlikely any of your creditors will be willing to wipe the debt clean. However, rather than ignoring and angering your creditors, it could be endearing to contact them and explain your situation. To them, you may just be another late paying client. If they realise how far in debt you are and how impossible it is to pay back those debts, they may be less inclined to move to the stage of hiring bailiffs and more inclined to negotiate a better payment plan. They may agree to wipe the interest or accept payments in smaller instalments over a longer period of time. Most creditors would rather get paid something than nothing at all, and so will likely be willing to make small adjustments to fit your needs.

Get legal help

Lawyers may be able to help you negotiate with creditors and come to a better arrangement. They may also be needed in cases where creditors are being hostile or using harassing behaviour such as calling at unsocial hours or making aggressive threats. If you’re at a stage where the only option is filing for bankruptcy, a special bankruptcy lawyer may also be beneficial to hire to ensure all debts are wiped. Contact a solicitor firm if you are unsure and discuss your options.

Consider a DRO

An alternative solution to bankruptcy could be a debt relief order (DRO), although this isn’t available to everyone. It may involve assets and liabilities not exceeding a certain amount and often doesn’t extend to people trying to write off huge debts. DROs are less costly than bankruptcy and allow a more easy recovery.

Make serious cutbacks

Getting out of heavy debt will also require some cutbacks. The more serious these cutbacks are, the quicker you’ll pay off your debt. This could include selling your car so that you no longer have to pay costs such as insurance and fuel. This could include downsizing to a smaller home so that you’re paying less rent. In some cases, you may be able to make money from such cutbacks. For example, you may be able to sell a car or indeed sell a house to downsize, giving you some money to help pay off your debts. Look at these serious cutbacks as temporary – once you are out of debt you can go back to enjoying these luxuries. Whatever you do, don’t take out any more loans. You may be tempted into the idea of credit building loans or indeed consolidation loans but these may simply put you in more debt.


How Good it is to Achieve an Unsecured Loan for Your Business Find it Out

 

Achieving an unsecured loan is a great option for developing or expanding your business as it yields considerable support towards capital funding. A sound source of acquiring capital is of great importance to those who are running their own businesses. Few of the loan providers will even ensure a fund transfer within 24 hours of processing your application. You must also understand the difference between natures of personal loans with that of business loans. Business loans are only meant for the growth and expansion of your business.

Advantages of Unsecured Loans are mentioned below:

Easier to Obtain Than Secured Business Loans

In comparison to a secured loan, achieving an unsecured loan for your business tends to be a lot easier. In this case, you won’t need to show any collateral up front for your business.

Unsecured Loans Come Without Collateral

The collateral will be seized by your lenders if you’re not able to repay the amount borrowed under a secured loan. Your business property can’t be claimed by your lender if you’re not able to repay any unsecured loan. They can only claim it after obtaining a court order.

Unsecured Loans Can Be Discharged By the Court While Filing Bankruptcy

Unsecured loans have often been discharged by courts when the owner of any business needs to file for bankruptcy due to an odd reason. However, discharging any secured loan only takes place under rare circumstances.

Quick Turnaround Time

Once your loan application is accepted, funds can be transferred to your checking account within a couple days by a majority of lenders. On the contrary, you’ll need to wait for a much longer period of time if you apply for loans with a bank.

Credit Scores Are of No Use

Your credit scores are of no use if you’re attempting to achieve any unsecured loan for running your business. The nature and command of your business will help you qualify. The lenders shouldn’t have any problem in meeting your demand if your business reflects a sound financial situation.

Scope of Adjusting Payments

The profits earned by your business will help determine your loan repayment amount. The amount repaid can well be adjusted depending on whether your business experiences profits or losses through the different phases. The idea is to make repayments more simplified without going bankrupt during trying times.

Unrestricted Potential for Funding

You’ll always have the option to apply for a loan for as long as you have funds and your business is acquiring sales steadily. Your business can certainly survive against all odds when you’re in good standings. Applying for an unsecured loan yields an added advantage. You may qualify for this type of loan and it doesn’t take much time to determine your eligibility.

