Should You Take Out a Logbook Loan?


Logbook loans are very popular in the UK. In fact, the financial product continues to draw more borrowers despite the controversies surrounding. Even with financial advisors discouraging borrowers from resorting to the loan, logbook loans remain a go to choice especially for people with bad credit. And you can’t really blame them.

When financial emergencies arise and you can’t take out a personal loan from major banks and lenders because of bad credit, products such as logbook loans come handy to save the day. In exchange for the quick fix solution, however, is the high interest rate and high risk of vehicle repossession.

Because logbook loans are borrowed against the value of your car, you are essentially putting your vehicle at risk. You may lose it in the event that you are unable to repay the loan. A few months of missed or delayed payments, for instance, will get your lender sending the debt collector to hound you. If they don’t get paid and receive no response from you after several attempts, you may find yourself without a car in no time.

With the high cost and high risk combined, should you still take out a logbook loan? This is one question most people who are considering a logbook loan are probably asking themselves as well. Logbook loans, after all, may be easy to access but it’s not always the best way to raise funds.

So to answer the question if you should take out a logbook loan or not, it depends. It depends on your financial circumstances, needs and ability to repay the loan. At the end of the day, if you know what you’re getting into and you’re committed to repay your liabilities on time then a logbook loan is worth considering.

To help you make a sound decision, there are key factors to consider when looking at logbook loan as a solution to your financial needs and they include:

Loan amount

Like with any other type of loans, one of the first things you need to take into account is the amount of loan you need. With logbook loans, you can borrow anywhere from £500 up to £50,000. Most lenders will also let your borrow a maximum of up to 70% of your vehicle’s official trade value. Borrowing the maximum amount you may be eligible for may be tempting but it’s always best to keep your borrowing at a minimum. In fact, the trick is to borrow only what you need and can afford to avoid all manner of financial complications in the end.


The cost of your logbook loan depends on a number of factors. One of which is the interest rate then there are also hidden fees to think about. To know if you’re getting a good deal on your logbook loan, one way to compare your options is by looking at the annual percentage rate or APR. Most lenders advertise their logbook loan deals by providing borrowers with information about the Representative APR. In general, the lower the APR, the cheaper the loan will be. You can check out SimpleLogbookLoan today for the cheapest deals available in the market.

Lender reputation

If you’ve decided that a logbook loan is the way to go, don’t sign the deal just yet until you’ve checked your lender’s reputation. One way to do that is to read consumer reviews. If majority of the borrowers were happy and satisfied with their deals, chances are high that you’ve found a reliable lender you can trust to give you a competitive deal.

Five Smart and Foolproof Ways to Live Within Your Means

Living below your means is one of the financial mantras majority of financial advisers preach for everyone to live by. You can’t really argue with it seeing that it makes perfect sense. But real problems arise when you actually try to do it. Living below your means when your income is barely enough to cover your expenses is not only frustrating but also disheartening. It’s just not possible you might say and that’s true most of the time. A generous dose of willpower and some smart strategizing may help however. Below are simple, smart and foolproof ways to help you live within your means:

Change your mindset

More than the tangible steps, you need to start with your mindset in order to pull this kind of life changing goals. If you think it’s impossible to live below your means with your current income and situation, the first thing to do is work on changing that kind of mind. If you’re having a hard time doing so, maybe faking it until you make it might work. It will also help to think that your income is smaller than what it is. One trick that works for some is to think that your income is still the same before your earned a raise then live within said income and set aside the money for savings.

Pay yourself first

One way to train yourself to live below your means is to set aside a certain percentage of your income first thing. As soon as you receive paycheck, set aside 3 to 10% to another account, which you can call your savings or emergency fund account. What will make it even more effective is if you set this up as automatic. Call your bank and set up automatic transfers so you’re a step ahead to living below your means.

Set specific goals

Living below your means without any specific goals to work toward to is like running around in circles. If you want things to make sense then you need a financial goal to justify your decision to live below your means. Maybe you want to save up for a home, retirement or a vacation. Whatever it is, make sure it’s specific enough.

