Representative Example: If you borrow £2,600.00 over 36 months at a Representative rate of 49.7% APR (variable) and an annual interest rate of 41.00% (variable), you would pay 36 monthly instalments of £126.61. The total charge for credit will be £1,957.89 and the total amount payable will be £4,557.89.
Getting logbook loans in the UK is very easy, even for people with bad credit. There are many lenders offering logbook loans, which is why you should take your time to compare different lenders to know the one with the best deal. You don’t have to settle for the first deal you find online as you will be spoilt of choices.
To help you find the best logbook loan deals in the market, we have a few tips for you;
1. Decide on the amount you need
The first thing to do before you can begin your research for the best logbook loan deal is to know how much you need. Knowing how much you need and how much you can afford to pay in a month will form the basis of your research. With a fixed amount in mind, it will be easier for you to find the best deal.
2. Compare different logbook loans lenders
After deciding on the amount of money you need, it is time to do your homework. There are many lenders offering logbook loans, and you may need to see how they compare in terms of interest rates and loan fees.
Since it might take time to conduct your comparison research manually, you can use a software tool designed for this work. We have a comparison tool you can use to know how each lender compares to others in terms of interest rates, loan amount, and loans fees. This will help to eliminate too much manual work and also help to narrow down your choice, thereby making it easier for you to land the best loan deals.
3. Look for a reliable lender
After comparison, you will have a few lenders that offer favorable interest rates and cheaper loan fees. However, this should not be the final thing to consider as there are unscrupulous lenders who hide behind low-interest rates and fees.
Therefore, you will need to look at what previous borrowers have said about the company and whether or not it is reliable. On top of online reviews, you may seek recommendation from people you know who have already worked with the company before. This will help you trim down your list further.
Finding the best logbook loan deal should not be a challenging task, but you need to take your time and do it right. If you do your homework well and follow the tips we have discussed here, you should be able to land the best deal that you can comfortably afford to repay per month.