15 Unexpected Uses for Logbook Loans
The weird and wonderful reasons people opt for logbook loans…
No matter how good we are at managing our finances, there are always times when things can go wrong. It can be so frustrating when we have budgeted carefully to make sure we do not overspend – and perhaps even start saving a little, and then something happens and we are back to square one again!
At times like these it is reassuring to know that there are various products out there that can help. One of these is logbook loans. A logbook loan is a loan secured against your vehicle: car, privilege vehicle, bike or van. It enables you to borrow money using your vehicle as security. The lender holds on to your logbook (your V5c document) for the duration of the loan, but you have full use of the vehicle and receive the logbook back once you have made all the loan repayments.
A logbook loan can therefore be a quick and easy way of raising some emergency cash. As with any loan, you need to be confident before taking it out that you are able to make the repayments, otherwise there is a risk you could lose your vehicle. But, assuming that you are able to do this you could use your logbook loan for any of life’s unexpected events.
Here are some of the more unusual uses of logbook loans that we have come across:
1. Car repairs. Sounds ironic, as the loan is secured against the car and the car does need to be taxed, MOT’s and roadworthy. But as any car owner knows, there are some repairs that do not stop the car being roadworthy but do need doing “at some point”. If your circumstances change and you are using the car more regularly than now might be that point!
2. Health bills. Sometimes you need to pay for health treatment of some kind or another, perhaps that is not available on the NHS, and it just can’t wait. A logbook loan could help you have it now and start enjoying a new phase of life.
3. Vet’s bills. Not to be outdone, sometimes our beloved pets need treatment and that doesn’t come cheap. If you do not have pet insurance – or if you do but they do not cover your case – you will need to find the money from somewhere and a logbook loan might just be the answer.
4. Job hunting. It’s a sad fact of life that sometimes you have to spend money to get yourself in a position to earn it. If you are looking for a new job and are offered an interview you may need to spend money on suitable clothing, travelling to the interview – perhaps even staying overnight if it is not nearby. All these things add up. Hopefully you will be recompensed for some of them – and if you get the job then it’s all worth it. But you need a bit of money upfront and a logbook loan could be the answer.
5. Business opportunity. Be careful with this one! There are so many supposedly brilliant investment opportunities out there that it is all too easy to put money into something only to see it go down the drain. But if you spot a genuine opportunity – ideally with people you know and trust – then sometimes you need a small amount of money to invest. Do tread carefully. But there are some princes out there amongst the frogs!
6. Wedding bells. We would not encourage anyone to get heavily into debt whilst organising a wedding: it is simply not worth it. A simple wedding with family and friends helping out can be just as special – if not more so – than a grand event. Even so, there may be some expenses that you need a bit of help with so a small logbook loan may come in useful at this time.
7. The patter of tiny feet. Many articles have been published that tell us how many thousands of pounds it costs to bring up a family these days. Probably best not to read them or we’d all stop having children and the world’s population would fizzle out! But when you do have young children there can be unexpected expenses for all kinds of things and a logbook loan could help.
8. Family celebration. At the other end of the family spectrum many of us have significant people in our lives who are somewhat older than us. Which means that we need to make the most of significant occasions; but that can be inconvenient if we are rather short of cash. If there’s an occasion to be celebrated in style and your finances are a few months behind where they should be, then a logbook loan might be a good way of tiding you over!
9. Fond farewell. Apologies for being morbid but funerals don’t come cheap! If a loved one has died and you need cash fast to arrange a fitting send off then a logbook loan could help you out. You don’t want to feel that you have let them down for the sake of a relatively small amount of money so why not see if a logbook loan could help.
10. Garden party. Ok you may not be royalty but sometimes a major overhaul of your garden is needed for a special occasion of your own, or perhaps because you are planning to sell your house and the garden in its current state is somewhat off-putting! Just a small cash injection could give you the chance to get it sorted in time for your significant event or house sale.
11. Home makeover. On similar lines to the above, if you are having a special event or thinking of selling your property then you may need to invest a bit of money in making a few improvements. As long as you are careful with the money and do essential improvements that meet the need then a logbook loan could come in useful for this purpose.
12. Home emergency. Sadly, not all the work we have to pay for on our home is voluntary. Sometimes there is an emergency that is not covered by any kind of insurance or assistance and we need to find money pretty instantly to sort it out. So if you need a new boiler or other plumbing repairs or rewiring or urgent structural repairs and don’t have the resources then a logbook loan may be the answer.
13. Sweet charity. Many of us have a favourite charity that we are passionate about and like to raise money for. Depending how ambitious we are about this, it can sometimes involve us putting some of our own money in as well. For example, many charity treks require you to raise the money to fund the trek either by self-funding or sponsorship. In this situation a logbook loan could enable you to obtain some money quickly to guarantee your place and enable you then to fundraise for your chosen charity.
14. Hobby horse. Sometimes we need a bit of extra cash just to indulge ourselves. Whilst it might seem unwise and extravagant to take a logbook loan “just because”, there are perhaps times when we need to allow our heart to rule our head. If you are a frustrated musician because your instrument is not up to scratch, or have a passion to make good quality clothes but your sewing machine keeps puckering, or want to create cutting edge art but don’t have the resources ….. then maybe it’s time for change? Who knows, with a combination of luck and perseverance you might even turn your hobby into another income stream!
15. Over to you! – Although we have featured many different uses of logbook loans here you may have something that does not appear on this list at all. So feel free to use number 15 to fill in your own use – real or imaginary – of a logbook loan!
If you need information or advice about logbook loans then why not contact Logbook Loans today to find out more about how quick and easy it is to obtain a logbook loan!