It is therefore very easy to make a mistake and making a bad decision can be an expensive mistake!
So to make sure you do not do this, have a look at our 5 easy steps on how you can make sure that you make all the right decisions:
Step 1 – Ask Yourself the Question “do I need to borrow money at all?”
It has become all too common in today’s society to borrow; mainly because it’s now really easy to borrow money compared to 50 years ago.
The problem is though that borrowing money does costs you money, money that could be being spent on 101 other things.
So before you look at which of the current options is best for you, first really challenge yourself whether you actually do need to borrow any money at all:
“can I wait till next month when a I may not need to borrow any money?”
“do I really need to replace / buy this?”
“could I get some overtime at work which would maybe help me pay for this?”
Step 2 – Ask yourself “what is the minimum I can get away with borrowing?”
Simply, the less you borrow, the less you are going got have to pay back and the more money you have to spend on the nicer things in life.
So maybe there was not the option of not borrowing any money at all; but hopefully you have now thought of a few ways that could mean minimising the amount of money you do need to borrow.
Step 3 – Work out your income & expenses and how much you can comfortably afford to pay off per month
One big mistake a lot of people make is over estimating the amount they can afford to pay per month; for it’s easy to forget about the many unplanned expenses that turn up month by month, plus other things like Christmas and holidays.
So list down you income, and then all expenses that are likely to come up every month; and everything that you are going to need to budget for.
Then this should give you a much better idea as to the amount you can comfortably afford to spend per month on your repayments.
Step 4 – Research all the different options for borrowing money
There are a lot of potential ways that you can get money even if you your credit history could be better; then main ones being:
- Poor personal credit options
- Credit cards
- Pawn Shops (Cash Converters etc.)
- Borrow money from friends of family
- Pay day finance
- Doorstep finance
- Bank loans
If you have done your research and are aware of the different options then you are more likely to then make sure you get the right loan.
We specialise in a type of finance which requires a friend of family member to guarantee the loan for you. These are better value options, but you do need a friend or family member with a good credit history to support your application.
Step 5 – Make multiple applications
Making a number of applications is important, for then you have genuine choice.
How many applications you make is up to you; we would not recommend too many for otherwise this can become a bit time consuming filling out lots of forms.
Helping you to a find the best options
Bad financial histories OK
Affordable rates and fees
Fast application and payout
One application to multiple lenders
No broker or application fees
No early redemption fees
Secure online application
How it works?
- No credit checking*
- No obligation to take out finance
- No application fees
- Secure online application