Make specific plans

Don’t stop with setting specific goals. In order to achieve those goals, you need to back it up with specific and realistic plans. How do you intend to save up for a home or vacation? This is one key question to ask and the answer may include making specific lists and how to’s on how to stay within budget within the week. This may also mean cutting back on some expenses, cancelling subscriptions, etc.

Pay cash for everything

While you’re still getting used to living below your means, it would be best to pay cash for everything, at least for now. Use cash when shopping or paying for your bills. This way, you’ll be able to really feel and understand how much you have to spend on expenses per month.

The Best Way to Deal with Bad Credit

bad credit
When you have bad credit, life is just more complicated in every way. If you need a loan, you can’t always get one because you are dubbed a high-risk borrower. If you want a new mobile phone contract, disapproval rates are pretty high when you have a history of ccjs or defaults.

In most cases, you are left with little to no choice but resort to expensive alternatives. But do you want things to be just this way? Probably not. If you want to a better financial life, there is one best way to deal with bad credit. That is to face it head on.

You were the one who racked up all those loans and steep interest rates. It’s time to face the music. Otherwise, you will only continue to have one miserable financial life ahead.

To start with your “beat bad credit operation”, it’s important to know the facts. That means getting a full report of your credit history so you know where you went wrong. Double check the details and report any errors or discrepancies to respective agencies.

Once you have your credit history checked, the next step is to develop a thorough and extensive plan on how to boost your credit score. There are numerous ways to do so and there is no best and foolproof plan for everyone. Because every situation is unique, you need to find out for yourself the steps and changes that will work for your specific circumstances.

As soon as you have a solid plan, keep at it until you see significant improvements on your credit score. Better yet, keep the new lifestyle so you never have to worry about bad credit in the future. In any case, that would mean being more responsible as a borrower and with all your financial decisions.

Applying for a loan? Here’s what to keep in mind


If you’re in the process of applying for a personal loan, there are key questions to ask yourself. Remember that borrowing money especially large amounts of money is pretty serious. Ask yourself the following questions before signing any deal to ensure that you’re making the right decision:

Do you really need the loan?

Just because you are eligible for a loan doesn’t mean you should take it. You might be surprised but there are plenty of people who borrow money without even needing it. It’s available after all so might as well take it. That kind of mindset, however, can be dangerous. Borrow only when needed to avoid complications.

How much do you need?

If you’re sure that you really need the loan, the next step is to ask yourself how much do you really need? Avoid borrowing more just because it’s available. Doing so will also mean your monthly repayments.

Do you know how much the loan costs?

Before signing any dotted line, make sure you understand the cost of the loan. Investigate the interest rate and related charges. Compare it with similar offers so you’ll have a better idea of what’s available in the market.

Do you understand the terms and conditions?

Taking your time to understand the terms and conditions of the personal loan is also imperative. Speak with a financial adviser if needed and ask questions you can think of to get all bases covered.

Can your budget handle the month repayments?

Most important of all, you need to make sure your monthly budget can actually cover the monthly repayments. Before entering any credit agreement, you should make a commitment to pay your dues on or before the due time. You can only do this if you ensure you can afford the monthly repayments prior to signing any dotted line.

Three Simple Investing Strategies to Live By


If you want financial freedom, investing is one of the quickest ways to it provided of course that you are doing it right. Investing, however, is no simple matter. It can be complicated and fraught with challenges. There are all kinds of risks that you also need to overcome. In any case, investing done right can be truly rewarding not only financially but as a whole.

To be successful in your investing, you don’t need any type of secret strategies. With people investing since forever, all you need to do is learn from what has always worked for others and go from there. To get you starter, below are some of the best and simple investment strategies to live by:

Understand what you’re getting into

As the saying goes, “don’t go to war unarmed”, you should not take the investing plunge without arming yourself with knowledge. Remember that investing is a complex matter. You don’t want to risk losing your hard earned money in one instance all because you were ignorant. Whether you’re just starting out or have been investing for years, the simple rule to invest only in what you understand still applies.

Start as soon as possible

Ideally, the younger you start investing the better for your returns because the longer money is invested, the higher the potential of it earning more. That doesn’t mean you should not invest anymore when you’re older. If you’re on your 40s or 50s and you want to invest, do it and start as soon as you can. Don’t overthink the matter. As long as you understand what you’re getting into, you got yourself covered.

