Posted in: Finance

How to Borrow Money in an Emergency

If you need to borrow money quickly, it can sometimes be hard to know where to look. Some people are able to use an overdraft or credit card but these are not options available to everybody. You may have already used these or you may not have them. This may be due to a poor credit record or because you have never needed them before. If you are in this situation, where you need money quickly and cannot use a credit card or overdraft then a short term loan could be the answer for you.

short-term-loans

With a short term loan you get an instant decision, which means that as soon as you have completed the application you will know whether or not you can have the money. This is really useful as many other ways of borrowing can take a lot longer. If you apply to your bank, for a credit card or overdraft, for example you could wait weeks or longer to find out whether you application has been approved. Then if it has not, you will have to apply elsewhere. To find out right away means that it should not take long before you can get the money that you need and this will enable you to start arranging the loan really quickly.

A short-term loan does have its risks though, so you need to be careful. If you do not repay it on time, there will be fees, like any loan, but these can be more expensive. Therefore make sure that you will be able to manage the repayment when it is due and that you only borrow the amount that you need, rather than more. It can be tempting to get a bit extra just in case you need some more money before you are next paid, but this will mean that you will pay more interest and it could be harder for you to afford to repay it. Read More “How to Borrow Money in an Emergency”