Do Not Do These 3 Things When Looking for Quick Cash Loans

Emergencies can quickly lead to bad decisions when applying for a loan; but please don’t leave your common sense at the door

With mainstream lenders shunning bad credit borrowers, specialist firms have stepped up to the plate to fill the void. However, many seek to exploit the situation by charging sky high interest rates.

In the article below, we shine a spotlight on the 3 things which you must not do when looking for fast cash.

1. Never turn to Payday Lending

Payday lending companies are the masters of marketing. For the uninitiated they can often seem like the ultimate short term, fast loan.

However, it rarely takes long before borrowers find out that they are hugely expensive, potentially dangerous and should be avoided wherever possible.

With possible consequences including rapidly escalating charges for missing payments and a red flag left on your credit score which may impact your chance of obtaining a mortgage in the future, this type of finance should be removed from your thought process completely.

If you need any further convincing, check out the following BBC article – Payday loans: 10 things you should know before you take one – which covers all of the inherent dangers.

2) Do not let desperation dictate your decision

stressed man by computerDesperate times do not always call for desperate measures. The pressure caused by mounting bills can often lead people into making quick decisions that lead to long term consequences.

Just because you are desperate for cash does not mean that you should rush in and take the first option which becomes available to you. This will inevitably lead to poor decisions.

Finding a suitable option has never been easier and the great news is that much of the hard work is done for you. Websites such as our own allow you to use a calculator to work out how much money you can afford to borrow and then provide a simple application form which will submit a single application to a number of the UK’s most trusted lenders.

With quotes arriving in your e-mail box within a matter of minutes, there is simply no longer a reasonable excuse for not shopping around.

3. Do not overlook any option

One of the best options for a short term boost is often one of the last options that we think of. Do not be afraid to ask family and friends for some financial assistance if you believe they may be in a position to help.

Pride or an unwillingness to put people on the spot can be very powerful reasons for not choosing this option but you may be surprised at how much family and close friends would like to help if given the chance.

The agreement can be as formal or informal as both sides wish and the chances are it will certainly be the cheapest option available to you.

If you would like to weigh up the pros and cons of borrowing from family and friends, the Money Advice Service has drawn up a very helpful guide titled – Should you borrow from family or friends?

Do you know your Credit Score

To ensure that you are in the best position to gain a loan quickly should the need arise, always make sure that you keep up to date with the current state of your rating.

By visiting the Checkmyfile website, you will be able to access the UK’s only multi-agency report which will allow you to view all the information you need to highlight the loan options which will be available to you.

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See more than twice the information compared to any other Report in the UK

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Safe quick options for anyone with a poor credit rating

The good news is that not all of these options should give you reason for worry.

Simply use our calculator to see how much you can afford and then fill in our easy to complete application form to submit a single application to the UK’s very best lenders.

This will save both time and effort whilst resulting in you receiving a variety of excellent options.

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