Tips on Finding Cheap Logbook Loans

Logbook loans are popular because of its promise of quick cash. But in exchange for the convenience, you'll have to face hefty interest rates. The average APR for the product is at about 400%, too steep a price to pay for convenience as what many experts advocates. Unfortunately, there are instances when the only way to raise funds is to take out a logbook loan.
If you're one of those people with bad credit whose last resort is to avail the aforementioned financial product, there are ways to find the cheaper deals. Simply take advantage of the top insider tips below.

Start with Your Needs

It is imperative to assess your needs and budget prior to applying for a logbook loan. If you want cheap and affordable, you must take your time and decide on how much to borrow based on what you can afford. Don't be tempted to borrow the maximum loan amount if you don't the money anyway. As a simple rule, only borrow what you need to avoid paying for high interest rates.

Don't Fail to Shop Around

Shopping around is another way to find logbook loans with the most competitive rates. Again, you will have to take your time looking around from several providers. Remember that the first attractive offer is not only necessarily the best. You wouldn't know that there are actually better and much cheaper options unless you shop around.

Avail of Free Quotes

To help borrowers who are struggling due to bad credit, there are websites offering free and no obligation logbook loan quotes online. Take advantage of such services as free quotes can steer you toward the right options. It's for free anyway so you have nothing to lose at all.

Make Comparisons

Another simple and very effective way to trim down your options to the cheapest logbook loans is through comparison sites such as Money Co UK. Instead of doing all the searching and scouting, you can trust reliable comparison sites to filter leading lenders from the scrupulous one who are only out to bleed you out through hidden charges.

Check the Small Print

When searching for your lender and the perfect logbook loan deal, it pays to read the small print. When it comes to cost, the Representative APR is one way to gauge if one deal is cheaper than the other. But it shouldn’t stop there. You need to check the small print for hidden charges and other fees such as early and late repayment fees.

Go with a Reputable Lender

To ensure that you’re going to get a cheap and affordable deal, it comes down to applying from the right lender. Based on your research and what comparison sites tell you, finding the lender offer the most competitive rates shouldn’t be a problem. Just remember to go with one that has a solid track record. Reading customer feedback might help too if you’re up for it.