Short term loan for short-term issues
‘short term loan’ is a term that often comes with a loaded image. At best, it’s an extortionately expensive and rather dodgy loan that’s not worth the trouble; at worst, it’s the loan shark and his colleagues on your door step. But there are companies that can offer you a cash advance entirely legally. The sums are typically subject to higher interest rates than you’d get from others – around 30 percent for the month – which is significant. Nevertheless, in some cases instant loan approval can play its part in your money management. The trick is to think very carefully and decide 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 less expensive to pay for something up front than to do so on credit. Even the cheapest forms of debt, like a mortgage, are expensive if you look at them in the long run. If you purchase 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 paid cash.
Of course, there are instances when it’s unavoidable to take out a loan, the mortgage being one common example. And there are times when unexpected expenses lead 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 last hope – assuming you can’t get the funds from friends or family. In these instances, a cash advance might be preferable to the other consequences of not getting the money. Without instant loan approval, what would happen? If it’s a fortnight of having to economise here and there, it’s probably not worth it. But if it means you would pile 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 finances in order, so that this is not a recurring problem. The best way is to use it as a last solution, not a regular answer that you end up going back to again and again.
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