What do you do if you are struggling with debt, have a bad credit rating but need a loan?


Even if you are struggling with debt, there comes a time when you will need a loan product. This may be due to unforeseen expenses. For example, your car might require repairs, you may have an unexpected family bereavement or you may need money for your children’s school trip.


Unfortunately, these all require cash and unless you are able to save every month, the chances of you having this cash are fairly low. It is in situations like this that people turn to loans.

If you suffer from a bad credit rating however, the chances of being approved for a loan from a regular high street financial institution or bank are nonexistent. You credit rating will see to that for sure.

So what do you do? Well, there most certainly is hope for you and your family. This comes in the form of a logbook loan.

What is a logbook loan?

Logbook loans are becoming available from a range of financial service providers across the United Kingdom. This loan product is offered against the applicant’s vehicle, be it a motor car, motorbike, van or even a caravan. The loan amount, usually anything from £250 – £50 000, depends on both the condition of the car as well as the mileage it has travelled. The newer the vehicle the more money you can secure against it. Generally, it must be no older than 10 years, however.


The application process is very simple. Of course, your vehicle will need to be assessed but don’t forget the following documents as the loan provider will need them to process your loan quickly and efficiently.

These documents include your identification, the MOT certificate of the vehicle, proof of comprehensive insurance on the vehicle, wage slips for the past three months, bank statements, the logbook from the vehicle and finally, proof of address for the applicant (usually a utility bill or a letter from your bank or landlord will suffice).

A word of warning, your vehicle must be totally paid off if you wish to apply for a logbook loan, there cannot be a finance deal outstanding on it. Also, once the loan is approved, you may still use the vehicle but you are no longer the owner for the duration of the loan. This protects the loan institution should you choose to stop paying the loan instalments each month. They then have a legal right to sell the vehicle to recover their costs. Note however, this is not a decision that is idly taken, although it must be said, do not miss any payments as it does not do anything for helping to improve your credit rating either.

Logbook loans are a great financial product for those who are suffering from poor credit ratings or even for someone starting out in their life and looking to build up an effective credit history. Get a logbook loan deal fast by clicking here for even more information about the product.

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Credit score: All the facts you need to know


If you are struggling with debt, chances are high that your credit score could be really low, or even start to suffer if you fail to make loan or contract repayments on a regular basis. If you don’t know anything about your credit score, then you are at the right place.

Your credit score is always checked whenever you apply for a loan (be it a personal loan, business loan or even a vehicle loan) as well as when you sign a contract or higher purchase agreement (such as a mobile phone contract).

Surprisingly, many people in the United Kingdom have no idea what their credit score rating is, let alone what it actually means and how it influences their lives on a daily basis. It is for that reason that we at Pitch Loans try to educate our public, helping them not to only understand what their credit score is but how it influences their daily lives.

Credit scores are afforded to each individual in the United Kingdom by various credit agencies. In its simplest form, this rating, or credit score is used to determine whether someone is creditworthy enough to lend money to. So for instance, should you apply for a financial product or loan, the bank will look at your credit score to help them determine if they should indeed give you the money and if you can be trusted to pay it back each month.

If your credit score is low, the chances are that you have defaulted on payments before with other loan products. This is an immediate red flag to lenders and the chances of securing a loan or other financial contract are not very high. In other words, you are deemed a high-risk candidate and lenders will look to loan money to more reliable clients.

Credit score calculations

How exactly is your credit score calculated by credit agencies? Many different factors are involved in deciding on your final credit score but perhaps the most important are the following: your current debt situation (as an amount), your history of repaying debt, which types of credit you have used in the past, how long you have used credit products for (your borrowing history) and finally whether you have any forms of new credit, or have applied recently.

Of course, some factors can weigh heavily against you or even in your favour. Missed payments will have a very negative effect on your credit score. Keep up a positive payment history and the opposite is true.

If you suffer from a bad credit score improving it is crucial

Without a doubt, a bad credit score is not a good thing to have against your name. Not only will you not be able to secure loan products but various contracts as well. Even trying to get something as simple as a mobile phone on a contract basis will prove next to impossible.


For this reason, improving your credit score is crucial and should be a priority in your financial life. But how exactly does one go about doing this?

First and foremost, you need to focus the factors that we have mentioned above that affect your credit score. For example, always make your payments on time and be sure to pay the minimum amount requested (and more if you can).  Rest assured, by making these payments each and every month, you can slowly but surely build your credit score into a more positive territory, opening a number of credit products to you. This can be a slow process but by staying on track, your credit worthiness problems will become a thing of the past.



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