Loan payments on top of rent, bills, food and other living costs can seem like a burden, and it’s often difficult to work out just where the money’s going to come from. But it needn’t bring you down – with a straightforward logbook loan there are a number of simple repayment methods you can draw on to keep on top of things.
Use a reliable lender with repayment options to suit you
There are many logbook loan lenders out there more interested in taking your money, or car, or both than helping those with short-term cash flow problems. Use a reputable, reliable company such as V5 Loans UK, with whom you can work together to come up with a loan repayment plan lasting up to 78 weeks on loans between £500 and £20,000.
Don’t be punished for paying early
Some logbook loan companies impose early settlement penalties – meaning that if you gain access to funds and choose to pay off what you owe over a shorter period then you will be charged extra. Choosing a lender like V5 Loans UK, who charge no early settlement fees, means that you’ll get no nasty surprises if you decide to pay off your loan sooner than planned.
When you’re already working a gruelling forty-hour week, taking on more work may be the last thing you want to do. But even just one extra hour a day can make all the difference at the end of the month. If are paid by the hour, consider asking your manager if you can work an extra hour every day. On the national minimum wage of £6.31 an hour, an extra hour work a day will give you an additional gross sum of £126.20 at the end of the month – a tidy amount that could make a great deal of difference. If extra hours at your current workplace aren’t available, consider hospitality work on evenings and weekends – many agencies offer casual zero-hours contracts meaning you can choose to work at times convenient to you. Alternatively, if you fancy yourself as a writer, paid blogging websites such as Triond publish your content on other sites and pay you a share of the advertising revenue.
Alter your shopping habits
Substantial savings can be made from switching to non-branded food and toiletries, which are often indistinguishable from branded items and come at just a fraction of the price. A Panorama study showed that exchanging branded goods for ‘own’ brands yields a potential yearly saving of £4,000 – a figure which could pay off a large amount, or even all, of your logbook loan. Combine buying unbranded food with V5 Loans UK’s ‘no early settlement fees’ policy and you have a recipe for success.
Have a clear-out
Websites such as eBay, Gumtree and Amazon Marketplace are a great way to make some quick cash whilst clearing room in your home by getting rid of belongings you no longer need or use. Instead of allowing them to gather dust on a shelf, put your old DVDs, games and books up for sale and create wardrobe space by selling clothes you no longer wear – even if they don’t appear to be fetching a lot of money, it all adds up and in the end this could make a sizeable contribution to your repayments.
Though it may seem daunting, making small savings here and there and earning some extra cash isn’t difficult. Taking action today can ensure your logbook loan is paid off sooner rather than later, and a successfully paid-off loan can boost your credit score, making you more eligible for a loan from banks and other lending institutions.