Thursday, 31 October 2013

Try not to worry about money. Instead, stay positive and work towards a solution.

Experiencing financial difficulties can be an extremely stressful situation to deal with. No matter how careful we are, there may be times when the money does not last as long as the month does! On these occasions, some people turn to a Payday loan to help them through until they next receive their regular monthly wage.

It’s always good to save a little money every month, just in case you need it, and often having a little emergency nest-egg is a life saver when unexpected bills crop up. However, this is not always possible, and for many of us, saving every month is a difficult thing to do.

Payday loans are a form of short term credit that you can access if you need a small amount of cash until you are paid. You can borrow as little as £100 to help you out, and then on the repayment date, usually the same date as your pay day, you can repay the loan in full.

If you are considering applying for a payday loan, take some time to calculate the ‘Total Cost of Credit’. This is an important figure. The TCOC is the full amount the loan will cost you. It will include the interest on your loan and any fees. Before applying for your loan, make sure you know this figure and calculate whether you can afford to repay it.

By making sure you understand your rights and responsibilities, and by calculating the total cost of the loan, you will have a much more positive experience and be able to repay it comfortably.

If you are struggling to cope with long standing debts, a payday loan may not be the best option for you. If you are unsure, get some advice from a credit counselor or debt advisor. The most important thing to remember is to try not to worry, stay focused and do what’s best for you and your family.

Payday loans are a great way to access funds if you need them, and if you understand how they work, and can afford to repay your loan, there is no reason why you can’t use a short term loan to help you.


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