You may come across lenders that are able to provide you loans and transfer the funds within a single day, but you need to read through their loan terms prior to sign up. All you need to do is to send in your tax return document and your bank statements for the last 6 months to achieve your loan. You may acquire these loans worth up to 1 million, as the amount is based on the gross turnover of your business.

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Family Money Woes Of The 21st Century

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You would have thought that now we are well and truly in the 21st Century, life would be a whole lot easier, right? After all, there have been so many tech advances that make our lives easier and bring us closer to each other, most everyday problems are now not as big as what they once were. However, that’s not the case with money, especially for families. Tech hasn’t solved some problems and has even brought along some new ones.

So, which financial problems and woes are the big concerns for families in the 21st Century? Here are a few of the main ones and what you can do to ease them for you and your family!

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A Shrinking Income

Sometimes, we experience money problems that are a result of factors outside our control. One of these that quite a few families face right now is a shrinking income. Since the economy crashed way back in 2007, markets have slowly picked up. However, some industries still aren’t doing quite as well as they should be and inflation is still quite low. And that has a direct effect on wages. Over the past decade, wages have been rising – but only extremely slowly. Some industries and sectors, especially the public sector, have even had their wages frozen. That means workers have not had a pay rise, and therefore their wages are no longer in line with inflation. If you are a family that has been hit hard by these low wages, you are probably wondering what you can do. Firstly, you might want to see if you can find a second income; something you can do alongside your regular job. For instance, many people now turn to blogging as a regular income. Secondly, it’s worth asking for a pay rise. After all, if you don’t ask, you don’t get! If that doesn’t work, you might find that it is worth switching jobs and moving to a better-established company that pays a fairer wage.

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Increased Family Expenses

Unfortunately, everyday expenses and outgoings haven’t behaved in the same way as wages over the past ten years. They have been affected in the complete opposite way and have slowly been growing! Because of this, lots of families now complain that they feel a pinch in their budget. They don’t have as much money to spend on things like the groceries, car repairs, and energy bills. But these are things that they can’t live without. So, how do people manage to get by? More and more families are resorting to taking out loans to ensure they can survive until payday. If you feel you need to get some extra cash in this way to cover yourself, there are some safer options. For example, it’s not a good idea to take out a payday loan as they often come with very high interest. However, you’ll be fine taking out a specialist loan, such as affordable title loans to help cover car expenses. Just make sure you are totally able to repay this money once repayments start. Otherwise, you could end up in some bother!

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No Investments

If you do have some money left over at the end of the month, you will no doubt want to put it to one side for a rainy day. However, it’s no good just leaving it in your savings account. Interest rates haven’t been too high over the past few years, and the interest on the majority of bank accounts isn’t enough to help your money beat inflation. If you want to make sure your money grows at a steady rate and beats inflation you need to place it in investments. There are various things you can invest in, from property and stocks and shares to gold and funds. These often make much higher returns than money that is just left in bank accounts. Even high-interest saving accounts are no match to other investments! However, you need to be aware that some investments are a lot riskier than others and every single investment comes with the possibility that you might lose some money. For instance, stocks, shares, and funds will go up and down over time depending on how the economy is doing. But, if you leave your money in for long enough, it should increase. So, you just need to be aware that investing isn’t completely risk-free. But to get the biggest returns, you can’t play it safe with money!

Hopefully, this blog post has given you all the info you need to end these 21st Century money woes!


Dealing With Debt: Getting a Handle on Your Finances

Debt is an incredibly tricky subject. It can improve lives, and it can also make people miserable. ‘Good debt’ is a result of borrowing money which results in you earning back more in the long run. Whether it’s to buy a property (which will generally gain in value year on year), education to get a better job or starting up a business. It’s agreed all-around that these are the kind of things worth borrowing money for, as they will improve your life and give you financial security.

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However, on the flip side, debt can also be a result of people borrowing money to pay for luxuries and things they don’t really need. This can lead to a slippery slope of minimum payments and high interest rates. Meaning that despite making payments each month, the debt never really goes down. It can quickly lead to you becoming over-committed, and having to then borrow more money just to get by. When you’re relying on borrowed money to pay your regular monthly bills, or are using money you don’t have to live beyond your means it’s bad news. If you’ve found yourself in this situation, here are some of the ways you can go about it.

