The Banking industry has come under terrible press of late. ‘Free’ banking isn’t exactly what it seems. Many customers are being charged hundreds of pounds yearly on their bank accounts.
Research from www.thisismoney.co.uk indicated that banks have imposed charges on millions of customers across Britain for minor account problems. Other independent research organisations such as Which? have found that customers are paying as much as £900 a year in bank charges.
Peter Vicary-Smith, Which? Chief Executive stated that “…people [who] are paying up to £900 a year in bank charges completely shatters the myth that banking is free.” It is clear that many banking customers are being exploited by a banking system on very trivial problems.
Are log book loans for you?
The British economy is struggling and many people are trying to survive in a period where jobs are few, living costs are high and in many cases the political landscape is rather weak. It is apparent that many consumers are turning to log book loans to provide a financial stability during these hard times.
Many consumers will find that payday loans are advertised at length in the media. Log book loans on the other hand offer borrower’s fundamental benefits, despite some having negative credit ratings.
The way in which it works; if you own a vehicle which isn’t leased you may be able to apply for a log book loan. This loan type is secured against your vehicle and in most instances you may be able to borrow more than a standard payday loan.
Log book loans are around 90% cheaper and can offer the borrower as much as £50,000 for a fraction of the cost of a payday loan.
Therefore one key point on finances is the consideration of how the banking sector charges ridiculous fees to loyal customers as opposed to helping them through what is, a tough time in the British economy.