In the current economic climate, borrowing has become a near impossible via traditional lenders.
The government is still on the course of installing initiatives that will help the economy strengthen and grow again. But the possibility of us heading to a triple-dip recession might be on the horizon.
This is has led to many consumers finding it difficult to source other measures of applying for loans.
Young people with limited credit history for instance or people nearing the retirement age and individuals with bad credit history will find it increasingly difficult to apply for a loan. The unfortunate circumstance is that a majority of us are in these categories.
Secured car loans have become the alternative method for a range of people in the ailing economy. If you own your car and it is free of finance, you would be eligible to apply for this type of loan – which is otherwise known as a logbook loan.
This method has made it easier for consumers to access much-needed cash fast especially those with poor credit scores and CCJ’s. Depending on the value of your vehicle you could borrow up to £100,000.
Moreover logbook loans are 93% cheaper than a typical Payday loan, making it easier to control your finances in a flexible cost effective way. Another benefit is that customers can buy back their vehicle whenever it suits them without needing to worry about being charged extra fees.