Need Cash Quickly: Top 5 Tips by money.co.uk
If you need to borrow cash quickly it can be difficult to know where to turn but don’t worry you do have options the temptation can be to take out a payday loan or to go over your overdraft limit, but that’s really not a good idea – it can work out loads more expensive and can actually make it harder for you to borrow again in the future because both impact your credit rating. Instead if you need the money to pay a bill it’s worth speaking to the company. If you’re in a sticky situation they should help you work out an arrangement that means you can have a little bit longer pay and you shouldn’t pay too much more in interest. They have to listen to you so it’s definitely worth a shot. If not then it’s worth speaking your bank or Building Society to see if they can temporarily extend your overdraft limit, that way you shouldn’t be charged any unauthorised overdraft fees and it can work out a lot cheaper you just need to make sure that you pay it back within a certain period. Another option is to actually look at getting a credit card. Most credit cards will now that you check your chance getting accepted before you apply. So that gives you a relatively low risk way of exploring your options without actually committing to anything until you know you stand a really good chance of getting the money you need. If perhaps that’s not an option you want to consider, then looking at an unsecured loan or even a guarantor loan can be worth looking at. That can be better if you need a bit of a larger amount of money and want to pay it back in fixed installments over a number of months just make sure you shop around to get the cheapest rate possible, so you’re not paying any more than you need. Finally something worth considering is speaking to friends and family. If you’re really pushed and desperately need the money that can be worth the ask – just make sure that you treat it like a business arrangement make sure you set out on paper exactly what you agreed, offer to pay them interest and let them know exactly when you’ll repay them so there is no chance for hard feelings to ever occur. The best thing to do is really think about what you need, what you need the money for and see if there’s any way that you can get around it and if you do need the money then just plan carefully how you can pay it back back in the quickest amount of time and the lowest cost to you.