The concept of Logbook loans

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The concept of logbook loans was a game changer not only in the UK but also in other parts of the globe. The introduction of logbook loans made it possible for individuals with a poor credit score to finally apply for a loan without anticipating rejection. All a person needed was a car in good condition to be used as collateral. In other words, logbook loans are secured using a person’s car. A borrower basically signs over their car logbook to the lender for the entire period of the loan. In other words, while you continue to drive your car and even use it generate some form of income, you don’t own it during the duration of the loan.

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The ownership of the car reverts to you once you clear the outstanding amount. If you are the kind of person that has from time immemorial been a victim of incessant rejections because of your credit score, you need not worry as v5 loans are the perfect remedy. However, before you can be considered for a logbook loan, you need to be a bonafide citizen of the United Kingdom, be a person of legal age (18 years and above), be a person of sound mind, own a car that you are willing to set up as collateral and you will be good to go.

You also need to show proof that you regularly get an income whether you are in full time employment, part time employment or in self-employment. Copy of bank statements as well as payslips should be enough to show proof. Basically, logbook loans applications are processed within a very short period of time (usually 24 hours or less). It is highly advisable that you make prudent financial decisions and only borrow what you need. The fact that your car can avail you a substantial amount of money could make you apply for more than you actually need. The repayment for the same might be tough and hence making you drown deeper into debt.

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In as much as the prospect of applying and getting for a v5 loan irrespective of your credit score status is attractive, you need not forget that there are risks. First and foremost, you risk losing possession of your car should you be unable to service your loan. Secondly, defaults could actually further negatively affect your credit score which simply means that your chances of getting approved for a loan facility in future will become slim. Are you interested in learning more about logbook loans? If yes, why not look here?

Exclusive tips for raising money when unemployed

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Unemployment is always a source of frustration, worry, and fear. It slowly chokes your dreams and ambitions, creating an even better avenue for stress and frustration. Getting loans becomes problematic and even more so in times of emergency. To avoid confusion and panic, here are some simple ways to raise money when unemployed.

Don’t be afraid to accept money

Avoid creating debts when unemployed. Be willing to accept financial assistance from your relatives and friends, particularly those who are close to you. Open up to them about your situation, and do not be afraid to request for their assistance. Alternatively, raise money urgently through fundraising. Start by reaching out to friends and family first and remember to be your own first donor with whatever little amount you have. Most donors will be motivated to donate once they realise the ball is already rolling.

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Doorstep loans

Loaning is a smart move to raise money in an urgent situation. However, when you are unemployed, a loan becomes unattainable. You need not worry because doorstep loans are your way out. This is because with doorstep loans, your credit history will not be an issue and you will not need to offer any collateral nor produce any documents.

To get a doorstep loan, visit any doorstep lender and fill in an application form. Once you submit your form online, the agency will approve and later send a representative to confirm your address and deliver the cash at your doorstep. Ensure you request to see the agents’ identification just to be sure you are not dealing with a loan shark.

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Don’t be choosy; do any quick job

Raising money when unemployed could be as easy as volunteering yourself at a research firm. You can be sure of earning a few pounds once you offer your opinions and take part in the research study.

When choosing a quick job, remember to remain open minded enough since the job is only a temporary means to maintain you. Most temp jobs won’t require any interviewing or documents so it’ll be easy securing one of these. They also offer weekly payments as a quick alternative to making money.

Unemployment compensation

Unemployment compensation will benefit you if you are involuntarily unemployed. Visit the employment office in your city and file in an application. Once you meet their required criteria such as being laid off from work and not because of misconduct, you will be receiving benefits as soon as possible.

Financial advice 101 | Improving your credit score

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Boosting your credit score is something everybody wants. It makes it easier to get loans and score phone contracts for example. But getting the score high won’t be easy. The thing is, a credit score keeps a record of years into your past and the worse it is the longer it’ll take to straighten it out. There’s a lot you can do to get your credit score in its best shape, but it’s going to require a lot of discipline and patience.

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What affects your credit score?

Well, before diving to what you need to do to raise your score, you first need to know what not to do. You have to know what impacts your credit score and how. Here are some of the most common things:

  • High levels of debt. Existing debt taints your score a little and the more you have, the worse the effect. Banks and other lending institutions would not want to add debt on debt.
  • Multiple credit card applications are also a red flag to lenders, so you need to be careful about how many applications you make. Check the eligibility criteria carefully because such applications show on your record. Lenders see multiple applications and turn away as it shows you’re failing to get the credit you need.
  • County Court Judgement (CCJ) on an unpaid bill leaves a long lasting mark. It’ll last for up to 6 years on your record.
  • Constantly moving is also a bad act in the world of credit scores. Lenders normally ask for your addresses the past 3 years and if you’ve moved a lot, then you may have a low score.