Keep it realistic

No matter where you’re at in your investing journey, setting realistic goals and expectations is one of the keys to success. Just because you’ve had a good year earning higher interest than ever doesn’t mean you should let your guards down. And just because you got it right like Warren Buffet doesn’t mean you should aim for the stars. You can set bigger and higher goals, of course, but always balance it out with a dose of realism. This kind of mindset always works no matter your investing experience and knowledge base.

Don’t be an emotional decision-maker

If you want to be a savvy investor then you need to master the art of separating your emotions when making investing decisions. The trick that has always worked for the best and expert investors is to keep an open mind always. Just because the news say the market may crash doesn’t mean you should panic and sell everything. Take a moment to step back and look at the whole picture without letting your emotions clouding your decisions.

Don’t be afraid to take risks

If you want the bigger rewards in investing then you must be willing to take bigger risks as well. And you can only take risks confidently when you know what you’re getting into. That’s why researching your investments is always imperative. Once you’ve got the research cover, it’s time to decide how much risk you can handle. Remember to balance everything out. Just because some investors are taking too much risks doesn’t mean you should too.
Don’t be the investor who is too hooked with one stock that you forget to diversify. Don’t put all your eggs in one basket make perfect sense no matter the age or investing trend at the moment. If you want to be smart with your investing, diversifying is the key, across different asset classes and within the asset classes is always a good strategy.

How to Save More Money Without Feeling Deprived

saving money

Contrary to what many experts claim, saving money is not easy. It can be frustrating and complicated. It takes a lot of willpower to develop the habit and there are strategies you need to deliberately learn in order to fully master the art of saving. The worst part is, if you save money on a tight budget, it may leave you feeling deprived.

Deprivation is never a good thing. When you feel deprived, saving money becomes an ugly chore and you’re just likely to ditch the habit in no time. To help you save money without feeling deprived, we’ve come up with some simple tips and tricks you can try that might just work like a charm:

Set up automatic savings

You know those features on your bank accounts that let you transfer money automatically? Take advantage of that. By doing so, you make it so much easier to set aside money and make the habit a part of your lifestyle. By setting up automatic saving transfers, you are essentially setting up yourself for success. After all, you won’t miss the money you haven’t seen. You can start with a small amount you are comfortable with. Between 3 and 10% of your income is an ideal start.

Buy yourself a trusty coin bank

Another trick that will help you save more money without feeling like your depriving yourself is to start with those you usually forget about. Buy a coin bank and stash all your coins in there. In no time at all, you’ll have extra savings you can add to your savings account.

Add loan payments to savings

Another trick that works like a charm is to keep paying loans. That is, if you have a loan you’ve already fully repaid, continue to set aside the money but this time by adding it to your savings account. Since you’re already used to a lifestyle without the additional money, it won’t even hurt you to add the extra money to savings.

Pay yourself

Many financial experts often say to pay yourself first. As soon as you receive your paycheck, the proper thing to do is set aside a percentage for savings. But don’t just stop there. Keep paying yourself. If you’ve done a major housework, you should pay yourself at the equivalent rate as you would if you hire someone. Set the money aside for savings.

Strive to stay healthy

Pursuing a healthy lifestyle is not just about achieving the perfect body. It’s more about your wellbeing and that includes your emotional, physical and financial state. But zeroing in on the financial aspect, when you are healthy, you’ll not only feel great about yourself but you’ll be able to avoid getting sick which can be pretty expensive.

Cancel subscriptions

If you’re like most people, you probably have a number of subscriptions you’re not really maximizing. It makes perfect sense to just cancel some of them, don’t you think? Once you’ve freed up the extra money, you can set it aside and add to your savings account. No matter the amount, remember that it all adds up over time.

Take it a step at a time

One of the reasons why most people fail to save is because they feel overwhelmed. If you’re just starting out with this new lifestyle, it’s important to remember to take it all one-step at a time. If you stumble and fall, don’t take it too seriously. Just try to get back up on track. The biggest trick really is to just keep doing what works for you.