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Are Logbook loans the way out for people with a poor credit rating?

Inability to avail a loan when one urgently needs it is something that has been the cause of untold suffering and immense stress among individuals with a poor credit rating. From time immemorial, UK citizens with a poor credit score have been on the receiving end of one rejection after the other. They have had to contend with being told that they are not suitable to avail a loan simply because their credit score is wanting. The resultant effect has been a section of UK individuals feeling dejected and discriminated upon. In fact, many felt like they were treated like second class citizens simply because of the different ways in which they were treated when seeking to avail a loan or a mobile phone contract.

New car

Luckily enough, the terrain has greatly changed and now there are a number of lenders willing to avail a loan without taking a person’s credit score into consideration. If you live in the UK and have been facing trouble availing a loan simply because your credit score is below average, you can apply now for a logbook loan from one of the many lenders strewn all over the UK. From the very sound of the name, these are loans where a car’s logbook is used as collateral in return for the amount of money you wish to be advanced. UK logbook loan lenders ordinarily don’t use a person’s credit score as a determinant on approval or rejection of an application.

Logbook loans are indeed the perfect way for people with a poor credit rating to avail a loan without stressing over how bad their credit score is. The fact that the requirements are simple and basic are the reasons why logbook loans have become very popular in the UK. As a matter of fact, so long as a person has attained the age of 18 years, legally owns a car and can provide proof of employment, they can go ahead and apply for a logbook loan.

The unvailing of logbook loans in the UK a few years back was met with a lot of pomp and fanfare. UK individuals with a less than stellar credit score could now avail a loan without having to worry of what impact their credit score will have on their application. They could also avail cash loan up to 70% current value of their vehicle which was indeed a great alternative to payday loans that only availed a small short term loan. As regards the benefits of logbook loans, applicants do not have to worry about the status of their credit rating. Secondly, one continues to make use of their car as they furnish their loans. Thirdly, the period of repayment is up to 78 weeks which gives an applicant flexibility to make repayments without feeling as if they have been stretched financially.

On the downside however is the fact that logbook loans attract high interest rates which means that an applicant could end up repaying more than twice the principle amount. Secondly, there is also the risk of vehicle repossession should a person be unable to make repayments for their loans. That notwithstanding, we can state without any fear of contradiction that logbook loans have become the way out for people with a poor credit rating and history of defaults. They can always rely on logbook loan lenders to boost them financially whenever they are stretched and in need of an urgent loan!


 February 26th, 2016  
 Logbook loan  
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A look at important money saving tips that are relatively unknown

Developing a money saving habit requires commitment and discipline. It’s just not enough to state that you wish to start saving if you don’t have the will or the resolve to push through with it. You have to follow a clearly set out plan and deny yourself a number of luxuries before you can accomplish your saving objectives. While there are many money saving tips out there that you can easily access or have an idea of what they entail, we are going to shed light on some relatively unknown money saving tips that could actually be the spring board to financial security.

Regularly check and scrutinize banking fees associated with your account

Do not be blinded as to take as gospel truth whatever fees are charged on your bank account. Banks are generally in business for the purposes of serving the needs as well as exceeding the expectations of their customers. However, do not be blinded by this as to give the idea of bank fees a wide berth. Remember that banks are a business entity and always seeking for means in which they can make money and increasing their profits.

In this regard, it’s essential that you scrutinize bank fees and ensure that whatever fees are charged are in tandem with the fine print or terms and conditions you read while opening the account. Considering the fact that most banks make a ton of money from bank overdraft fees, it’s essential that you regularly scrutinize your bank fees and ensure that whatever you are charged doesn’t go beyond the threshold. It can save you a great deal of money.


Dispute any unfounded charges

In the event that you notice unexplainable and unfounded charges, do not hesitate to raise it up. Such charges if left unchecked could eat into your money and seriously affect your saving efforts. Though there is bureaucracy and you might meet several bottlenecks in your attempt to get answers, do not despair as you can always use thebanks social media platform to get answers. Most banks are conscious of their brand reputation and therefore tend to address issues raised on social media as fast as possible to avert a public backlash and negative reputation.

Dispute each and every erroneous credit card charges

The truth of the matter is that credit card fraud is increasingly on the rise and if not checked could seriously eat into your savings. In that regard, its highly recommended that you dispute any erroneous credit card charges and raise the issue with your bank for chargeback. Make it a habit to review your credit card statements and raise any issues you find unacceptable as relates to credit card charges. You will end up saving some money you wouldn’t if you looked the other way due to ignorance.

