Helpful Hints When Taking Out an Online Short Term Loan
It can be extremely difficult when you arrive at the point to which you admit to yourself that you need a touch of extra help with your monthly finances. Even those with stable, well-paid jobs feel the squeeze every now and then. Unfortunately, many people don’t know what to do and innocently sweep it under the carpet for days, weeks, months, even years, and eventually it snowballs to an uncontrollable situation.
Thankfully there are many financial avenues to explore with help readily available, including one of the most recent booms in the ever-expanding marriage between the Internet and smart phone technology: the online short-term loan.
As opposed to feeling like a burden by turning to friends and family to lend you cash in times of need, this is a quick and easy process where, in many cases, you can access the money in your account within minutes of applying and approval.
Just as buying clothes, food, and well, pretty much anything online, the simple and efficient nature of the online short-term loan is often preferable than visiting your bank in person. It eliminates some of the additional fees and liability that comes with personal banking, plus you can do it 24/7 from the comfort of your own home, on the move or even abroad, offering a much more cost-effective service.
Here are a few useful tips when deciding when, where and how to purchase your online short-term loan:
Try Not To Borrow More Than You Need
It can be extremely tempting to see the flashing £ signs and get carried away, the £150 you needed for the new washing machine part suddenly becomes a casual £500 or more for the cracked kitchen tile, the leaky shower and perhaps a new mattress, curtains and matching cushions for your guest room.
The key is to know for a fact you can pay the money back as soon as you can. Many short-term loans can be offered so that the money you owe comes out of your account automatically on pay day. The trick is to not let yourself get into the same situation as you did the previous month.
Do Your Research
There are hundreds of online companies now, all vying for your custom, and each one will try to offer a better deal than the others. The most important thing to note is that their website it secure, verified by the appropriate financial service bodies and that they are committed to Responsible Lending.
Find Out If You’re Eligible
This may seem like common sense but you can’t even consider applying for a short-term loan unless you are at least 18 years old, are employed (usually for more than 16 hours per week), are a UK citizen and have a good credit history i.e. no CCJs, been declared bankrupt or are on another debt management service within the last year. Perhaps most importantly of all, you need to have a current bank account!
Wendy Lin is a free-lance writer and an entrepreneur. She has her own private consultancy company specialising in financial freedom for entrepreneurs.