Britain has had to contend with what some might argue as one of the hardest recessions throughout history. With prices increasing, debt at a staggering level and political differences between our leaders on the what the best measures are to lead us out of this situation – it is clear Britain is struggling.
In a further blow to the country, Britain is set to loose its place as one of the top 10 economies in the world. Coupled with this, Britain also faces a strained relationship with the European Union (EU), and whether we will stay within the organisation.
Price Waterhouse Cooper (PWC) has warned that Mexico and Indonesia will overtake Britain by 2050. The US, Germany, Japan will also move down the list, but Britain and Italy are set to leave the list of 10.
The GDP results in Q4 are set to determine what position Britain is in at the moment. The current position has not only made states struggle, but the individual citizen is the one who feels the brunt of the situation.
The ties Britain has with the EU on a trading level are very key in terms of maintaining a financial development and relationship. The arguments set out by the Government early this week, propose a change in how Britain deals with the EU through the established treaties.
However, many traditional lenders have slashed the amount of lending they offer, as it has become too much of risk for them. This has meant an average household will have to contend with price increases and less savings.
A logbook loan consists of an agreed loan amount that is secured against an individual’s vehicle. The amount one can borrow is very much dependent on the value of the vehicle. In some cases this has been up to the amount of £100,000.
Moreover, the requirements of applicants mean the scheme is very accessible. The vehicle has to be owned by the individual applying and also free of finance. Individuals that find they have bad credit histories or CCJ’s can also apply.
Lastly a logbook loan is 93% cheaper than Payday loans, which is another alternative people are turning to. In this current economic situation, many have found that alternative methods to finance is the perhaps more of a beneficial way forward.