Logbook Loan Tips

Logbook loans have gotten a little bit of a bad reputation. This is unfair, because if handled correctly, a logbook loan can be a great way to get access to cash almost immediately with little risk to you. Below are some basic tips everyone should follow when taking out a logbook loan to ensure that the process is as easy as possible.

  1. Take only what you need. This might seem obvious, but many people borrow more than they need just “to be safe”. They end up borrowing too much, and this makes it harder to pay back. Calculate exactly how much money you need from your loan, and only borrow that amount. People who also take out too much tend to spend it anyway, putting themselves further in a hole. By only taking out what you need, you can pay back the loan much more quickly.
  2. Budget! Many people simply fail to pay back their loans because they didn't budget their money properly. We work with you to find a reasonable repayment schedule, so that with simply budgeting and planning ahead, paying back the loan should be no problem. Figure out all of your future expenses and what your income will be. Cut out the things that you don't need and place a priority on your bills and on your loans. You can spend money on extra comforts once you have your big debts paid off. Don't let them pile up and become unmanageable.
  3. Find a good lender. This step is already done for you if you are reading this article. Notts Chamber is a trusted logbook loan lender that offers competitive rates. If you want to shop around, that's fine, but the best deals are waiting for you right here. When you're ready to take out a loan, all you have to do is fill out our application and you'll be well on your way to getting your money.

By following these simple guidelines, you can make getting a logbook loan a painless process. Don't let others' horror stories scare you off. Chances are they didn't have a good experience with logbook loans because they didn't follow the above advice and dug themselves into a deeper hole. See how easy getting a logbook loan can be by starting the process with Notts Chamber today.