Has cash been a problem for you lately? If so, you are not alone as many thousands of people up and down the country have been working harder than ever to make ends meet, given the state of the economy and this less than stellar jobs position here and elsewhere.
In light of these prevailing circumstances it is little wonder that many of us have been turning our thoughts to trying to get some form of financial assistance, either in the form of a loan, an overdraft or even a payday loan for short-term needs.
If you are considering a loan or overdraft you will have to go through the usual channels, making an appointment at your bank completing an application, having credit checks done and so on. It can be time consuming and a little intimidating. That is one reason why payday loans can seem so appealing, especially since they are usually processed entirely online and can be agreed in a few moments. But there is a great deal of controversy about these loans, so if you are in need of cash are they worth considering. Here are a few pointers to bear in mind…..
If you are already struggling with your finances taking out a payday loan could end up making things worse because they can prove tricky to pay back on time, even if it is with one of the more professional firms such as BlueSky Loans. And not paying your payday loan back on the agreed date could mean you are faced with ever increasing fees and charges, creating a spiral of debt from which it can be difficult to extricate yourself.
So if payday loans are not the best route and you do not relish the prospect of applying for a loan or overdraft at the bank are there any other options?
One thing you could consider is joining up at your local credit union. These are growing all the time and soon will be found on just about every high street. They will treat your application for finance confidentially and sympathetically. Not only that but their interest rates are reasonable too, especially when you consider the very high rates of interest that apply to payday loans or overdrafts.
Another option is that if you have any valuables such as jewellery lurking about at the back of a drawer you could try selling these either on an auction site or perhaps by pledging them at a pawn brokers. The moral of the story appears to be that if you have any doubt at all about your ability to repay a payday loan on time they are best avoided and you should have a look at some of the alternatives suggested above.