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Logbook loans: how do they work?

The last time I checked, applying and getting approved for a loan was pretty much an involving task. It was, in retrospect, a strenuous process that involved too much paper work and dragged on end. In fact, the experience was not pretty for UK individuals with a poor credit rating. A person had to make applications with various lenders with the hope that one would be lenient on their credit status and approve their application. As if that was not hellish or frustrating enough, getting an emergency loan was an impossibility. It was simply impossible to get approved for a loan within 24 hours especially if you had a poor credit rating.

For long, this was the accepted phenomenon until logbook loans became a reality. Using ones car as security, logbook loans have indeed become popular among UK individuals with a poor credit rating. To qualify for a UK logbook loan, a person needs to have a car registered in their own name, to be a citizen of the UK, to be a person of sound mind, to be in employment and to be a person of 18 years and above. If you meet the basic requirements aforementioned, getting a logbook loan within 24 hours should be a walk in the park if you approach the right lender.


How do logbook loans work?

When thinking of applying for a UK logbook loan, you should first ensure that you meet the aforementioned basic requirements. The next thing is to find a prospective UK logbook loan lender that offers affordable logbook loan deals. You can make an application online or you can do so from the brick and mortar premises. You need to provide your logbook loan lender with your car registration to enable them ascertain whether the car is fit to be used as collateral or not. Essentially, only cars that have been on the road for less than 10 years are accepted as collateral in order to avail a logbook loan. What happens is that after your application is approved the cash you applied for will be availed to you in 24 hours or according to your agreement with the lender. You do not lose possession of your vehicle but continue to utilize it for the duration of the loan. This is an aspect that business people find attractive as they can continue to use their vehicles to generate income while repaying their loan. The duration of repayment is up to 78 weeks hence giving a person flexibility to plan out their repayment.

What additional documents are required in order for your logbook loan application to be a success?

Apart from the aforementioned basic requirements, there are additional documents required before you can successfully apply for a logbook loan. For one, you need to produce a Ministry of Transport (MOT) certificate showing that your car is in good condition. You also need to avail utility bills as proof of address as well as bank statements to ascertain that you receive a regular income. Your car insurance as well as tax details also need to be in order and you can be rest assured that this useful site will expound more.

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Demerits of logbook loans

In as much as logbook loans have bridged the gap between those with a poor credit score and those with a healthy credit score in so far as access to emergency loans is concerned, the truth of the matter is that there is also a downside to logbook loans. For one, the interest rates for logbook loans are very high and a person can end up repaying up to twice the principal amount. Secondly, there is also the risk of repossession should you be unable to repay your loan according to plan.

How Wealth Managers in the U.K can Better Your Personal Finances

As you look to trade on London stock exchange and other stock markets in the world, it is important to think of a good plan to follow. This is what wealth management is all about. You need to prepare yourself well for the business ahead. Wealth management is an art that requires a lot of dedication and training. You must put in place tactics and strategies that will lead to success in investment. Wealth management in itself is a science of multiplying wealth. If you do things right, you are going to be a successful investor.


Wealth management took speed in the 90s when globalization was at its peak. It enabled wealthy individuals to have professionals take care of their wealth while they rest and focus on other matters in their lives. In that regard, professional wealth managers take their time to assess investments on behalf of investors so that they can identify new opportunities. They do their analysis well so that they do not err on making good investments. Many investors around the world have discovered the good work done by these professionals in the course of their work.

When looking for better ways to make investments, wealth managers looks at all openings in the market before determining their best options. In Japan and America, wealth managers have their work cut out for they have access to information on the stock market. With journals, websites, and reports that guide investors on securities. A wealth manager must verify that the stock they are purchasing is viable enough before spending money. This is very important for it can enable them to make money with the investment. With a lot of analysis and feasibility studies, these professionals are able to identify the stock.

Creating new investment projects is a matter of science rather than business as far as wealth managers are concerned. These professionals use statistics, data analysis and financial accounts to determine the investments to make. They do all this in order to be sure that they will make good headways where they want to make investments. Also, the managers have done other prior investments before and thus are experienced a lot. They can predict further market conditions with a high degree of accuracy.

