The Best Ways to Solve Your Short Term Finance ... - Logbook Loans

It?s nothing to be ashamed of ? unless we are incredibly lucky, at some point in our lives we?ll experience some kind of financial problems. These can strike at any moment, especially since the recession hit all of us only a few short years ago. If something vital breaks, such as your car or laptop, or an important birthday needs to be paid for, here are some alternative methods of borrowing money to solve your problems.

Logbook Loans

A logbook loan is secured against a vehicle that you own, so the amount that you borrow will be against its value. As long as you are the registered owner of a vehicle (a bike, car or even a caravan) you can get a log book loan, as there are no credit checks. They are great if you need flexibility in your repayments, as these can be from a month to three years.

All you need is your V5 logbook. This is the paper work for your vehicle. The lender holds onto the logbook for your vehicle until you pay back the full amount. This makes it much better than pawning off your car, as you are still able to use it until you can pay back your loan.

Credit Cards

Many parents have advised against their children getting credit cards, as they are known to lead to debt. But credit cards can in fact get you out of debt. When expensive periods come up, such as birthdays or Christmas, credit cards enable you to make large payments and pay back them back in small instalments. In most cases, as long as you pay back the agreed minimum amount, you won?t incur any interest charges.

Although credit cards can help to build up a credit rating, it means that you also have to aware of exactly how much you?re spending. Use it when you know that you can pay it back when you get cash in, otherwise you?ll gather interest in what you owe and cause more financial problems.

Payday Loans

When you get a payday loan, you get the cash sent directly to your bank account. This can work out better than a credit card, as cash is accepted everywhere. Companies that offer payday loans are becoming more popular, now that they are needed. Therefore, there is lots of competition and plenty of rates to choose from. When you get a payday loan, it is usually owed back in a month, on your next payday (hence the name). These are great when you need to money by the next day and can afford to pay it off in the next few weeks.

The longer you leave the repayment of your loan, the more you have to pay back as payday loans have a considerably higher APR than other lending schemes. This can cause more money issues if you are not careful with your payments to the lender.

Overdraft

If you have a student or graduate account, getting an overdraft can be a great way to help with your finances. They are usually interest free, so as long as you keep within the limits of what you can borrow, you can pay back the exact amount whenever you are able to.

If you?re not a student, don?t worry, as overdrafts can also help you. Although they won?t be interest free, they are a secure way to borrow money from your bank without having to know exactly how much you need to spend. The time limit is also flexible for which you need to pay it back, which means that you have more time to wait for a source of income to make your repayments.

Money problems are some of the scariest that we face in our lives, simply because we rely on money to live. Most of these problems can be short lived by nipping them in the bud. If you feel that finances are getting out of control, make a note of where your money is going and use one of these tools if needs be, or talk to your bank. There are plenty of services available to help.

Disclaimer: A logbook loan is secured on your vehicle. Your vehicle is at risk if you do not keep up with repayments. CompareLogbookLoans.co.uk is not a lender and does not give financial advice. All loans are issued by third parties.

Source: http://www.comparelogbookloans.co.uk/the-best-ways-to-solve-your-short-term-finance-problems/

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