Stop Overspending

Your first step would be to stop overspending, plain and simple. Work out exactly how much income you have going in, and a list of your bills that go out each month. Anything that’s not essential get rid of right away. For your priority household bills, give each company a ring to make sure you’re getting the best deal and reduce things as much as possible. In the case of things like medical bills, you could find out if you have a personal injury claim if someone else was at fault. Compensation to pay these bills can make life much easier. Write out a monthly budget and stick to it. Any money leftover can then be used towards paying down your debts. Finally, cut up your credit cards. This will stop you from paying some off it and then spending back onto it again.

Speak To Your Creditors

It can be scary contacting creditors, but you will find that many of them are extremely helpful if you just ring up. If you explain your situation and that you’re so over committed that you’re no longer able to keep up repayments there are other options. Many will offer repayment options and even freeze interest rates so that everything you pay will be chipping away at the debt and not just going on interest.

Speak To a Debt Management Company or Charity

If you’re nervous about speaking to creditors or need to consider other options such as IVAs and bankruptcy, it’s worth contacting a debt company. They will be able to give you impartial advice and get you set up on a plan that best suits your situation. They will contact creditors on your behalf and help you sort repayments, and generally guide you and let you know what to do.


Dig Yourself Out of Debt by Making Simple Changes

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Whether you’re drowning in credit card debt, struggling to pay back a loan, or you’re so far gone that even meeting the most basic of bills is a struggle, DO NOT DESPAIR! It might be tough, but there is always a way to change your situation around and dig yourself out of the unfortunate financial hole you’ve found yourself in. In fact, just by making a few simple changes, you can sort out your finances once and for all. Here’s how to get started:

Start a Budget

It’s always the first piece of advice you’ll be given when you’re dealing with a debt crisis, but that’s because it is the one thing that will help you more than any other. To get started with your own personal budget, list your monthly incomings and outgoings, placing your essential bills (utilities, food, transport) at the top and the lesser expenses towards the bottom, in order of importance. This will very clearly show you where the bulk of your money should be going and which things can be removed from your life so that you can save more money and pay off more debts.

Cut Out the Unnecessary

Once you have a list of all your outgoings in order of priority, it’s time to start cutting. Spending $20 a week on takeout coffees? That’s an easy saving which will give you $20 more to pay off your debts. Spend $50 per month on shoes? Stop buying new ones until your others are worn out, and that’s another $50 towards your debts. Simple!

Consolidate Your Debts

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If you have multiple debts, chances are the respective monthly minimum repayments on each add up to more than you can easily afford. The simple solution? Check out the best national debt relief programs and consolidate your debts into one monthly payment that you can more easily manage.

Talk to a Credit Counselor

Whether you’re right at the bottom of the hole or you’re starting to reach daylight, it never hurts to talk to a debt counselor, who can look at your financial situation and help you work out better ways to pay off your debt and improve your financial situation in the future.

Download a Spending Tracker

If you have a smartphone, download one of the many free spending trackers, log everything you buy and you will soon see where there is, even more, room for improvement. Do this daily and rewrite your budget monthly for the best results.

Start Saving

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Once you start to see improvements, and you’re no longer drowning in debt, it is time to think about the future. Obviously, you’ll want to avoid getting into the awful situation of struggling with debt all over again, which means that you need to start saving. Look into the best high-yielding savings accounts (and possibly investments) and jiggle your budget so that you can afford to save at least $30-100 every month. By doing this, you won’t need to rely on debt for emergencies in the future, and you’ll have more financial stability to see you through life.

Have you been in debt? What did you do to keep it under control?


