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The irrefutable truth about Logbook loans

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Ever been in a situation where you need cash urgently but unable to avail a logbook loan simply because you have a poor credit rating? If yes, then you can take consolation in the fact that you are not alone. Majority of UK citizens with a poor credit rating suffer from the indignity of rejections to loan applications simply because a less than average credit score. It is known that the unveiling of logbook loans in the UK a few years back was received with pomp and glamour. UK individuals with a low credit score could now avail a loan without having to worry or go through a strenuous application process.


So what are logbook loans?

A logbook loan from the very sound of its name is the type of loan where a car’s logbook is used as collateral. In essence, you can only apply for a logbook loan if you own a car that is quintessentially registered in your own name. It differs with a car loan in the sense that with a logbook loan, you already own a car but simply use it as collateral to avail a loan while a car loan is the type of loan where you seek a personal to say buy a car or something along those lines.

Why are logbook loans popular?

It is not by default that logbook loans are popular among UK individuals. For starters, it’s imperative to note that in order to get approved for a SimpleLogbookLoan, you simply do not need to have a stellar credit rating. In any case, logbook loan lenders do not carry out credit checks which means that a person can be assured of an approval irrespective of how poor their credit score is. The second reason why logbook loans are popular has to do with the fact that the application process is pretty simple and approval is done within hours. Thirdly, you can get access to a loan up to 70% value of your car which means it is the perfect loan product especially when you need a huge sum of cash. Fourthly, you do not have to give up your car when you apply for this kind of loan but rather continue to use it as you make repayments for the loan.

What is required prior to applying for a logbook loan?

It is imperative to note that the requirements to apply for a logbook loan in the UK is pretty simple. For one, you simply must be a bonafide citizen residing in the UK. Secondly, you must legally own a car registered in your own name. What this means is that you cannot use your wife’s car or a friend’s car as collateral when applying for this kind of loan. Thirdly, you must be a person of legal age. What this means is that you must at least be 18 years. In addition to the aforementioned, you should furnish your lender with a ministry of transport certificate, insurance and tax details, proof that you get a monthly income, as well as ensure that your car has not been in use for more than 10 years.

Are there risks to taking a logbook loan?

Well, to begin with, failure to make your repayments could lead to your car being repossessed. In most cases, logbook loan lenders repossess your car as a last resort after efforts to contact you to make repayments come to naught. On the downside though, logbook loans attract high interest rates and you can end up repaying up to twice the principal amount of money you applied for.

How to be on top of your Personal finances


In my humble opinion, achieving financial security takes more than a willing heart and reading tons of information online. It entails making a firm decision and having a clear road map of what you want to achieve and how you want to get there. It is about making difficult decisions and sticking to your plan against all odds. It is about understanding the basics of personal finance, financial management, and the philosophy of saving money. From a tender age, we are taught on the benefits of saving, the need to avoid waste of finances through runaway spending and the need to take up investment at a tender age. However, as we grow up, our desire to live the good life, portray the image that our friends or peers expect of us and fallacious desire to fit in takes the better of us.

We find ourselves living a fantasy; portraying an image of financial security and living a lie when in actuality, we are drowning in debt. That story is replicated in many parts of the world especially among individuals who were initially financially secure but after losing everything continue to paint an image of financial security by resorting to debt to finance a lavish lifestyle they can’t afford. I honestly believe that the very first step to understanding the basics of personal finance is accepting your financial situation. Until you admit to yourself that your finances are not in order, there is no way you can take charge of your finances.

Understand that there are fundamental steps you need to take to create wealth and achieve financial security. First and foremost, I have come to learn that you can’t achieve or create wealth if you are not on top of your spending. The first rule of thumb is that you must never spend more than what you earn. Take your time to create a budget based on how much money you make in a month. Draft down your expenses in a month and track every expenditure you make. Once you have a clear picture, try to do away with unnecessary expenditure.

If you notice a lot of your money goes into entertainment or lunch at work, it is time you made some serious sacrifices. For starters, you can decide to go out once in a month and end up saving money you used to go clubbing every night or every weekend. Secondly, you can start making your own lunch at home and carrying it to work. This is instrumental in ensuring that you have more disposable income that you can save over time.

Secondly, make investments. Investments are a great way to get more income and ultimately achieve financial security. You can invest in mutual funds, unit trusts, stocks or even real estates. However, before you invest, ensure that you make sound decisions and that you invest wisely. Thirdly, you cannot achieve financial security if you are embroiled in debt. Purpose to cut down on debt as much as possible. Do not use your credit card unless it’s necessary. In any case, you can always use cash and avoid the “buy now pay later” allure of credit cards. When you do this, I can assure you that you will be on top of your personal finances. It all boils down to making the life changing decision to check your expenditure, budget, invest and prudent debt management!

