Short term loan for short-term problems

short term loan’ is a term that generally comes with a loaded image. At best, it’s an extortionately dear and rather dodgy loan that’s not worth the trouble; at worst, it’s the loan shark and his henchmen on your door step. But there are companies that can offer you a cash advance quite legally. The sums are typically subject to higher interest rates than you’d get from elsewhere – around 30 percent for the month – which is substantial. Nevertheless, in some cases instant loan approval can play its part in your budgeting. The trick is to think very carefully and determine whether this is one of those occasions.

It should go without saying that if you can avoid taking out a loan – any loan – then you should. It’s always cheaper to pay for something up front than to do so on credit. Even the better forms of debt, like a mortgage, are expensive if you look at them in the long run. If you get something on a credit card and pay back at the minimum rate (usually 2 percent per month or £5, whichever is more) you can end up paying three times as much as if you’d forked out cash.

Of course, there are occasions when it’s unavoidable to take out a loan, the mortgage being one obvious example. And there are times when unexpected expenses push you into debt. If you’ve run out of overdraft, maxed out your credit cards and can’t get a loan from a bank, then the short term loan might be your only hope – assuming you can’t get the cash from friends or family. In these instances, a cash advance might be preferable to the other consequences of not finding the money. Without instant loan approval, what would happen? If it’s a week or two of having to cut costs here and there, it’s probably not worth it. But if it means you would build up other costs and charges, or be unable to pay your rent, then it could be an answer. Just make sure that you use the breathing space it gives you to set your affairs in order, so that this is not a recurring problem. The point is to use it as a last solution, not a regular answer that you end up going back to over and over.

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