Are Payday Loans my Only Choice in an Emergency?
If we need money really quickly we can often be in a panic and then go for the first opportunity we see. It can be a good idea to therefore investigate the different options that are available to us beforehand and then we will be able to have a good idea of what to do before we are in this situation. Then we will not need to panic and we will be able to make a more informed choice which will mean that we are likely to be able to fid a more suitable loan.
Is a Loan Even the Best Option?
It is worth standing back and checking whether a loan is the only option that you have to start with. You may feel it is but just make sure that you do not have other choices. It might be that you have some savings you could use, for example. You might have time to earn some extra money. You may be able to sell some things to raise the money. You may even be ale to ask your employer for an advance on your salary – where they will give you some of your pay early. Have a think about whether you might be able to try any of these things and whether they will be able to give you enough money so that you will not need to borrow anything anyway.
Which Loans are Available?
It is also a good idea to think about which loans are available to you if you decide that a loan is the right option for you. If you need money quickly, then you will need a loan that is quick to arrange or one that you have already arranged. CobraPaydayLoans.co.uk have some great loan offers on currently if you’re in a jam.
- Overdraft – if you have a current account then it is likely that you will already have an overdraft facility with it. If this is the case, then you will be able to use this. To use an arranged overdraft you just spend the money, either by withdrawing cash from a cash machine, writing a cheque or paying with a debit card. If you do not have an arranged overdraft then you may be able to quickly get one if you speak to your bank. Of course, you may have already used it up. Do make sure that you are aware of the charges for an overdraft as they have recently changed. They tend to now be between 35-40% interest which can soon add up to being quite expensive. It is unlikely to last long though as you will repay the overdraft automatically a soon as money is paid in to your bank account.
- Credit Card – a credit card will allow you to buy products without having to find the money. You will not even have to pay interest for a while, unless you use them to draw out cash. The cards can be used to buy things in shops and to sometimes pay bills as well and so if you need money for these purposes then they can be handy. They will take time to apply for and get, but if you already have one then they can be a handy choice. However, you do need to make sure that you repay everything that you have spent by the date on the statement or else you will be charged interest. The amount varies between card issuers.
- Payday Loan – payday loans are designed specifically to help those people that need money in an emergency. They can therefore be arranged very quickly. It can be possible to get money within a few hours. You will have to repay the loan quickly though – when you next get paid you will need to pay back all of it plus the interest and fees.