Guide to choosing the right logbook loan lender
With so many UK providers offering logbook loans, it can become difficult to find the right lender in tandem with your expectations. Applying for UK logbook loans has never been simple especially with the mushrooming of online logbook loan lenders. However, to get the best deals and do business with the right logbook loan lender, it’s essential that you be conversant with a number of tips and guidelines.
Do proper research
Prior to borrowing money from a logbook loan lender, it’s essential that you do proper research to ensure that you understand what you stand to gain or lose, the benefits of applying with a given logbook loan lender, the risks, the acceptance rates as well as the simplicity of the application process. A clear understanding of all these puts you in a prime position to make the right decision and do away with the loopholes that most applicants find themselves in.
The standard annual percentage rate (APR) for logbook loans is 400%. However, this does not mean that it’s the applicable APR for all lenders. Different lenders offer different APR and therefore it’s essential that you compare the APR offered by various lenders before you make the final choice. Going for a lender that charges low APR is the best thing as it is an indication that you will be making lower monthly repayments.
Read carefully the fine print
While it’s highly recommended that you go for a logbook loan lender with the lowest APR, that’s not where your investigation should end. Don’t be in a rush as to sign your logbook loan contract without reading carefully the terms and conditions of your loan contract. Most of the time, the APR offered by a lender might be attractive but failure to read the fine print might be your undoing as there are instances where there are hidden charges.
Go for a lender with a solid reputation
If you want to get the best deal and excellent services, it’s essential that you go for a logbook lender with a solid reputation. To ascertain the track record of a given lender, find out the period he has been in business, what his past customers have to say about him, how the lender responds to queries and so on and so forth. You can talk to past customers, read reviews online and even make use of comparison sites to get the true picture of the reputation of a given logbook lender. To sum it up, never settle for a logbook lender without doing some proper research or shopping around. Yes, you might be desperate for cash urgently but it pays to exercise caution before you do business with any given logbook lender in the UK or any other part of the globe for that matter.