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Quick Loans Online UK: 5 Need to Knows
If you want to make quick loans online in the UK there are plenty of lenders that you can find on the internet today. They offer plenty of short-term loans like payday loans and the like, which are quite easy to avail. Once your application is approved, you will receive your money in no time. The downside, however, is that the cost you will have to bear in interest rate charges is relatively high. There is a chance that you might hurt your financial health especially if you have not come up with a sound plan for repaying your loan.
Many financial experts will warn you of the possible dangers of quick payday loans and they may even advise you to stay away from them. You may want to explore other cheaper alternatives first, like borrowing money from family and friends, but if you are considering on applying for quick loans on the internet, make sure that you have the knowledge to protect yourself and your finances. Here are 5 things that you ought to know:
1.) Online loans are often high cost, short term loans
These loans, like payday loans, have short grace periods usually just several weeks or a few months. Because it’s very easy to avail – you can even do it through your mobile phone, many are tempted to make hasty decisions on making loans without even going through the background of the lender they are dealing with first, the terms and conditions that they will have to agree on, and the method of repaying back the loan. Herein lies the danger because when you don’t think hard on what you are doing, it can become a financial nightmare. Before availing a loan online, make sure that you do your homework first and ask yourself whether or not you are really capable of paying back the loan on time as per agreed with your lender.
2.) There are charges attached to your loan
Payday loans, for example, often come with fees instead of an interest rate. For a £100 loan with a grace period of one month, for example, a £25 fee may be attached in your repayment or a 20% APR. And if you violate the agreed terms and conditions of repayment, by paying late, for example, additional charges as a penalty will be inserted. If you are confident that you can easily make the repayments on time, then there is no problem having these loan.
3.) Evaluate your financial capacity
Remember borrowing money means that you need to pay it back at a certain point in time. If you know for yourself that you won’t be able to pay it back this simply means that you can’t afford it. No matter how dire your need for money is, never apply for a loan if you are financially incapable of paying back. You are only putting yourself and your lender in a difficult situation. Consider the loan as something that will work for you and not against you.
4.) Use the loan Properly
You should only do a quick loan only if it is absolutely necessary. Borrowing money because you want to go to a concert, buy that new pair of shoes that you have always wanted, or make a quick improvement in your home, will only put you in a bad spot financially. Always resist the urge to make a loan for an unnecessary expense. If you really want to purchase something so bad, then make an effective budget and save for it. Some people also apply for a loan so they can pay out a pre-existing loan leaving them in an even worse financial predicament. It would be best to use it only in addressing emergency situations.
5.) Borrowing over longer periods
Lenders may also offer longer periods of repayment so instead of paying the loan next month, you can do it in the next quarter of the year. This gives you some breathing room in your finances but only temporarily. You are simply extending the deadline and won’t relieve you of the responsibility of paying back the loan and the agreed charges.
Also, it is important to keep in mind that the later you repay your loan the bigger the interest rate becomes. There is a cap however and you don’t have to worry about ever paying back twice higher than the amount you borrowed for. Always have a sound strategy on repaying your loan and be disciplined enough to stick to it. You might want to leave out a portion of your salary every month even if the interest rate is still due in the next 4 months so when the time comes when you need to pay back the loan, it won’t hurt your budget that much.
Quick loans offered online is an option that you can use if you are in need of cash. Keep in mind these 5 need to knows if you are considering this option so you will enjoy having a loan that will truly work for you and not against you.