How to alleviate debt through consolidation

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The idea of owing money is a scary thought and can give people anxiety when thinking of all the money that needs to be paid out to different agencies. You may have student loans, a mortgage and car repayments to consider in your monthly budget, making it hard to keep up with who you owe money to and what date it needs to be paid. Many people have started consolidating their debts to make life easier and to ensure they are all paid on time. If you are having difficulty keeping up with the repayments from multiple debts, refinancing and consolidating your loans can save you money. Speaking to your lender can provide an insight into lower rates available and how to go about combining multiple debts into the one repayment.

Before signing anything, it is important to consider the costs of refinancing, and calculating whether they are financially viable and compliment your lifestyle. Some providers may charge exit fees to transfer an existing loan to a new provider, making it a costly expense. There is also the chance that by consolidating your debts, it could take longer to pay off. However, this can be avoided if you choose to make additional payments on top of the required repayments. Through certain providers, this making additional repayments will lower your interest rates.

So now you know some of the things to consider when refinancing your loans, the question many people are left with is what are some of the best debts to consolidate? Take a look at some of the types of debts that can be consolidated.

Credit Card
If you have more than one credit card, it could be a good idea to combine the debts into the one. Most major banks offer a balance transfer when transferring the debts from other providers. By consolidating your credit card debt you will ease your anxiety over the multiple payments that need to be paid, and only need to pay one bill instead.

Student Debts
Student debts are painful and often feel never ending. If you are looking to change your variable interest rate loan to a fixed rate loan, lower your monthly payments, or consolidate multiple loans into one easy payment it may be time to think about consolidating your student loan. To understand and calculate the best rate you can use a tool such as a student loan debt consolidation calculator.

Mortgage
Paying the deposit on your new home is an exciting time, and often the interest rate of the mortgage can often be overlooked. More often than not, home buyers will loan from the bank without considering their other debts. If you are considering refinancing your mortgage, speaking to a mortgage broker about consolidating your mortgage with other debts can help you find the best rate.

After careful consideration, you my choose to go with a provider you are familiar with, or someone that offers better interest rates than you currently have, but consolidating your loans into one is sure to save you time talking to multiple providers and save you money by not paying multiple interest rates.


Debt Doesn’t Always Mean Doom

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Throughout life, most people are fed information that tells them that debt is bad. People are misguided into avoiding all debt; good and bad. But, there are some loans which can be very good to get. And, most of these will factor nicely into everyday life. Of course, it’s hard to see that borrowing someone else’s money could be good for you. But, in a lot of cases, it certainly can. You just need to let your guard down a little and see these options for what they are; methods that can be used to improve your situation. To help you out, this post will be going through an example of a good loan, and some of the other times that you might want to consider this sort of action.

The biggest loan that most people will ever receive will be a mortgage. This is the loan that most people use to be able to afford a home. In this sort of example, the only alternative for most people would be renting a property. When renting, you’re essential throwing your money away; compared to holding a mortgage. Instead of your money going to someone else, you will be paying back money that you owe. With each repayment, you will own a little bit more of your home; leaving you with something physical at the end of it. Without this sort of loan, most people wouldn’t be able to own a home. Instead, they would have to throw their money into rent forever.

There are loads of examples where a loan can be better than the alternatives that surround it. Of course, it’s important to consider this with each loan you take. With regular assessment of your money and it’s future; it’s easy to see where you might need some help in the near future. If you find yourself looking to be in the position, it can be best to get a loan that won’t be applied for in panic. Even if you have poor credit; it’s best to get a loan which is well thought out and planned. Websites like CignoLoans.com.au have loads of information to help you to get a loan that won’t be too hard to pay back. You just have to be careful.

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When it comes to loans, there are loads that you have to avoid. Payday loans have become a very popular structure for borrowing money. But, these systems are designed in such a way that it will always cost the customer far more than they would usually have to be pay to get a loan. And, some are even designed to target those who can’t pay them back. This is the main thing to consider when you get a loan; whether or not you can afford to pay it back in time. Government websites like https://www.moneysmart.gov.au/ have loads of resources to help you. You just have to find the one for your own country. In most cases, you will lose be able to go to your bank for this sort of advice.

Hopefully, this information will help you in times of financial need. It can be hard to know which decision is best to make at any given time. And, there are loads of conflicting ideas that you will find on the Internet. The advice that you can trust will always come from your government. And, this should be the only information you don’t question.


