We all experience a sudden emergency expense at some point during our lives, whether that’s the car breaking down or an unaccounted-for utility bill. In such a situation, if you don’t quite have the savings, then being able to borrow money quick is often of great importance to help cover the unexpected costs.
Taken from our downloadable eBook Improving your Financial Health: 8 Credit and Money Management Tips, our guide to How to Borrow Money Responsibly will show you a number of great ideas for helping you to keep your finances firmly in check.
How to Borrow Money
We ask that all those who borrow money from us fit the following criteria:
- Over the age of 18
- In employment
- A UK resident
- Have a valid bank account into which your salary is paid
- A valid email and working mobile
- Not currently in debt management, individual voluntary arrangement or under any bankruptcy proceedings
At Uncle Buck, we offer short-term loans to successful applicants looking to borrow money online. To establish whether we believe you would be a suitable person to lend to, we ask a number of questions regarding your employment, residency status and banking details.
When it comes to borrowing money, there is a wealth of choice out there. Alongside loans designed for a specific purpose, such as a student loan or a mortgage, there is also plenty of options available for those needing help for a less specific purpose.
- Short-term loans: Offering a higher interest rate than that of many other loans, many short-term loans do however have a faster application process – ideal for those looking to borrow money quick.
- Credit union loans: Only available to members of the credit union, a credit union loan will often offer a competitive interest rate.
- Friends or family loan: Often the first solution for those looking to borrow money quick, a loan from friends or family can vary depending on what’s agreed upon between the parties involved.
- Overdrafts: An overdraft will often be for a pre-agreed amount set out as part of a current bank account. Many overdrafts incur fees when used, however, there are some that do not as long as they remain within the agreed amount as originally set.
Responsible Borrowing Advice
Borrowing is a serious matter, so you should only borrow money when it is entirely necessary, and when you are sure you can make the repayments. What is more – you should make sure that you only borrow from a responsible lender such as Uncle Buck. There are various kinds of lending and borrowing available, and you should make sure that you use the correct kind. Uncle Buck offers online loans to assist customers by providing access to money to cope with short-term financial emergencies. It is a short-term solution only as it’s a high-cost form of credit, and its purpose should be considered carefully, to avoid creating a bigger financial burden.
As a responsible lender, Uncle Buck wants to make sure that you can repay your loan comfortably and without difficulty.
When you are deciding to borrow money, you need to be making an informed decision, so there are several questions you should ask yourself, and make sure you have the answers:
- What are you borrowing for? – Is this a short-term financial emergency or an impulse purchase?
- Is borrowing your best option? – Do you have savings that you could use instead? Could you postpone a purchase or budget your way through this crisis?
- How much should you borrow? – Borrowing more than you need is unwise, as you will need to pay it all back with interest.
- Can you afford to repay the amount you want to borrow? – Lenders will always assess your ability to repay, but if you know that you are going to be unlikely to make repayments, don’t store up future difficulty for yourself.
When it comes to borrowing money, making an informed decision and only borrowing from a responsible lender is important for preventing problems further down the line. If you want to learn more great money saving tips, then download our eBook Improving your Financial Health: 8 Money and Credit Management Tips now.
Alternatively, if you have a question and want to get in touch, you can contact Uncle Buck at firstname.lastname@example.org