If you have ever taken out or considered taking out a short-term loan, such as a payday loan or instalment loan, to help cover an unexpected emergency expense, you may have come across a number of technical terms within the loan’s terms and conditions that are difficult to understand.
If you aren’t in a position to save, don’t have emergency cash to fall back on, and payday is still some way away, a short-term loan – also known as a payday loan – might be worth considering.
Repaying a short term loan in full after 30 days can occasionally make budgeting effectively for the following month difficult, if not impossible. For this reason, responsible lenders like Uncle Buck offer potential customers the option to spread the cost of such a loan over three months (91 days), as opposed to over 30 days (it should be noted here that this offer is subject to status/ affordability checks).
Payday loans can be exceptionally helpful when faced with unexpected expenses. In spite of their fearsome reputation, they are also perfectly safe – as long as you ensure you can repay the amount you borrowed (plus any interest accrued over the duration of your loan) on time.