What can a person do when they’ve gotten themselves in such a money bind they can’t get a loan from a bank? Maybe they’re one of the people who lost their job a while back, and although they’re now employed, their paychecks aren’t what they used to be. Life still goes on, rent and utilities need to be paid, automobiles still break down, and loved ones still pass away. Emergencies still happen, and they don’t care if a person has the money to take care of them or not.
Finding a Lender
Anyone needing money should always consider whether they’ll be able to repay a loan. No one should jump into a loan when they know in the back of their mind they absolutely can’t afford to make the payments on time. If they do get qualified for a loan, there’s going to be trouble ahead. If an individual can’t get a loan from one of the banks in town, they may consider getting a loan similar to a payday loan. Log onto www.moneyboat.co.uk and read their frequently asked questions (FAQs).
Payday Loans vs Installment Short Term Loans
The typical payday loan must be paid by the person’s next payday, while a short-term installment loan can be spread out and paid in up to six installments. The installment loan allows a person time to recoup and receive a few more paydays in which to make their payments. In other words, the budget is not as strained when there’s a little more time to repay the loan.
When it comes to interest charges, it seems that a lender can charge exorbitant rates to the borrower even though they have to follow guidelines set forth by the Financial Conduct Authority. After all, it is the lender’s money, and they can charge the maximum amount of interest allowed.
To Borrow or Not to Borrow, That is the Question
Sometimes, there’s simply no choice in the matter. When money is desperately needed for car repairs, or there’s been a death in the family, an individual will always think the money to repay the loan will come from somewhere. Other people will stop and think do I really need that or can I make do without it before making their final decision.