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Better Press for Short Term Loans

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Short term loans

Not so long ago, it could be fairly difficult to obtain short term loans from anywhere in the country. Banks would often write to you offering money on a loan basis when you weren’t even interested in borrowing. But when you went to them to acquire a loan because you really needed one, it may not have been so easy. This led to the introduction and the rise of payday loans and short term loans.

In their early days, they were more well known as payday loans. But with the negative publicity attached to them because their interest payments were thought to be fairly steep, they obtained a bad press.

It wasn’t just the interest charges that were considered exorbitant. Penalties for late or non payment were also judged to be very unfair by the neutrals. They were accused of preying on the weak and vulnerable who had no other choice as they were trapped in a corner with nowhere else to go in order to get the money they may need in an emergency.

Responsible borrowing and lending and lending was questioned by the public and media alike. High and low profile politicians became involved as loan companies were targeted.

Financial regulations have now been brought in and all finance companies are now strictly monitored by the FCA to make sure that loan companies adhere to the restrictions. The short term loans market has become much more viable to use as the bad press it originally received has been eradicated

So now that loan terms and conditions have become much less severe, it means that a person can now take out a short term loan with much more peace of mind.

However, it is not a good idea to take them out too frequently. There should be a good reason for doing so. If you make a habit of taking them out, it may lead to spiralling  out of debt.

Short term loans can be a useful tool to use if you are paid monthly and you are just that little too far away to receive your next wage. Everyday life can often throw unexpected and unforeseen problems at you. So if an emergency happens and you need money urgently, then applying for a loan may be a good option to consider.

Examples of what may be classed as an emergency could be a car breaking down that needs a quick garage repair to get it back on the road. Another may be medical which should never be ignored, or dental pain which is too severe to leave. Maybe a washing machine needs fixing and you’re just a bit short until the next pay day?

Whichever reason it is, be sure to borrow responsibly. Do not look for short term loans if you think you may struggle to pay it back. Look for another alternative, such as a family member or a close friend. Of course if you own a credit card, that can be useful, but be careful to not keep paying the minimum monthly amounts as that may well work out higher repayments than a loan.

About the author

Peter Davis Peter Davis is a Marketing Analyst at PaydayLoan123 specialising in financial products. Peter writes most of our articles as he stays up to date with the latest information. He enjoys most sports, particularly playing football and watching his favourite football team. Peter really like his food too as we have all witnessed first hand!

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