In the current economic climate, more people need financial assistance especially as the recession continues to bite on the UK economy. The guardian published a recent story highlighting there is some evidence of UK economic recovery however it is unlikely that this will help the average person at present. The government continues to enforce austerity measures in an attempt to reduce the country’s debt. So really what options are available for the average person looking to generate some extra cash? High street banks are much stricter on lending so for those who have bad credit, getting assistance from your local bank is pretty much impossible. As a result, payday loans have since grown in popularity through they have received much criticism especially as more and more people end up being in more debt than they were when they initially took out the loan in the first place. The main problem with payday loans is that the annual interest rates are extremely high with some companies charging annual rates of 4000%. Unfortunately there are many payday companies that are not officially regulated and lend to those who really cannot afford the repayments. Payday loans are short term loans so if the money is borrowed for a short period, they can be a good option as the interest rate is much lower.

Another finance option that has grown in popularity over the last 18 months is Instant logbook loans. A logbook loan is a secured loan that is borrowed against the value of an owner’s car. They generally work by a person using their car as collateral. The logbook loan provider will keep the car owners logbook during the repayment period. Once the loan is paid in full then the logbook is returned to the car owner. Instant logbook loans are generally what they say they are which is cash immediately. There are a few stipulations which are that the car must be free of finance and the logbook should be in the name of the person looking to borrow the money.

As the borrower is using their car as collateral, these loans will be approved even if a person has a bad credit history. This is one benefit that has continued to make logbook loans a popular choice for those looking to get some financial assistance. Everybody at some stage of their life will find it difficult financially and Instant logbook loans really offer a quick and easy solution. These types of loans are short term finance options and should be taken out for a maximum of 1 to 7 months. Like most bad credit loan options, interest rates are much higher if the loan is taken out for a longer period of time. Should you experience money problems in the future then considering instant logbook loans could offer some relief in the future?

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