What are Logbook Loans?
They are a means to get a loan for a higher amount of money by putting up something as collateral and receiving a logbook that allows you to make payments every month. Typically, a vehicle, car or other valuable item will be put up as collateral. You can still use that item, however, there becomes a lien on it. Should you default on your payment, the lender could recover their outlaid expenses by getting your vehicle.
“Just-About-Managing” and how to get out of the JAM. Millions of people got furious with the term JAM that the government created. JAM which means “just-about-managing” refers to households that are barely coping with their expenses. Though the term has riled up citizens, it was also an eye-opener about a growing nationwide concern. Right now, the government was able to identify 49% of households in London in the JAM situation while in other areas, the statistics were as high as 70%.
You can get a logbook loan online. These are for people who have ownership of something of value, something like an expensive boat, vehicle or car. They will help you secure a loan at a better rate than if you were to otherwise attempt to get a payday loan.
According to researchers, one of the problems people experience is that they tend to spend everything they earn every month due to unexpected expenses. The participants in the surveys claim that every year there are four major unexpected expenses that sets off their budget.
Car expenses make up the average £226 of surprise costs. Out of the blue household bills cause £239 of unexpected costs while Christmas and pet costs make up £93 and £80 respectively. Many families admit that they could not afford these unexpected expenses. 1 out of 5 respondents cannot afford the costs above £100 while 14% claims they have to sacrifice some essentials to be able to afford these expenses.
We offer loans which are known as payday loans. These are a type of cash advance made to a person based on their being employed and having a steady income. These are easiest to get when you can prove you have a long history of working with a company and have proved yourself worthy of making timely payments in such a manner.
There are several people who feel that the only choice they have is to avail loans to keep up with these expenses. In the end, the average employee will take a loan that takes 4 months to pay off. One out of 10 employees are still paying these loans 10 months later.
Availing a loan thru the more expensive path such as using a credit card, overdraft or getting a payday loan, has its pros and cons. It takes a long time to repay these type of loans. With the interest rates you have to pay on top of the principal amount , you end up paying a total amount several times higher than the actual amount that you borrowed.
What could be done?
The sad thing is, the only solution is to create a budget. If you do not set aside money for these emergencies, and you only manage your money to make daily expenses meet, then your only option is to squeeze your budget.
If you haven’t exhausted your money in paying for utilities, gas and grocery, then you can use this as an important tool in creating your safety net.
You must think carefully of what you should consider as necessities and which you must prioritize as important expenses. If you possess cheap versions of most things, you will have more financial difficulty with unnecessary repairs making saving money harder. Think about that holiday you are planning or the car or phone you are aiming to buy. Are these necessary or just additional expenses? You also have to consider the essentials of where you live because it affects your cost of living.
Even with all your efforts in cutting your costs and there is still not enough money coming in, you may want to consider taking on another job or apply for tax benefits or credits. We offer logbook loans in the UK for citizens of the UK.
It’s not an easy process, but it can be a source of extra cash set aside for surprise costs every month. It will help you get back on your feet and the moment you have savings, there is no need to get a loan. Your cash pay-outs will be reduced because you no longer have to pay for interest fees on your debts. In the 21st century, it is horrible to be in dire straits when we could afford to enjoy the basic comforts of life. Yet, if people will “just-about-manage” and barely live above what they earn, then there really isn’t much choice. For those with a need for short term loans, we have something that will likely meet your needs.