Even though borrowing money with logbook loans online is becoming a more popular way for car owners to receive a lump sum of cash, they still come in for more than their fair share of criticism. But as with most things, it's best not to believe everything you read.
Over recent years, bad press, bad publicity, and negative connotations associated with so-called 'fast loans', including online logbook loans, resulted in a crackdown by the Financial Conduct Authority (FCA). Now, there are specific guidelines, with tighter rules and restrictions for lenders, including a price cap to limit the amount of fees and charges a borrower would be liable to pay.
But even though the industry has dramatically upped its game, Here, Car Cash Point look at just a few of the more common falsehoods and put the record straight.
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If you already know your credit score is low, being approved for any loan you apply for is almost impossible. But as Car Cash Point don't need to check your credit score to help you with a loan, it makes the process much easier. And once you're approved for a Car Cash Point logbook loan, there are still plenty of ways to help you improve your credit score overall.
When your credit score is at an all-time low, or even non-existent, the obvious way to improve it is to get credit. But, as with a lot of financial dealings, that's easier said than done. A low credit score keeps you caught in a vicious circle - you can't get credit to improve your score, and you can't improve your score without credit. So what do you do?
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Whatever line of credit you apply for, whether it's a logbook loan, a mobile phone contract, even a mail order catalogue, there's often pages of small print attached to the paperwork that you probably won't read. But that small print is often the place where most of the information about hidden fees is kept. Before we start and just to be completely clear, Car Cash Point has no hidden fee's, we've worked really hard to become one of the only Logbook loan lenders in the UK to offer the highest quality service that's as fair as possible to our clients.
No one reads the small print. It's just a fact of everyday life. It doesn't really matter what we're signing up for, we gloss over it, or blindly accept it - usually, both, ignoring it all and signing anyway. But those tiny Ts and Cs are there for a reason. And that's to tell us about any legal or financial obligations that we, or the lender, are liable for.
All the relevant info will be listed, but because it's written in 'legal speak', it can be full of jargon, making it difficult to read and understand. But that's what some lenders rely on. And as lenders might not be legally obliged to tell you about fees and charges beforehand, this is where many borrowers can get into difficulties.
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When it comes to borrowing money, you can be overwhelmed by the choice available. But it's the influx of 'fast' loans that have received some bad press in recent years, with logbook loans coming under the spotlight. So why have logbook loans had such a hard time and do they deserve it?
A flooded market
There was a time when if you needed to borrow money, you had to visit your bank or building society and apply in person. Application forms and all kinds of background checks were part and parcel of borrowing, and you almost certainly needed to declare what the money you wanted to borrow was for.
That method of borrowing is still very much alive and well in High Streets all over the country. And though those same High Street names all offer online loans as well, the same amount of checks and confirmations are still required. Although these big names are trusted and well known to us, not everyone who needed to borrow actually could, because of their financial background or current financial situation.
To counteract this rather limiting way of allowing people to borrow money, the online market became flooded with faster, quicker, and easier loans being made available. Aimed purely at people who were hard up or strapped for cash, these loans became an easy way for money lenders to prey on those that needed money quickly.
Continue reading "The rise and rise of logbook loans"
Over time, getting a bad or low credit rating can seriously limit your ability to borrow money. Many financial lenders insist on an excellent, or at least good, credit score before they'll even look at your application for a loan, mortgage or credit card. But having a bad credit score doesn't have to mean no credit at all.
Once you get credit and providing you don't run up vast amounts of unsecured debt, credit will always be available to you. And, the more you borrow (and pay back successfully), the more your credit score will build, showing lenders you're a trusted and creditworthy customer. It all makes it much easier to borrow money for years to come.
But, if you come unstuck and run into financial difficulties for any reason, your credit score will quickly decrease, leaving you with few options to borrow. And once you get a bad credit rating, all lenders will quickly know about it, making it increasingly difficult to get credit or finance anywhere.
Continue reading "Does my bad credit have to mean no credit at all?"
Getting to grips with some much-needed home improvements can do wonders for turning a tired or outdated room into an inviting, usable living space. And, depending on your plans for a transformation, a logbook loan could help give you the wow factor you're after.
There's a bit of a trend happening with home improvements at the moment. Not so long ago, homeowners would choose to sell up and move to a new, larger house to accommodate their growing families and busy lifestyles. Now, thanks to the housing market, it's far more likely that they'll stay put to breathe new life into the current family home.
From a simple declutter and freshening up of a room, to brand new family spaces that extend out into the garden. Staying put can give you the opportunity to transform your home, giving you the look you want or the space you need. But while you're saving yourself the upheaval of moving as well as the costs involved, you still have to find funds to get the home improvements you want.
There are several ways to raise the money you need. Depending on what you want to achieve, you could use some of your savings to get started. But if you don't have savings or you need extra to help to get the look or extra space you need, a logbook loan for your home improvements is a great option to look into.
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