Nev's Blog

For the mere mortals amongst us who have to scratch out a living, it can often happen that there is just too much month and not enough money. You may have experienced it yourself. Your friends invite you on an impromptu ski-ing holiday but you are unable to go as you have just had to pay out to have your central heating system repaired. Or maybe you have just had to pay out an arm and a leg to have your car repaired, something you had to do because you need your car to get to work each day, and and you won’t get paid if you cant’t get to work.

Not having any cash left at the end of the month actually happens to more people than you would think it does. So if it happens to you, what do you do about it?

Well you could simply ignore the situation and just go overdrawn, but at what price? Unauthorised overdrafts can attract a daily charge for each day that the account remains overdrawn. Plus you will probably get charged something like £15 – £25 just for the privilege of having the bank write to you telling you that you are overdrawn – something you were probably already aware of.

Alternatively, you could stop eating, drinking or do anything else that involves spending any money for the rest of the month. Not a great idea if there are more than a couple of days left as it could be detrimental to your health but there are bound to be other bills that have to be paid anyway such as rent or fuel for the car. It could also drive you a bit mad.

The answer could be in the form of a payday loan. Payday loans are short term loans designed to get you through a time of no money. The idea is simple – you borrow enough to get you through till the end of the month, and then you payback the loan when you get your paycheck. Simple.

Payday loans are becoming more popular and because of this, more and more lending institutions are now providing. It is, however. important to understand that they really are only meant to be short term loans. It is quite easy to stumble into the situation where you allow the debt to go unpaid from month to month, and this is when they become a very expensive method of borrowing. So only borrow what you can comfortably pay back at the end of the month.

Filed by neville1way at 5:29 pm under Uncategorized
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