There are so many varieties of loans today that there’s an option to suit everyone, regardless of income or budget. There was a time when taking out a loan meant you needed to meet strict criteria imposed by the bank. Thankfully, times have changed and borrowing is easier with one of the most popular loan choices today being a logbook loan.
Even though recent financial events and austerity measures have caused many lenders to tighten the criteria of their lending policies, there are still plenty of opportunities to borrow. Banks, building societies and online lenders continue to advertise and promote their loans, so for the right applicant, money is there if you need it.
However, due to the extra scrutiny on borrowers, there are several pitfalls that could derail your loan attempt. But with the wide variety and availability of loans today, there’s something for everyone if you look around.
If you’re in a good job and earning a good, regular salary, then finding the right method of borrowing shouldn’t be too much of an issue. You’ll need evidence of your monthly finances and a good, strong credit score. So if that’s all in place, your options for a long term loan are plentiful, whether they’re with a high street or an online lender.
There’s also the option of the payday loan. A short-term, unsecured loan which typically gets repaid on your next payday, hence the name, could get you out of a big, unexpected hole if you haven’t already got the funds to cover it.
However, repaying a payday loan in one big instalment can mean you’ll find yourself short on funds the following month too. This could be a cause for concern and it’s often this point where things can quickly spiral out of control for some people, so make sure you have sufficient funds going forward.
Flexible terms that suit you
But one of the most popular loans for someone on a lower income is a logbook loan, which uses the applicants own car as security. This style of loan may fly under the radar, but it’s gaining popularity due to its considerable advantages in terms of flexibility.
With a logbook loan, you still need to make regular repayments, but they can often be tailored and in line with your own earnings and finances, so you’re never overstretched financially. Plus, as the car is still owned the applicant to use in the same way, it’s a great way to withdraw the cash in the car and benefit from it without having to sell.
As there’s such a broad range of loans today, even if your credit score isn’t as good as it could be, you’re still in with an opportunity to borrow. We live in a time of great diversity and equal opportunities, so when it comes to finance, borrowing and loans, today, there really is something for everyone.
If you’re interested in finding out more about logbook loans, speak to the award-winning team at Car Cash Point. They’ll help you borrow the amount you need with a flexible term that works for you. Call today on 0333 222 4363 or visit www.carcashpoint.co.uk