Archives July 2021

High Cost of Not Maintaining Credit

Credit bureaus consider absence of information similar to having bad information. Hence the only way to lead a good life is to ensure financial discipline throughout your life. Here is why opting out of credit or having a bad credit is not a viable option:

Expensive Mortgage: Nowadays, almost every American takes a mortgage on their house. At least every average American does. It is difficult to imagine getting by your life without a mortgage unless you are planning to rent out for your entire life. People with good credit score have a considerable upper hand in this regard. They tend to qualify for mortgages, which are subsidized by the state. The cost of having a non-conforming mortgage is at least 30% to 40% higher in the long run.

Expensive Credit Cards: These are useful in tough times caused by unemployment or other financial failure. People with bad credit history or none have to pay 30% to 40% more in interest charges.
Expensive Personal Loans: If you are planning to start your business or remodel your house, you may need a personal loan. That again will be expensive.

Not maintaining credit will shut you out from the mainstream financial system. The lenders need positive information about your financial behavior to make you loans on good terms. Since most people cannot get by without taking loans, ensuring a good credit score and favorable terms is not such a bad idea.…

6 Things to Remember Before Going for Logbook Loans

So you’ve finally realized that now it’s time you should straighten your credit. All determined you open up your frugal living booksto keep a check on your expenses but what about the huge debt you’ve accumulated because of your lavish habits? Applying for loans isn’t really an option because of your credit history which is already screwed up. To help you get things in order, you can now consider logbook loans. But before you apply for these instant loans, here are a few things you should know about them:

-Payday Loans Are Difficult To Get – Pay day loans are an easy option to bail you out of an immediate monetary crunch but they are hard to get as banks check your credit history before lending them.

-Logbook Loans Require No Credit Check – Logbook loans give the borrowers the loan without carrying out any background or credit checks. So if you are a student with no credit history or if you had a bad credit history once because of unemployment, you can still borrow money.

-Easy Eligibility Criteria – Logbook loans require you to be above 18 years of age, a citizen of USA and to have a vehicle registered under your name. You are entitled to a loan if you satisfy these criteria. It is that easy!

-No Elaborate Paper Work – Unlike bank loans, logbook loans do not require you to fill long forms or submit numerous documents. You have to fill a simple form stating your name, address, contact details, and other details about your car- the make, year of production and mileage. These details have to be current. You have to furnish the V5 to prove your ownership of the car. You also need to furnish an ID with a recent photo, your pay slip and a utility bill.

-You Can Apply Online – You do not have to go the lender to fill out your application form. You can simply log on to their website and fill it out. You only have to go with your car before borrowing the money so that experts can assess your car to fix a loan amount.

-Even though the car will be used as collateral, you are free to use the car as you wish. There will be no terms or conditions on its usage. These points may help you decide why logbook loan will the best solution to your short term financial problems.…