Looking to Borrow Logbook Loans? Here’s Your Quick Guide

If you have a poor credit score and you’re looking to borrow money then you probably realized by now that it isn’t easy to avail financing. In most cases, you’ll get rejected for a personal loan. Most providers, after all, are averse with transacting business with people they might lose money from. In the case that you can’t find anywhere else to borrow money from, this is where logbook loans can help.


But what are logbook loans? And why should you apply for this type of loan? This quick guide should help you understand how the financial product works.

A quick overview

Logbook loans are loans that require collateral. In this case, the borrower must be willing to secure the loan against his or her vehicle to get approved. Logbook loans therefore fall under the category of secured loans. This type of secured loans is specific for people with bad credit. Even if you have a poor credit rating, you can still avail a logbook loan provided that you meet the eligibility criteria.

The eligibility criteria for hassle-free logbook loans include the borrower being of legal age, a UK resident and a vehicle owner. If you’re eligible and you can provide the necessary documents including V5 document, MOT certificate and proof of income, you’re ready to get approved for a logbook loan fast.

Loan amounts

If you’re eligible to avail a logbook loan, you’ll have access to deals that offer loans from £500 up to £50,000. Lenders will have to look at your vehicle’s official trade value and your income to determine the maximum amount you can borrow. In most cases, you can borrow as much as 50% of your vehicle’s value. But whether you’re borrowing the minimum or maximum amount, it’s clear enough that logbook loans have generous offers than a typical unsecured personal loan for borrowers with bad credit.

Repayment terms

In terms of repayment plans, you can repay your loan between 12 months and 36 months. Depending on the loan amount and your preference, you can choose to pay the loan back weekly or monthly. Either way, you have a fixed monthly amount you need to pay off. Otherwise, you put your vehicle at risk or you may incur hefty late payment fees in the end. Repayments can be completed through accredited payment centers or through a direct debit deception arrangement with your bank.



Unlike personal loans for people with good credit, logbook loans can be pretty expensive. In fact, most experts advise borrowers to stay away from this type of loan because of the incredibly high interest rates. On average, logbook loans are advertised with a representative APR of 400%. This is inclusive of your loan’s interest rate, admin fees, set-up fees and other charges associated with your loan. Based solely on the APR alone, you can see that logbook loans will cost you a lot. If you want a cheaper deal, you’d want to look for deals with lower representative APRs.


As you know by now, logbook loans are secured loans. Since the loan is secured against your vehicle, you understand the possibility of vehicle repossession. When you signed the loan terms and agreement, you’ve given your lender the right to repossess the vehicle in the event that you can no longer repay the loan. This is why it’s important to keep your repayment up to date. Late or delayed payments will not only ramp up your loan’s cost but you risk losing your car to repossession. If you signed the “bill of sale” document, you also let your lender resell your vehicle if necessary.



5 Apps to Keep Track of Your Spending

It used to be that when you want to track your spending, you carry a notebook and pen everywhere you go – Jot down the details every time you spend money and by the end of the month, total everything manually. For those who are more tech-savvy, they create spreadsheets of their expenses. These traditional ways of tracking expenses still work but they are sure not as efficient as if you use a mobile app instead.

If you’re looking for a spending tracker app to download on your smartphone, here are some of the best free apps to checkout:


Available for iOS, Windows and Android, Mint is one of the most popular apps for money management. Whether you want to keep track of your spending or saving or you want to make a budget, the mobile app does everything and it’s free to download too. The app has an intuitive design making it incredibly easy to use. Now you can get account totals and even get your credit score for free right on your mobile phone.


Also downloadable for free, Mvelopes is a mobile app available for both iOS and Android phones. The app isn’t just a spending tracker but it helps you achieve your financial goals too. It starts off by asking you details about your financial goals. Then the app syncs bank accounts and also create a budget. At the same, the app also guarantees excellent security. No personal info leaking to worry about.


Another free app that’s easy to use is Fudget. The app is available for both iOS and Android phones featuring a no-frills and intuitive interface that helps you handle your finances better. The app is especially helpful if you want to track short-term expenses like vacation expenses or your holiday budget.


If you want to categorize your spending according to type, month or location, BillGuard is a free app that helps you do just that. The app is free to download and is compatible for iOS and Android phones. It will also let you link to your accounts while you enjoy free access to your credit score. In case of data breach, you’ll be alerted immediately as part of the app’s identity protection.


Pocket Expense

At the moment, Pocket Expense is only available for iOS. The app is free and it’s great for tracking your spending first before you make a budget. It’s also incredibly user-friendly with a simple yet intuitive interface. Unfortunately, the app doesn’t sync with your bank accounts but you do have the option to manually enter all transactions if you want.



5 Finance Lessons from Self-Made Millionaires

Maybe you don’t wish to be a millionaire. Maybe you just want to be financially free where you have enough money to enjoy life and do what you really love. Maybe you have a major financial goal and you need some help to get started. Whatever it is you want financially, there are a number of things we can all learn from self-made millionaires. Because they are self-made, they are the very people we should be learning a thing or two or more from.