A sneak peek into personal finance wealth creation strategies


I know that it might sound like a cliché but the truth of the matter is that there is indeed too much information in the public domain as regards saving, budgeting and investment that some people have become weary of whether personal finance wealth creation strategies really do work. The PR machine of some of the biggest players in the financial industry have so far been successful in painting the perfect picture of what saving and investment need to be in light with their own whimsical desires.

That notwithstanding, majority of people are beginning to embrace the idea, need and importance of saving money for the purposes of not only creating wealth but also achieving financial freedom and security. In light of this, an understanding of the personal finance wealth creation strategies is of essence. So what are some of the personal finance wealth creation strategies you can employ to achieve financial security?

Make a direct investment in mutual funds and stocks

If you are one of those people who equate stock and mutual funds investment to gambling, it’s about time you changed your thinking. In any case, investment in mutual funds and stocks is one of the best ways you can put aside more money to use during your retirement. However, it’s essential that you invest wisely and do proper research before putting your money in unit trusts, mutual funds and even stocks. Enlighten yourself on what mutual funds are prior to investment. Understand the process of investing in mutual funds and what you stand to benefit before you commit your money. Making an investment from an informed stand point puts you at a better position to understand how you stand to benefit in future. You can effectively secure your retirement financial security by making a conscious decision to invest in stocks as well as mutual funds.

Invest in real estate

We both know that investing in real estate is one of the best ways you can create wealth and secure your finances. While most people are of the opinion that real estate investment is risky, the truth of the matter is that if you have knowledge of what to invest in and how to go about it, you can make a kill from real estate investment. You can for instance buy land at a cheaper price and dispose it off at a future date when the prices have appreciated. Secondly, you could build residential or commercial property and rent them out at a fee every month. Constant inflow of cash coupled with prudent financial management can indeed catapult you to financial security within no time.


Put money in fixed accounts for retirement

Putting aside money for retirement is one of the best way to secure your financial security in the future. Most of the time, such money in fixed accounts earn an interest over time and do not attract taxes which essentially mean that it grows over time without you having to worry about deductions to your money in form of taxes.

While there are many ways in which you can create wealth and secure your finances for the future, the above mentioned are some of the most portent that you should consider

Sure Fire Personal Finance Tips to Achieve Financial Security


Ever wondered why you wake up every day to do a job you probably hate with every fiber of your being? Has it ever crossed your mind why it is essential for you to plan how you spend your money lest you find yourself in bigger problems? Do you constantly find yourself day dreaming of the day you will hit the jackpot or win the lottery? Is the very thought of a good life the driving force behind your relentless hard work? If yes, then its time you thought of managing your finances prudently to achieve all your dreams. Whether we like it or not, we cannot be financially stable or amass immense wealth if we give the idea of personal finance a wide berth.

I am not in any way suggesting that you should embrace the frugal nature of some human beings with two hands. On the contrary, I encourage good saving habits, checked expenditure, proper budgeting and following a script that will ultimately lead you to financial freedom and subsequently a taste of the good life that you’ve always yearned for. Achieving financial security is not all about dreaming, doing nothing and hoping for the best. No! It entails sacrifice, having a clear road map of what you want and how to get what you want.

Take a look at your finances and you will wholeheartedly concur with me that wealth creation, money saving and achievement of financial goals all boils down to your understanding of personal finance. Most people make the mistake of thinking that personal finance is all about the salary you get at the end of the month, payment of bills or meeting monthly financial obligations. On the contrary, personal finances entails saving enough money to ensure that you meet all the financial goals or aspects of your life. It is not about being comfortable with paying bills and receiving a monthly check. Actually, personal finances encompasses much more than that.

In light of the above, how do you ensure that you manage your finances in such a way that you can achieve financial security, wealth and financial freedom? Here are some of the personal finance tips you can utilize to enjoy financial security in every aspect of your life:


Spend less than you earn

Remember the number one rule is to never spend more than whhttp://www.westengland.org.uk/wp-admin/post-new.php at you earn. Remember that financial security is informed by how much you ultimately save and not how much you earn. You can earn lots of money but if you are a reckless spender, achieving financial security would be a distant dream, a mirage.



Personal finance is all about keeping tabs on your expenditure. Keep track of what you spend money on and whether you spend the same prudently. Remember that the only way to check your expenditure is by keeping tabs on your monthly transactions. Once you know your monthly transactions, create a proper budget and only spend on what’s necessary. In other words, avoid impulse buying.


Apply for credit cards that attract 0% interest for at least 12 months

Let’s face it. A lot of people tend to use credit cards because they are under an illusion that they can always pay for it later. What many people don’t realize is that imprudent use of credit cards is what puts people in debt in the first place. Consequently, monthly payments end up going to interest rates instead of the money owed to the Credit Card Company. In this regard, it’s essential to go for credit cards that offer 0% interest for at least 12 months. After the expiry, you can always apply for another credit card attracting a 0% interest and transfer whatever remaining balance you have.

To sum it up, utilizing the above mentioned personal finance tips can go a long way towards ensuring that you amass wealth and attain financial security.