How to Find the Best Logbook Loans
Logbooks loans have grown in popularity over the years thanks to its no credit check policy. When you have bad credit, logbook loans offer the promise of quick cash even if you have bad credit and have been refused elsewhere. If you're in the market hoping to get approved for a logbook, below are tips and tricks that will help you find the best deals online.
Know your needs
If you want the best deals tailored particularly according to your needs then assessing your needs is the first thing you should do. Details such as how much to borrow and for how long should be established beforehand. But more importantly, you need to know how much you can afford to avoid financial complications in the end. Before going to the market to compare deals, take your time to assess your needs first and align with your budget.
Armed with the knowledge of your needs and your budget, the next step is to shop around. You can use top comparison sites such as http://paydayloans.money.co.uk/logbook-loans.htm to compare logbook loan deals available in the market today. The trick is not to look for the deals with the lowest interest rates but rather a balance in key factors that may include lender reputation, recommendation, interest rate and hidden charges.
When scouting the market for the best logbook loan deals, it's imperative to compare the Representative APR. APR which stands for annual percentage rate is the financial concept lenders use to give you a rough idea of how much the loan will cost annually. The APR, therefore, covers your interest rate, processing fees and other related charges. In general, logbook loans come with a Representative APR at around 400% on average. More and more lenders, however, are offering APR below that thanks to stiffer competition in the lending industry.
Investigate the small print
Other than the APR which is what lenders advertise, you also have to research hidden fees. Don't be fooled with low representative APRs. If you really want to get the best rates for your logbook loan, you shouldn't stop with just comparing the APR. You need to also take your time investigating the small print. If you want more info on hidden charges and fees that are not often shared by your lender, the small print is where you'll get your answers from.