Here are 5 financial lessons self-made millionaires can teach you about:

Know the why and life for it

Why do you want to be a millionaire? Why are you saving money? Why are you working as hard as you are now? It may sound cliché but you need to figure out the why first if you want financial freedom. When you know the why, it’s easier to work harder for what you’re really after in life. Just ask self-made millionaires. Because they’ve figured out the why, they are more focused on what they’re supposed to do. Even if the going gets tough, they still kept on because they’re driven with the why.

Work harder than most people

Unless you’re willing to work harder than most people, you won’t reach your financial goals. Financial freedom doesn’t come easy. It’s not like a walk in the park. It’s not something that just happens. Financial freedom is something you work hard for. Most times, you need to wake up earlier and work later than most people. You should be willing to commit to work harder if you want success as badly as self-made millionaires wanted them when they were just starting.

Create multiple streams of income

Self-made millionaires do not rely on just one stream of income. One job, one business or one investment was never enough for them. It was always multiple streams of income because in that way, they earn more money faster than everyone else. Based on studies, three streams of income seemed like an ideal number. By having multiple streams of income, you’re not only earning more money simultaneously but you’re also proofing yourself financially to weather economic downturns, financial emergencies and other such financial factors. If you’re no businessman, you can apply for another job or look for an investment where you’ll have extra income to earn from.


Never stop learning

Even after they’ve reached their financial goals, self-made millionaires never stop learning. Like most successful people, they understand that learning is a constant, continuous process. This is why they continually associated with people they can learn from. They build relationships with mentors, experts and other important people. They read a lot, constantly study and develop new skills. If you want to follow in their footsteps, there’s really only one thing to do. Never stop learning because that’s you develop skills and come up with great ideas that won’t only change your lives but also other people’s lives.

Help others achieve their goals

For self-made millionaires, it’s never enough that they’ve achieved their goals. What makes them great people is their desire to go beyond success and move forward with significance. Most, if not all of them, want to help others accomplish the same things they’ve done. They’re always more than willing to offer advice, expert tips and more. Some are even willing to mentor you if you’re willing and committed enough to achieve your financial goals. Now you just need to find a self-made millionaire you can get close with and learn a lot from.


A Beginner’s Guide to Getting out of Debt

How to get out of debt? That’s the million-dollar question many of you are probably searching for answers. Getting into debt is as easy as swiping your credit cards without second thoughts. It’s the getting out of the mountain of bad debt you’ve buried yourself into that’s hard to do. Though extremely difficult, getting out of debt is not rocket science. With a solid plan and enough willpower, you’ll be debt-free in no time. Here’s your guide to getting out of debt successfully.


Make a decision

You’d think this part is a given and doesn’t really need to make it in the list. But you’d be wrong. While a throwaway tip, many people forget this. Before you can truly get out of debt, you must make a decision you can fully and completely commit to. Remember that getting out of debt is hard. It entails challenges and complications. At one point, you might even want to abandon the plan. This is where you can go back to that moment when you made the decision to do it.

Face the music

The next step is to face the music and by that we mean that you need to make a list of all your debt including debt that aren’t listed on your credit reports. From credit cards to mortgage and personal loans, now is the time to really know how much you owe. When you make your list, include details about your creditor, interest rate, balance and required monthly payments. While you’re at it, you should also write down three-year payment for each debt.

Create a repayment plan

Now that you know how much you owe, the next step is to create a repayment plan that will effectively lower your interest rates. This means that you’d want to pay debt with high interest rates first. In most cases, you’ll probably need to take care of high interest credit cards first. If necessary, you might want to consider a debt consolidation plan to pay off high interest debts leaving you with just one debt to pay off each month.


Set realistic expectations

The journey to a debt-free lifestyle is rarely smooth and problem-free. You’ll encounter challenges and problems you might think may ruin your plan overall. This is why you need to be realistic with your goals and your expectations. If you especially have a massive amount of debt to pay off, you’d want to take it one realistic step at a time. At first, your efforts wouldn’t seem to put a dent on your debt but just keep it at and soon enough you’ll see the improvements.

Get professional help

If truly necessary, you might want to consider enlisting the help of an expert. A financial advisor who has your best interest in mind can help you get out of debt more effectively. If you’re especially clueless about where to start or what to do, speak with a professional and go from there. Though it may cost you and working with other people isn’t always comfortable, the right professional can do wonders in terms of creating a plausible repayment plan in the end.

Reward yourself

Don’t forget to reward yourself no matter how minor the accomplishment. If you accomplished a repayment goal or have consistently committed with your budget, it’s time to pop some bottle and cheer for a job well done. You need a tap on your back from time to time. Even if you have to do it yourself sometimes, rewarding yourself can help boost your confidence. Treat yourself to a mini vacation or a reasonable shopping spree from time to time.