Best of the Week
Most Popular
1. Market Decline Will Lead To Pension Collapse, USD Devaluation, And NWO - Raymond_Matison
2.Uber’s Nightmare Has Just Started - Stephen_McBride
3.Stock Market Crash Black Swan Event Set Up Sept 12th? - Brad_Gudgeon
4.GDow Stock Market Trend Forecast Update - Nadeem_Walayat
5.Gold Significant Correction Has Started - Clive_Maund
6.British Pound GBP vs Brexit Chaos Timeline - Nadeem_Walayat
7.Cameco Crash, Uranium Sector Won’t Catch a break - Richard_Mills
8.Recession 2020 Forecast : The New Risks & New Profits Of A Grand Experiment - Dan_Amerman
9.Gold When Global Insanity Prevails - Michael Ballanger
10.UK General Election Forecast 2019 - Betting Market Odds - Nadeem_Walayat
Last 7 days
Gold Price Breaks Down, Waving Good-bye to the 2019 Rally - 12th Nov 19
Fed Can't See the Bubbles Through the Lather - 12th Nov 19
Double 11 Record Sales Signal Strength of Chinese Consumption - 12th Nov 19
Welcome to the Zombie-land Of Oil, Gold and Stocks Investing – Part II - 12th Nov 19
Gold Retest Coming - 12th Nov 19
New Evidence Futures Markets Are Built for Manipulation - 12th Nov 19
Next 5 Year Future Proof Gaming PC Build Spec November 2019 - Ryzen 9 3900x, RTX 2080Ti... - 12th Nov 19
Gold and Silver - The Two Horsemen - 11th Nov 19
Towards a Diverging BRIC Future - 11th Nov 19
Welcome to the Zombie-land Of Stock Market Investing - 11th Nov 19
Illiquidity & Gold And Silver In The End Game - 11th Nov 19
Key Things You Need to Know When Starting a Business - 11th Nov 19
Stock Market Cycles Peaking - 11th Nov 19
Avoid Emotional Investing in Cryptocurrency - 11th Nov 19
Australian Lithium Mines NOT Viable at Current Prices - 10th Nov 19
The 10 Highest Paying Jobs In Oil & Gas - 10th Nov 19
World's Major Gold Miners Target Copper Porphyries - 10th Nov 19
AMAZON NOVEMBER 2019 BARGAIN PRICES - WD My Book 8TB External Drive for £126 - 10th Nov 19
Gold & Silver to Head Dramatically Higher, Mirroring Palladium - 9th Nov 19
How Do YOU Know the Direction of a Market's Larger Trend? - 9th Nov 19
BEST Amazon SMART Scale To Aid Weight Loss for Christmas 2019 - 9th Nov 19
Why Every Investor Should Invest in Water - 8th Nov 19
Wait… Was That a Bullish Silver Reversal? - 8th Nov 19
Gold, Silver and Copper The 3 Metallic Amigos and the Macro Message - 8th Nov 19
Is China locking up Indonesian Nickel? - 8th Nov 19
Where is the Top for Natural Gas? - 7th Nov 19
Why Fractional Shares Don’t Make Sense - 7th Nov 19
The Fed Is Chasing Its Own Tail; It Doesn’t Care What You Think - 7th Nov 19
China’s path from World’s Factory to World Market - 7th Nov 19
Where Is That Confounded Recession? - 7th Nov 19
FREE eBook - The Investment Strategy that could change your future - 7th Nov 19
Is There a Stock Market Breakout Ahead? - 6th Nov 19
These Indicators Aren’t Putting to an Economic Resurgence - 6th Nov 19
Understanding the Different Types of Travel Insurance - 6th Nov 19
The Biggest Gold Story Of 2020 - 6th Nov 19
Best Money Saving FREE Bonfire Night Fire Works Show Sheffield 2019 - 5th Nov 19
Is the Run on the US Dollar Due to Panic or Greed? - 5th Nov 19
Reasons Why Madrid Attracts Young Professionals - 5th Nov 19
Larger Bullish Move in USD/JPY May Just Be Getting Started - 5th Nov 19
Constructive Action in Gold & Silver Stocks - 5th Nov 19
The Boring Industry That Hands +500% Gains - 5th Nov 19
Stock Market Chartology vs Fundamentals - 4th Nov 19
The Fed’s Policy Is Like Swatting Flies with Nuclear Weapons - 4th Nov 19
Stock Market Warning: US Credit Delinquencies To Skyrocket In Q4 - 4th Nov 19
Stock Market Intermediate Topping Process Continues - 4th Nov 19
Stock Market $SPY Expanded Flat, Déjà Vu All Over Again - 4th Nov 19
How To Buy Gold For $3 An Ounce - 4th Nov 19

