Your tips for borrowing money and paying it back

Penny: I have borrowed money before but off my dad just to pay for a car once but then I paid it back straight away anyway; so it was just waiting ’til I got paid and then paid him back. But if it was thousands I’d probably look into a bank loan,
but that would be my last option. Pauline: I do think these nought per cent credit cards because you can buy whatever it is
and not pay any extra interest back on it. Nought per cent on the time limit that I’ve got it,
nought per cent for and if I can pay it off, I will do. Kieran: If it was, you know, a lesser amount, a couple of hundred pounds, I might ask a family member but when you start reaching into the thousands,
yeah, I wouldn’t even ask, I’d go to the bank and try to work something out with them guys. John: I would probably outright say “no” to any of the payday loans
sort of systems. Lucy: The more money you borrow the higher the interest gets
and it also depends on your credit as well – how much interest you have to pay back. So I’d probably go for an actual loan from a bank or something for a higher amount or just a small
credit card if it was a lower amount. Lewis: Yeah, I’d probably pay it direct debit. Just easier, it makes life easier. You don’t have to worry about debt, you don’t have to worry about, you know… repaying it when you don’t have the money, so it comes out on that certain date,
you know you can just leave the money in there, boom, done. Jan: Try and pay it off as quickly as I could, really, sort of pick the shortest time that you can afford. Guy: If you’ve got a loan or any credit, you need to pay off the ones with the highest interest rates
to bring down what you’re paying in interest overall and focus on those first. Daniel: Obviously you need to be paying it back,
so you need to be setting up a direct debit so that it’s paid every month. You start missing your payments, they add interest
and it just goes up and up and up. You’ll be paying it forever. Kieran: How to go about paying it off?
Well, monthly and try and budget in. Hopefully at that point, by the time I have come to pay it off
you would already have sorted it all out and worked out your repayments, and if things change… after being made redundant a couple of years ago, if things do change I’d say just get in contact with everyone and just let them know immediately. Don’t ignore it because it’ll come back to get you.

One comment on “Your tips for borrowing money and paying it back”

  1. JoJo MoJo says:

    Always borrow money from a pessimist. They won't expect it back.

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