It can’t have escaped your notice that most of the world is still trying to figure a way out of the global financial crisis. Since it all started going wrong in 2008, there have been several promises of ‘green shoots of recovery’ but still there’s barely a country in the Western world that isn’t currently subjected to a wealth of ‘austerity measures’.
So it can be difficult to see yourself making a bit of extra money in the current economic state. Yet there are still people doing just that. As with any economy, some people are thriving, while many are struggling. So what’s the difference between these people? Well, all you need is an idea, and a backer.
Let’s start with the idea. Of course, we can’t give you any magic money-spinning ideas that will turn you into a millionaire (we’ll keep those ideas for ourselves!) but all it takes is a suggestion, or a spark of a thought, or even a chance encounter to give you the drive to start your own business.
To get up and running with your business, you need some backing. Unfortunately this is where many people hit a wall as banks are still reluctant to grant small business loans. There is, however, an alternative; you could get a logbook loan to help finance your business.
Log book loans are loans that are secured on your car and are an increasingly popular way for people to free up some extra revenue. The idea has proven so popular that Hyundai recently announced a similar venture in China, while in the UK, Santander has made some moves into the market.
Most car owners don’t see their car as an asset that can be used to secure a loan, but those four wheels could help finance an idea that sets you on the road to success.
While I understand the concept here, if you are having financial difficulties you don't want to take out another loan and maybe have a payment you really can't afford. Be careful the method you use to obtain additional funding.
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