To sum it up, there are indeed many ways in which you can go about money saving. In addition to the above, you can also play the loyalty card especially if you’ve been loyal to your credit card company for a long time. If you have a good credit rating and boasts of being a long standing customer, you can always approach your credit card company to waive some fees for you or lower it to enable you save some money.


 February 11th, 2016  
 Ways to save money  
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The advantages/benefits of saving money

It is not by default that money permeates every facet of our lives. Money, as you already know, affects all the decisions we make as human beings. Money influences the kind of home we build or buy, the kind of car we drive, the kind of career we ultimately pursue, the places we go to vacation, the kind of food we eat, the street we live and so on and so forth. Lack of money can lead to immense stress and this explains why some people are willing to go to whatever lengths to acquire lots of money. However, unfortunately, the quagmire we found ourselves in as regards money is more often than not a total summation of our money spending habits.

Most of us use money haphazardly without giving much thought to what might happen tomorrow when you don’t have the luxury of the money we have today. People who are financially secure tend to have peace of mind, sleep better at night and generally have less stress levels. With that said, what are some of the benefits or advantages of saving money?

Saving money is a fun activity

While getting started might be a difficult endeavor for most people, there is no denying that the very act of saving money is a fun activity in itself. 81% of consumers find it fun seeing how much they can save with loyalty cards or coupons. Saving money reduces stress levels and accords us piece of mind in the knowledge that should anything happen, we are safe.

Saving money makes us feel empowered

How are your confidence levels when you know you have money tucked away somewhere? Now think of how confident you are when you are broke and with not a single coin in your bank account. The truth of the matter is that having some savings makes you feel empowered. It gives you the confidence and the peace of mind that should anything happen, you are cushioned and therefore have nothing to worry about.

Saving money makes you feel somewhat saner

The truth of the matter is that having no savings to cushion you in case of anything can make you go berserk. The situation is further compounded if you barely have enough to make ends meet. In this regard, with all the stress levels you could go through, saving money makes you feel somewhat saner and the feeling that you are on top of things. It gives you a better grip on things.

Saving money keeps you from serious medical disorders and conditions

What do you think will happen if you are constantly worried and stressed? The fact that you are living from hand to mouth can be quite stressful to say the least. It could be the catalyst to developing some health conditions such as depression, anxiety, insomnia, heart problems just to mention but a few. To avoid such health conditions, having a safety net in terms of savings is of essence. It is one of the biggest reasons as to why you need to start developing a saving habit.

 February 11th, 2016  
 Benefits of Saving Money  
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Incredibly simple ways to save money

If you are gainfully employed or in self employment, chances are that this is not the first time you have been advised to save money. While making lots of money is relieving and the ultimate goal, developing money saving habits has always been a mirage to many people. People simply find it difficult putting aside some money for the future and this is one of the reasons why achieving financial security is a tall order. To get started or taking the first step and commitment to save money is usually the hardest. However, this doesn’t mean that it cannot be done if one has the will power, the drive, and the commitment to do it. One simply needs to take the first step and chart a path replete with incredible benefits. So what are the simple ways in which you can save money?

Keep tabs on your expenses

You cannot be able to save money if your expenses are running out of control. The first principle of saving money is that you need to spend less and budget for every single coin you earn. It is easy to get comfortable and get carried away by the amount of money you make or the temporal eerie feeling of financial security that you might give a wide berth the idea of saving money. However, remember that no matter how much money you make, if you can’t keep tabs on your expenses, creating a buffer zone and saving for the future will become a mirage. Simply record how you use every single coin you earn for a month and work on reducing on unnecessary expenses. It is one of the most incredible ways to save money.

Set out clear saving goals

You cannot get to where you want to go if you don’t have a clear plan of how you are going to get there. In that regard, saving money requires that you set out specific, measurable, attainable and realistic goals. Have a clear plan of what your saving goals are and work towards meeting the said financial goals. You can begin by setting short term financial goals such as saving money to go for a vacation or buy a car and setting long term goals such as saving for your children’s college education or retirement saving. With a clear saving goal, you are more likely to follow through than when you simply have no plan whatsoever.

Make a clear budget

Spending money without a budget is disastrous and the biggest impediment towards your desire to save money. A budget is instrumental because it helps you limit overspending and also ensure that you allocate money to what is important. If you don’t know how to make a budget, you can always find an expert to help you create one. At the end of the day, saving money requires you take the first bold step of financial discipline.


Decide on your saving priorities

We all have different priorities when it comes to saving money. As such, it’s important that you decide on your saving priorities before you embark on saving. Decide on what you want to save on, how long you are willing to wait and the exact amount of money you are willing to put aside to meet your saving objectives.

 February 11th, 2016  
 Ways to save money  
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