What to do to raise it?

Now that you know what affects the scores, here’s what you can do to raise your credit score much higher.

Register on the electoral roll

This is perhaps one of the easiest ways to raise your credit score standing. The effect is that it’ll confirm your name against a fixed address, and this information is valuable to the lender. Remember, your address plays a lot in determining your credit score so once your identity is ironed out, then you can be assured of a better credit score.

Pay your debts in time

Debts are the number one flag that lenders spot when generating their credit rating. Late payments are an even worse scenario. They’ll show on your records and really lower your score. To lenders, late or missed payments are a sign that you’re not really responsible when it comes to paying your debts. That places you as a high-risk client that they’ll avoid at all costs.

However, paying your debts in time proves that you’re a safe client and less risky. You’ll therefore have a higher score if you pay all your debts in time.

Close joint accounts with bad records

Guess what? Financial associations also matter. If you’ve got a joint account with someone that’s has a poor rating, then the effect will rub off on your score. Lenders make the assumption that your partner has an impact on your income so get rid of such accounts and pay any shared debts fully.

Financial tips for start-ups and small businesses

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Having a start-up is a huge step. According to a study by Bloomberg, about 80% of start-ups fail within the first year of their launch. And that’s a pretty huge number. One of the major reasons why these start-ups fail is because of poor financial planning. If you’re just starting your business, then you need to ensure you don’t fall into these stats. Here are working tips to help you beat the odds and manage your businesses’ finances better.

Paying attention to human capital

Here’s something that most start-ups fail to do- delegation. In most cases, the CEO and founder of the start-up does most of the work. They are the janitor, the receptionist, the salesperson and the CEO. Hiring people to do these extra tasks is considered as extra expenses and businesses simply try and absorb all the tasks.

That’s generally a huge mistake. While it’s important to keep your costs low, you need to value human capital. Human capital is what’s going to make your start-up turn to a successful business, so if you spend too much time away from the actual idea, then you’re slowly killing your start-up.

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Start lean

No matter how much faith you’ve got in your business, the beginning is not the time to get all that fancy equipment you’ve always dreamed of, or go for expensive business trips. You need to cut as many costs off your list as possible.

Think about the investment you’re making rather than simply spending. Before using a coin, think of the potential returns it’ll bring back. If the purchase would logically lead to increased profits over a period of time, then it’s worth spending money on it. Also, try and look for affordable options.

Secure some start-up funds

You need to have a pretty good idea of how you’ll get the funds for your business, and practice caution. You may have angel investors interested in your start-up but you should be aware that they’ll have a stake in your company. Bank loans are an effective option. However, you’ll need to have a credible standing when it comes to your credit score. There are other options such as personal loans from friends and relatives or even doorstep loans that could further boost your financial situation. Whatever source you choose, you need to be well aware of the effects they’ll have.

 

Working ways on spending less on your kids birthday party

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Kid’s birthday parties seem to be growing each coming dawn. They’re getting bigger and bigger and require even more expenses. The truth is, we love our kids, that’s why we’re willing to make their day super special. But it’s important not to go overboard. This is particularly true if you’re under a financial cloud. Also, don’t cancel the birthday party, that’ll just crush them. Here are a few tips to help you save as much as you can when organising their party.

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Ditch the party stores

Party stores should be the last place you go if you’re looking to stick to your budget, and it’s not so hard to figure out why. The place is filled with all kinds of things from superheroes to billion dollar toys. The temptation would be so great you’d find yourself using your saving account to buy a range of gifts. Going with your kids to such stores would be even worse, so try and keep away.

A discount store would do you good. Things are a lot cheaper. You should also go online shopping as opposed to physically visiting the store. You’ll spend a lot less online as all kinds of products won’t bombard you at once. Additionally, there are bold, clear price tags, so they’ll keep you in check and you will also only look at what you need.

Go for a house party

Having the party at your house would be a lot cheaper than going to the bowling alley. You could go for an in-house party instead. To keep the kids entertained, you could have a cooking party where the kids would decorate the cakes or make some pizzas. A sleepover where the kids come and watch movies with popcorn could also work for you.

The park is also an amazing place for a party. You could conduct a scavenger hunt at the park or create puzzles for the kids to solve before having a picnic.

Do the party decorations

The décor brings life to the party so you can’t skimp on it. However, you could easily lower the costs by doing the decorations yourself. Hiring a decorator or party company is simply stretching your wallet. Pinterest should be one of your greatest resources when going for decorations. You can even involve your kids in getting creative, they’ll be glad to help. Go to a discount shop and get some coloured paper and some raw material to use in creating your decorations. Ribbons, strings and wrapping paper can all be used.

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