The glum fiscal forecast for 2013 is all too clear, meaning that many people will be seeking help with their personal finance in the New Year.
However, with the economy still sluggish, the strict lending criteria under traditional lenders still stand.
Statistics from December show that in the three months to September, almost two-thirds of borrowers aged over 55 with a household income of ?25,000+ were not granted the loan rate they applied for.
Over 80% of people under 30 who were earning more than ?15,000 were also rejected after applying to the cheapest deal advertised.
Traditional lenders are wary of lending to anyone seen as ?high risk?, a category which has increasingly broadened in the turbulent economy.
Applying for loans you cannot get approval for can have a negative impact on your credit rating, so it is wise to opt for loans with more accommodating lending criteria if you are struggling amid financial difficulties.
In order to qualify for quick logbook loans, all you need is a car that is free from finance. Individuals with a bad credit history or CCJs are also welcome to apply.
Logbook loans, loans which are secured against your car, are also more financially viable than payday loans since they charge around 90% less interest.
Save money on finance by opting for a logbook loan and join the other 34% of Brits who say that making savings is their top priority for 2013 ? according to research from TopCashback.
There are a number of advantages that come with choosing a logbook loan over other types of finance.
A Motor Buy Back scheme builds on these benefits: since proof of income checks are not a requirement, an instant decision can be made. Not only that, but customers are neither tied into long contracts nor subject to early settlement fees.
Source: http://www.motorbuyback.co.uk/2013/01/logbook-loans-money-troubles/
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