It’s A Rich Man’s World: What To Do With Your Windfall

If you’ve recently come into some money then first of all: congratulations! (Or commiserations, if the money arrived in your hands because of an inheritance, rather than something a little more fun like a bonus or a lottery win.) Coming into money can be a great thing, but it may be a little more stressful than you were anticipating. Here are some top tips on what to do if you have a sudden windfall…

Pay Off Your Debts

Pay Off Your Debts

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First of all, it’s time to pay off your debts. Depending on how much money you’ve come into, this might be paying off your credit card debt, finishing up your car payments or even paying off your entire mortgage. Not having debts will free up a lot of your salary from your everyday job to go into your savings, for something fun like a great vacation every year or something a little more sedate like your kids’ college funds. Paying off your debts as quickly as possible will help you be free of interest, which means that you’ll end up paying a whole lot less in the long run.

Update Your Home

Your Home

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Secondly, why not consider updating your home? Not only will this raise your living standards (imagine how great it would be if you got an extension so your kids don’t have to fight over the shared space of their bedroom any more?) but it’ll also end up adding value to your home in the long run, even if you don’t want to sell it just yet. Generally, loft conversions will add the most money to your home, followed by an extension. It’s also a good idea to make sure that your bathrooms and kitchen are freshly renovated. Even though any prospective buyers might want to rip them out and put in their own, a lot of people are looking for homes that they can immediately move into and live in, so they’ll want those rooms to be beautiful and functional.

Get Investing

Get Investing

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A lot of us aren’t even sure where to start when it comes to investments. A lot of people choose to invest in property, which will give you a steady income – you just need to make sure that you choose a suitable area, near train stations for commuters and near good schools so that the property will appeal to young families. You could also choose to invest in something like gold or in diamonds – they’ll never lose their value, after all, and will always be in top demand. If you’re not sure where to begin, check out the diamond price calculator from Diamond Registry. Finally, try investing in stocks, shares and bonds. Make sure that you diversify your portfolio and that you don’t put a huge amount of money in one company.

Save A Nest Egg

Save A Nest Egg

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Finally, it’s important to make sure that you save some money too. There’s nothing that gives you security more than having some money in the bank that you can rely on and that will enable you to be free in other areas of your life – having savings gives you freedom to take risks and chances.


Pico Financial Teaches You How To Escape The Debt Spiral

How to Escape the Debt Spiral

Most people endure harsh financial times at some point in their lives, when there simply doesn’t seem to be enough money to go around. With luck, these circumstances will be survived through a period of belt-tightening. In other less fortunate cases, debt becomes a vicious circle, with more and more borrowing needed just to survive. Eventually, this can mean serious risks such as losing a home become all too real.

When things get to this stage, it can be hard to see a way out, but there are still steps you can take to escape the spiral.

First, Examine Your Budget

The first step towards achieving financial stability is to take a long, hard look at your budget and see if any positive changes can be made. This isn’t a pleasant activity for most people with money worries, but it’s an essential step to take. Without this, any other efforts to tackle your debt problems will only be a band-aid rather than a possible solution.

Are there any areas in which you can cut back spending? Is it possible to earn a little extra income in some way? Which debts are causing you the most problems? What bills need paying most urgently? Addressing these questions will put your finances on a sounder footing even if they don’t directly solve your difficulties. With the basics in order, you can now move on to a more proactive solution.

Debt Consolidation

If your budget has little leeway for improvement, and your debts are still too large to be handled, then debt consolidation from Pico Financial of San Diego is a popular option that has a good chance of success. The basic idea is to combine all your existing debts into a single larger one, by taking out a loan to pay off all your other borrowings. If done correctly, by ensuring that the new loan is at a lower rate or repaid over a longer period, your monthly repayments will be reduced to a much more manageable level, even though your overall debt level will not be reduced.