Market Oracle FREE Newsletter

How To Buy Gold For $3 An Ounce

When Can A Payday Loan Make Sense?

Personal_Finance / Debt & Loans Jan 31, 2019 - 05:07 PM GMT

By: OutreachMama

Personal_Finance

We can all wish that money grew on trees or that it came down like rain, but in the real world, it’s only sustained hard work that is going to produce the cash we need to make ends meet. In the UK, it’s clear that ends don’t always meet, however. Collectively, UK personal debt tallies over 1.6 trillion pounds.


That comes out to an average per household of 58,500 pounds – but most of that is mortgage debt. The “real number,” then, is more like 15,400 pounds per household.

Which Loans Are Best In A Pinch?

Aside from long term debts for major assets, like real estate and automobiles, it can be rather difficult to get the money you need when you need it. You may be left with only a few options, in fact.

You could try to borrow from a friend or family member, but that’s not always practical and you hate to bother them and to create a lender-debtor relationship with a loved one. If you own your car outright, you could get a title loan, but that means risking what may be your only way to/from work each day. Similarly, even if you have enough home equity, you may not wish to risk the roof over your head on an equity loan.

Ordinary bank loans are not typically available for personal expenses, especially if you have less than perfect credit. And if you don’t have a credit card, or it doesn’t have a high enough credit limit, credit cards might not be the answer either. Now what?

When To Use Payday Loans

One major option is payday loans. A payday loan is the shortest of short term loans, running only 2 to 4 weeks for the loan term. And you generally only borrow small amounts – 100 to 1,500 pounds total. To explore specific lenders and loan terms, check out this website: https://www.loanpig.co.uk/.

Now, it should be obvious you don’t get a payday loan if you just lost your job. If you are laid off for a very short period of time and you know for sure exactly when you go back to work, then it could make sense. But a payday loan is to tide you over “between paychecks” when you have a temporary, one-time cash shortfall AND you know you will have the income to repay it on time in one lump sum in a month or less.

You don’t need any collateral with many payday lenders, and many of them also do not care about bad credit. It might affect your rate but not your approval, and you won’t even have a credit check run on you. You have to be 18 or older, have an active UK bank account, and have a verifiable (and sufficient) source of income. There are few other eligibility requirements, aside from that you can’t have other outstanding payday loans or have defaulted on a fast cash loan in the recent past.

So if your roof needs immediate repair to stop that leak, or new shingles altogether, if your car broke down and needs transmission work or 4 new tires, if you have medical bills for an ER visit to pay, or even if you just don’t have enough to pay the bills and buy the groceries SHORT TERM, a payday loan could make sense.

Never take out more than you need or more than you can repay. Your loan payment shouldn’t be more than 25% or your next check, if at all possible, since you will have other bills to pay too. But bottom line is, in the right situation and used the right way, payday loans can get your through a financial rough spot where no other loan type will be available to do so.

By OutreachMama

© 2019 Copyright OutreachMama.com - All Rights Reserved

Disclaimer: This is a paid advertorial. The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules