Short term loans in the UK are incredibly popular and, if handled with care, often a good solution to unexpected financial difficulties. Here are three reasons why payday loans can be the right option.
Borrow, repay and be done with it
Designed for emergencies, payday loans offer quick and comparatively easy to access cash for domestic mishaps, unexpected changes in your circumstances, and so on. Imagine, for instance, your washing machine breaking down. Taking out a long-term loan to get a new appliance could leave you with months, if not years to repay, by which time wear and tear could well mean another repair or replacement is necessary. Short term loans are repaid quickly, giving you the chance to move on and use your hard earned cash for other things.
Long term borrowing often means you end up paying a great deal of interest on top of the amount you borrowed to begin with. This is particularly the case when making only the minimum payment on credit card debts, where the amount of interest accruing over time can be significant. Repaying payday loans promptly means far less interest is added to the original borrowed amount, making these loans less expensive in the long run.
No Danger of Temptation
Resisting the temptation to use your credit card when your budget is tight can be extremely difficult. Credit companies are well aware of this and will invariably tempt you to spend more and more by raising your credit limit from time to time (assuming you are making the necessary minimum repayments regularly). Before you know it, your card debt is getting out of control and repayments are getting virtually impossible. Payday loans provide you with the money you need when you need it most, without tempting you to spend more than you have to.
A Word of Caution
You should, however, be aware that short term loans are only suitable for emergencies and should be repaid promptly. They should never be used as a means of long term borrowing, as the interest accrued on them over prolonged periods could leave you in serious financial difficulties. It is therefore vital to ensure that you have the means to repay a payday loan within the agreed time.
We are here to help you cope with unexpected financial difficulties, not to lead you into a never ending circle of debt. This is why we at Uncle Buck’s will only lend you the money you require when we are sure that you can make the repayment on time without leaving you in dire financial straits. You can learn more about Uncle Buck payday loans by calling Tel.: 01959 543 400 .* Call charges may apply depending on your telephone provider, Calls may be recorded and monitored for security and training purposes.