Enter a Debt Management Plan

Unfortunately, debt consolidation isn’t an effective solution for everybody. It could be that your debts are simply too huge to be dealt with in this way, or maybe by this stage, your credit rating is so shot that being approved fora new loan simply isn’t a realistic option. In this situation, entering into a debt management plan is the next step to consider.

This involves an admission that your debt situation simply isn’t sustainable and drastic changes are required. By contacting your creditors and explaining that you have no realistic way of keeping up your repayments, you may be able to restructure the debt to make it more affordable. This may be through lengthening the repayment term, reducing the interest rate, or even freezing any further charges to give you a chance to start repaying the principal.

This course of action relies on the cooperation of your creditors, and for this reason, it’s usually a sensible idea to use a debt management agency to carry out the negotiations on your behalf. Their experience and lack of emotional involvement usually lead to more success. although you may have to pay a fee for the service. Free credit counseling charities can also help, but their resources are often limited.

Bankruptcy

If debt management hasn’t solved the problem, personal bankruptcy may be the only option left. This process needs to be handled by an attorney, and it comes in two basic forms. Chapter 13 bankruptcy is suitable for higher-than-average earners and allows you to keep hold of some assets such as your home or car. Chapter 7 is the more common form of bankruptcy and will use all your available assets to clear as much non-government debt as possible. In both cases, your credit rating will be completely shattered, but by the end of the process, you will be freed from your debts.

The best way of avoiding debt problems is not to borrow in the first place, but this will be cold comfort for anyone struggling with unmanageable repayments. Taking control is the only way to escape the spiral, whichever of the above paths you need to follow. One thing’s for sure, if your debts are causing you severe difficulties, it’s better to take action now as the situation is only likely to get worse if you ignore it.


What to look for when you pick a logbook loans lender

Today’s loan market is a crowded place and borrowers are spoilt for choice. But when you’ve decided that logbook loans are your preferred line of credit, we’ll give you a few things to think about to help you pick a good, responsible lender.

Logbook loans are one of the most widely used methods to get a fast cash injection. The format is simple, with all logbook loan lenders using your car as the security for your loan. So while it’s easy to get this type of loan if you’re a car owner, just like other loan types, some deals are better than others.

There’s been a rise over the last few years, in a number of people having day to day financial difficulties. At the same time, there’s been an increase in the number of small, opportunist and often unethical logbook loan companies. This minority of companies will offer a quick loan, but will often use sky-high interest rates, big fees and sly tactics for dealing with any late repayments.

So let’s look at how some logbook loan lenders like to operate and give you some pointers on what to look out for and what to avoid. We’ll then look at all these things to see how Car Cash Point would be a better option for you.

Check the interest rate

Interest rates can vary wildly depending on the lender. This is true for all types of loan, whether they’re secured or unsecured and from a bank, building society or any other source. Even logbook loan rates can differ greatly.

Some lenders can charge as much as 450% APR for their logbook loans. And although that seems particularly high, it’s not unusual to see. This kind of figure makes paying back your loan far more difficult, more expensive and longer to do. You should always check the lender’s APR interest rate first, then compare it against the rates of other lenders. It’s surprising just how much you could save, just by doing this simple check.

How’s your credit?

For every loan applied for, it’s usual for the lender to undertake credit checks each time. This background check tells the lender whether or not you’re creditworthy and have a high probability of full loan repayment. It’s standard practice for the majority of lenders to do these checks, but that might not be good news for you.

If you’ve had credit problems in the past, such as a CCJ or bankruptcy, this will be enough for the lender to deny your application outright. This hardline approach is used by all money lenders, including some logbook loan companies. If you know you have bad credit now or have had problems in the past, there is another alternative, so make sure you find a lender that does not use credit checks.

Hidden fees & charges

Often the cause of financial problems getting out of control, lenders hidden fees and charges can be a borrower’s downfall. As with any agreement that requires a signature to get started, it’s advisable to read the small print before doing so. But it’s not so much the fact that details are buried in tiny terms and conditions, but that many lenders do not tell you about them up front in the first place.

