Interesting Facts about Short term loans


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The unopened Money box…

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What’s inside the box ? Well… Something that seems friendly But need not be... Something that we take for granted… But should not be… Something that made some people gain But some people lose….

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Short term loans…

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What.. What.. What.? What should you do with it? What should you NOT do with it? What are its disadvantages? and.. How can you quickly come out of it?

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Only for emergency purposes The idea was introduced in the 1990’s They have flat interest rate Duration calculated in weeks Have higher interest rates than regular loans You know these...

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Short term debts get unimaginably large if extended more than a year The Office of Fair Trading (OFT) does not have price control over short term debts# 76% of total loan volume [revenue] comes from repeat loans** Average household debt in the UK is £56,690 (including mortgages)** £181m personal interest paid in UK daily** ** You don't know these...

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You might know these... There are separate short term loans for: Students Unemployed People on benefits People with no credit score People with bad credit score Low interest rate

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You might not know these... Things you should NOT do with Short Term Loans : Do not use them for luxury expenses. Ex: Home décor, purchase car, lifestyle products Do not roll over the pending payments Do not take loans blindly without checking the lender’s credibility. Do not take loans from lenders with rigid payment terms.

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You might want to know these... Tips to pay off Short Term loans quickly: Monetize hobbies and skills to earn extra. Ex: Baking cookies, quilting, teaching computer/math Use online selling to make money from your unused books, clothing, etc. Run garage store on weekends with garden fruits and veggies Make flower bouquets with home garden flowers and sell in the neighbourhood.

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You got to do these Save money Don’t overspend Do not indulge in impulse buying Don’t fall for glamorous advertisements Try and reduce spending more than you earn

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You might have to know these... Stuck with a huge debt and do not know to tackle? Try them for help... Citizens Advice Bureau Debt Relief Order [DRO] Consumer Credit Counseling Service [CCCS]

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to practice savings.. to avoid loans and lead a tension free life… Its never too late...

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