With competition getting stiffer among logbook loan lenders, the interest rate for the short term financing has also been going down. It’s good news for borrowers who have bad credit under their belt and have been struggling to get approved for a personal loan elsewhere. At the same, it has become more difficult for borrowers to find the best deal consider the numerous deals available in the market. To help you sift through your options, here are some tips and tricks to keep in mind:
Needs vary from borrower to borrower and rates also vary from deal to deal. To find the best deals, you should start with evaluating your needs prior to your application. How much do you need to borrow? What are you going to use your money for? These are some questions to ask yourself if you want to find a deal that will perfect suit your needs.
You’ll also have to set your budget. Assess your paycheck and expenses. Consider how much you can set aside for loan payments and apply only for deals that fall within your budget range. By sticking only to what you can afford, you know you can always keep up with repayments until the end o term.
With your needs and budget set, the next step is to shop around for the best logbook loan deals. You can use comparison sites such as Money Co UK to compare top lenders and top deals available for you. Top comparison websites in the UK already did most of the work for you creating a list of some of the best and most affordable logbook loans in the UK today.
When comparing your options, one of the most important and useful things to compare is the representative APR. APR, which stands for annual percentage income is what will give you, an estimate of how much the loan will cost for a year. This includes interest rates, charges and related fees.
Finally, you’ll have to investigate the fine print for hidden fees. Don’t simply rely on advertised APRs for your loan decisions. Just because a deal is said to have the lowest APR doesn’t necessarily mean it’s the cheapest. Most times, lenders may rack up your loan’s cost with steep hidden fees. Make sure to read the fine print or ask your lender direction for more information on hidden fees.