Diversification has also enabled wealth managers to secure investments for their clients. Instead of putting money in few investments, they diversify them to different sectors so as to minimize risks. This reduces risks involved in doing business as a collapse of one sector does not necessarily mean that you lose all your investments. You can look at this in the analogy of putting all your eggs in one basket. If the basket falls, your eggs will break thereby causing you a huge loss. However, if you divided all your eggs and put them in different baskets, the risks could have been minimized. This is how wealth managers are able to protect people’s wealth. From their services, you can grow your assets to the maximum. This is important as we all want to earn more money than we have.



The Differences between Being Broke and Being Poor

There are many financially illiterate people in the U.K who abuse different financial terms that they come across with. These people do not know the true meanings of the words that they use in their everyday activities and as such, they end up using them wrongly. In a world where most people are well educated, it is surprising to see some people misusing financial terminologies. Being broke and being poor are some of the terms that are mostly abused by peoples. In this article, we will look at the differences between being broke and poor.

People’s financial attitude determines their financial positions in the society. There are people who spend most of their lives working very hard but because they have the wrong financial notions, they end up remaining at the bottom of the financial ladder. These people have philosophies and beliefs that hinder them from achieving any meaningful financial achievement thereby remaining poor for the rest of their life. Therefore, it is important to understand different philosophies and terminologies that are used in personal finance. When you do, you will not only be able to express yourself well but also, you will be able to deal with different financial issues that may arise in your life in the right manner.

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Being poor and being broke are two different things that many people in the U.K confuse. In essence, being broke is a situation where one has no money to address an immediate financial need. However, you may be broke but not poor and on the other hand, you can be poor without necessarily being broke. Being poor can be defined as a condition where one has no money to meet their basic necessities. This is very depressing as it degrades someone’s dignity. No one desires to be poor. Also, you may be classified as poor when you have insufficient funds to meet all your immediate basic needs.

You may however be poor and broke and the same time. In this situation, you are living in the first class poverty as you no not have money to meet your basic needs and have no hopes to find it. This is the situation faced by those who live in the bottom most part of the financial ladder as they are broke at all times. Therefore, it is important to tell the difference between the two.

Another thing to note is that you will not be broke so long as you have money to meet your immediate basic needs. However, this does not mean that you are rich since you do not have more than you need. Some poor people are never broke because their incomes are always enough to meet their basic needs. In addition, these people live within their means thereby being able to settle their bills and meet their basic needs. There are times when you will find rich people becoming broke because all their money is tied in investment plans that they have. This means that they do not have money at the moment but when their investments make some returns, they will have money.

Personal Finance – Ways of Building Wealth

Many people do not know how finances work and therefore, they are neither able to make sound financial decisions nor grow their wealth. You may find that some people in the UK earn a lot of money monthly but once they retire from their current jobs, they are no longer able to meet their obligations. This is because they did not make good financial decisions in their lives. Therefore, it is important to master strategies that will lead you to financial success in the future. Below, we look at ways that can help you in building wealth.

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As much as you would like to build wealth, it is important to focus on making savings. When you have a constant stream of income from work, business or an investment, it is advisable to save part of that money for future use. This can be a savings made in regard to retirement, future investment or just emergencies. People need to understand that the money that they are spending will never be gotten back. However, if you make some investments, you will always be getting money from it. That will assist you a lot especially in retirement where you will not struggle financially.

Making investments

Investment is the best way to store money. First you get to maintain the value of your money by beating inflation but also, you get to earn returns without having to work. You can invest in stocks and other securities and real estate or you can choose to open a business as an investment. The choice of investment that you make should be based on your interests and expertise. The UK has many investment ways for the public and if you conduct a good market study, you are going to discover some of these ways.

Use wealth managers to grow your assets

If you have wealth in the UK that is becoming challenging to manage, you should rely on different wealth managers so that they can manage that wealth for you. In the UK, the wealth managers deal with personal assets and wealth whereby they help investors in making sound investment decisions. This is very important for it allows peoples wealth to grow in the desired rates. Choosing the right wealth manager for your wealth will be a good idea for it will enable you to get the best. You can find reviews of different wealth management professionals as you are looking for the one to serve you best.

Live according to your means

It is important to live according to your means if you are looking to have a sound financial future. Your expenses should always be below your income so that you do not have shortages in incomes. You should always work out your budget to see if all your needs fit well within what you earn. This will help you greatly in making you financially comfortable. As you save and invest your money, you will get more income streams that will enable you to live better. That way, you will have a brighter future.