A brief guide to quick loans – when and how to use them

27 Dec

It’s a difficult time we live in. The cost of living is rising substantially; from food, petrol and rent to council tax and the cost of public transport. Each private and commercial sector of life seems to put its prices up almost daily whilst at the same time; employment options and salaries don’t reflect this change in the slightest.

If you’re one of the people that tend to find themselves in hot water on a few days towards the end of the month, then don’t worry. Payday loans may have been something you’ve not thought about before but in reality they can be a very effective way of getting out of debt until your paycheque comes in.

Here are a few bits of advice to follow if you’re thinking about taking one out.

Use them to get you out of hot water

An instant loan, as the name suggests, is primarily meant to get you out of a potentially difficult situation quickly. They are not a method of long-term financial management such as credit cards and you should always look for more information on instant loans before making any financial agreement.

A payday loan of around £100 for example can be used to make sure you’ve still got food in the fridge and petrol in your car before payday comes around and you can find more details about payday loans here.

Use them for essentials

Quick loans should only ever be used when absolutely necessary. If there are things in your life that you need, such as food, petrol or rent money things that will directly affect your life if you do not have them, then they are a great way to tide yourself over.

If you use one for a luxury, whilst it may be extremely nice for a few days, you do risk putting yourself back in the same situation at a later date, especially if your finances are skirting the high water mark. Use them only when necessary and only on things which without them would negatively affect your life or employment status.

Charting your finances first

If you’re thinking of taking one out, make sure you know exactly how much money is coming in and going out of your account, what it is being spent on and when your next paycheque will arrive. It goes without saying that you should never borrow more than you can afford, as irresponsible borrowing can lead to severely negative situations later on down the line.

3 Responses to “A brief guide to quick loans – when and how to use them”

  1. Keli April 9, 2013 at 12:19 pm #

    I understand pay day loans aren’t a great way to go but my credit is not so good & I just have $200. And So I shouldn’t remove an enormous loan from the large company.

    I’ve got a bank account-but my job does not offer direct deposit. And So I just obtain a paper check every 2 days.

  2. Ernie April 10, 2013 at 6:12 am #

    I most likely have 6 pay day loans open. Each time I recieve compensated I lose a lot of money to costs and interest fees. Are you able to consolidate these? Must I close my banking account? Can One send the businesses letters asking to prevent calling me at the office?

    I simply don’t get sound advice. I acquired right into a pickle. Any advice from someone with experience could be amazing.

  3. Rueben April 16, 2013 at 8:11 am #

    I must consolidate my pay day loans and get free from the cycle but i’d rather not close my banking account. Can there be a way for this?

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