Hidden fees can be anything from more obvious things like a charge for a late payment to charging you for text messages, phone calls and letters. All of these can make your repayments get bigger and carry on for longer. A responsible lender will always be upfront with you about fees and charges, but if nothing gets mentioned, ask them during the application process.

Paying your loan off early

If you find yourself in a position to be able to repay your loan in full before the end of your loan term, it makes sense to be able to do so. However, not all lenders see it that way. The majority of lenders like to impose a minimum period, usually three months, before you can pay your loan off. So even if you’re able to, you won’t be allowed to, meaning you’ll have to incur further interest charges for no reason.

Some lenders will even add an amount of interest to your current outstanding balance when you request early settlement. This is plainly just a penalty for wanting to settle early as it will prevent some lenders from making maximum profit from you. Again, always ask about this before you agree to your logbook loan and choose a lender that won’t penalise you for wanting to settle your loan early.

Making overpayments

Similar to paying your loan off early, some people may find a change in their financial circumstances allows them to pay more off their loan once in a while, beyond their agreed repayment amount. If you find you’re able to do this, it makes sense to have your future interest lowered accordingly. It might only be a slight change, but every penny can help.

Every logbook loan lender should allow capital overpayments against the original loan amount. However, not every lender will adjust their level of interest accordingly, instead keeping it at the original rate, even though you’re able to pay more off. Some lenders will also have a limit as to how many times you can make overpayments as well. Both these things should be made clear at the loan application stage, but if you make overpayments, you shouldn’t be charged the same rate of interest.

Payments to suit you

When you take out any loan, it marks the start of a fairly long repayment schedule that you need to maintain. Everyone’s finances and budgets are different, so it’s helpful to know exactly how much you’re paying and when you’re paying it. When you know this, it makes things a lot easier to manage, so choose a lender that will allow weekly or monthly payments that fit with your own finances.

No lender should give you an unrealistic repayment schedule that will put you in financial difficulties. If they try to, do not accept it. If you’re not able to specify terms that suit you when you apply, find another lender who will let you choose.

An easier alternative

At Car Cash Point, we like to do things differently. We’re the cheapest and best value providers of logbook loans in the UK. We’re also authorised and regulated by the Financial Conduct Authority for the conduct of consumer credit as well as a member of the Consumer Credit Trade Association and therefore is fully compliant with its ‘Code of Practice’. All that simply means that we’re an ethical and responsible lender.

Looking at our list of what to look out for when choosing a logbook loan lender, Car Cash Point can offer you a refreshing alternative to those unscrupulous lenders we talked about earlier. How are we different? Well, let’s take a look:

Low interest rates: Being the best value logbook loan lender, our APR interest rate is capped at a maximum of 230%. This can be almost half of other lender’s rates and because of our lower rates, we will never be beaten on price.

No to credit checks: Unlike other lenders, Car Cash Point do NOT carry out any formal credit checks. Your application will have no effect on your credit score whatsoever. And if you have credit problems or have been refused credit in the past, don’t worry – we should still be able to help you.

No to hidden fees: Car Cash Point never have any hidden fees or charges. Any fees are made clear to you upfront, so you don’t get any nasty surprises. Plus, we are the only lender in the UK to offer a price guarantee – if you find a cheaper quote from any other UK logbook loan lender, we’ll beat it by 10%!

Yes to early settlements: We don’t believe in penalising you for paying your loan off early. Car Cash Point is the only UK logbook loan lender that lets customers settle their loan at any time – 100% penalty free, even after just one day.

Yes to overpayments: Car Cash Point is the only UK logbook loan lender that allows capital overpayments and then charge reduced future interest on the lower balance. We also have no restriction on the number of times you can make overpayments.

Repayments that suit YOU: To make things easier for you, Car Cash Point is the only UK lender that offers you a choice of either weekly, fortnightly, four-weekly or monthly repayments. Giving you this choice lets you manage your budget according to your finances.

Remember, it’s not how much you can borrow, but how much you have to pay back in total that’s key.

So if you’re looking for a flexible, great value logbook loan, visit Carcashpoint.co.uk or call 0333 220 4419 and speak to one of our expert advisors today. We’ll never be beaten on price or service!


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