The vast majority of consumers in the UK rely on credit of various kinds. From property mortgages to credit cards and car finance deals, there are lots of different sources of finance available. Many individuals are now making use of the services of logbook loan companies too. These firms can offer cash-strapped consumers money when they need it most.
To find deals to suit their needs, individuals can head online to check out what logbook lenders have to offer.
It seems as though demand for credit is rising in the UK. According to figures released by the British Bankers Association (BBA), households’ personal and credit card debts rose in August for the first time in four years.
The organisation showed that annual borrowing on personal loans and credit cards increased during the month. This had not happened since 2009. Meanwhile, mortgage approvals for home purchases also hit a four-year high during the 31-day period.
The BBA suggested that the rise reflects surging consumer confidence in Britain.
However, the organization also revealed that households seem to be as keen as ever to get on top of their existing debts. In August, consumers paid back £9.3 billion. This was up on the previous six-month average of £8.7 billion.
Commenting on the figures, BBA statistics director David Dooks said: “These figures suggest that consumer confidence is growing.”
Meanwhile, the Guardian quoted Howard Archer, chief UK economist at IHS Global Insight, as suggesting that a fall in real wages may have contributed to the rise in credit take-up. According to the expert, people may need to borrow more in order to finance major purchases. He added: “The overall impression is that the consumer appetite for taking on new borrowing is still relatively limited while many consumers remain keen to reduce their debt.”
Many people are still finding it hard to access money from high street banks and building societies, and this can be a particular problem for those who have poor credit histories. It is no surprise then that individuals are turning to other sources of finance, including log book loans. By approaching a logbook loan company, consumers are often able to get cash that they would otherwise have been preventing from obtaining. These loans are secured against people’s cars, meaning providers can be more flexible in terms of who they lend to.
Whether individuals need the money to help them cover imminent cash shortfalls or they are keen to finance a particular purchase, such as a home improvement or a holiday, the loans can provide a financial lifeline.
Of course, anyone seeking credit like this should make sure they select a reliable logbook loan company. By perusing their options online, consumers can do precisely this.
It seems likely that demand for these loans will remain high among consumers in the UK for the foreseeable future. After all, while there are some signs of economic recovery in Britain, many people are still feeling the financial pinch and are finding it hard to balance their books.
About the Author – Anna Longdin is a freelance blogger who keeps up-to-date with the latest trends in personal finance. She contributes to a range of websites, including Varooma.
