Short-term cash flow problems are an issue for many households today. Sometimes, your monthly wage is not enough to last until the end of the month and those with bad credit will struggle to secure a loan from a bank to cover expenses until the next payday. A logbook loan can help – a secured loan against your car such as those offered by V5 Loans can yield between £500 and £20,000 and you can tailor repayment options to suit you. There are a number of reasons people take out a logbook loan:
FOOD, RENT AND BILLS
The cost of living is increasing at a faster rate than wages, meaning that even those working full-time sometimes do not have the cost of living covered by their wage. They may, however, own a car purchased during less economically difficult times. People who take out logbook loans are still able to drive their car whilst the lender is in possession of the logbook, meaning they are able to go about their business as usual, with the only difference being the greater amount of money in their pocket.
Anybody working hard all year round deserves a holiday – but in these tough times, a holiday may prove impossible to save for when living costs must take priority. A logbook loan could be the answer – with repayment available over periods of up to 78 weeks from V5 Loans, you can spread the cost of a large holiday for all the family to keep it affordable.
PAYING OFF OLD DEBTS
You may have only recently discovered the option of a logbook loan and have numerous outstanding debts to multiple companies, service providers, or even friends and family. Taking out a logbook loan is a good way of clearing all of these debts and substituting them for one simple monthly payment, making it much easier to manage and keep track of your debt.
Whether it’s something for pleasure such as a new television or something important such as a leaky pipe or much-needed paint job, a logbook loan will allow you to secure the funding you need to carry out these improvements and renovations. Having a home which you enjoy being in and is free of problems is crucial – being happy and productive at home will transfer to your professional life, perhaps leading to that promotion or pay rise you want, and a home free of leaky pipes and peeling wallpaper will not only lead to less stress for you but will also increase the value of your home in the long run.
Even if there’s nothing in particular you need the money from a logbook loan for, successful repayment of a logbook loan is a great way to boost a poor credit rating, meaning a bank or building society will be more likely to lend you money in the future.
Simple, flexible and affordable, logbook loans are a great way to get the short-term cash boost you need. All you need is a car free or almost free of finance – V5 Loans even lend money on cars that are faulty or damaged, provided you inform them ahead of time.