Payday Loans UK - Are They Worth The Hassle in 2018? • Money Boat
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Payday Loans UK – Are They Worth The Hassle in 2018?

payday loan

Payday Loans UK

There will be many times this year when people in the UK will benefit from a short term loan. There will also be other times when caution should be exercised. Payday loans UK – when does it pay to use them? Here are some reasons to make use of payday loans UK this year.

Take Advantage of Rare Opportunities

At various times of the year, merchants offer great opportunities to buy goods at remarkably low prices. Maybe you have an appliance which has broken and is in serious need of replacement. When essential products are available at low, low prices, it may well pay to consider a small online loan to take advantage of the opportunity and possibly even save you money in the long run.

 

payday loan credit check

 

Minimal Credit Checks

 

Traditional lenders generally require a credit check that disqualifies many people who’ve experienced some level of financial problems in the past. At MoneyBoat, we do check your credit, but we’re far more accommodating to borrowers who have seen some difficulties in the past. In many cases, our clients can obtain a payday loan with little difficulty. If you’ve got any questions about qualifying for a short-term loan, we’re here to answer your questions quickly and confidentially.

 

 

Take Care of Those Emergency Repairs

 

Household emergencies are common, and a payday loan can cover the cost of an unexpected appliance repair, a higher-than-normal power bill, or other utility expenses. Of course, automobile repairs can quickly decimate a family’s budget, but an online loan can help to get that vehicle back in service quickly.

 

Handling Medical Expenses

 

Although the NHS covers the majority of medical expenses for UK citizens, some charges are not fully covered. Dental expenses and eye care are a couple of examples where fees are charged for services. If you need to cover some type of medical expense not taken care of by the NHS, a payday loan from MoneyBoat may be helpful.

 

Family Members or Friends May Need Fast Help

 

In some cases, our clients don’t actually need the money themselves. Rather, they choose to use a short-term payday loan to help a friend or family member get through a rough spot. Most people don’t want to turn down friends or family members who need help even when they don’t have extra money on hand. While it always pays to be careful who you lend money to, it’s important to take care of those who are close to us whenever possible.

 

 

Protect Your Credit

 

At times, credit card invoices or other debts need to be repaid, but there is no money immediately available to deal with those bills. Because anyone’s credit score can be damaged when a payment is missed, it might pay to consider a short-term payday loan to tide you over, rather than missing a payment on another important financial obligation.

 

Deal With Family Emergencies

 

If a family member is sick or dying, it’s important to be by their side. A payday loan can make it possible to travel when necessary to be with anyone close to you who is seriously ill. Again, it’s not prudent to borrow any money needlessly, but it’s also important to make sure family emergencies are dealt with properly.

 

Avoid Asking Family Members for Help

 

Even if a friend or family member is willing to provide a short-term loan, it’s embarrassing to ask when other options are available. A payday loan from MoneyBoat makes it possible to cover immediate expenses without being embarrassed. While it’s not a good idea to use payday loans UK as a regular option for dealing with routine expenses, at times there isn’t another good option.

 

These are some common reasons UK residents contact MoneyBoat for short-term, payday loans, but there are certainly other valid reasons for borrowing money. If you’ve got any questions about short-term loans, we’re here to do what we can, to address those issues.

Frequently asked loan questions we hear from our Customers

 

Why Are the Rates for UK Payday Loans Higher Than Other Types of Loans?

 

That’s a relatively easy question to respond to. Short-term lenders in the UK routinely lend money to people who’ve experienced financial issues in the past. Unfortunately, many of those people won’t be able to repay their debts on schedule or, in some cases, at all. That means MoneyBoat and other lenders assume a far greater risk than many traditional lenders are willing to accept.

 

Not repaying a payday loan on time, however, only makes things worse. That’s why we encourage borrowers to consider other options before applying for a short-term online loan. When our clients repay their loans on schedule, it also lets us know they are intent on maintaining a credit rating with us so they can borrow money in the future if it’s needed.

 

payday loans support

 

When Shouldn’t People Borrow Money?

Too many people rely on short-term UK payday loans to cover everyday expenses. That’s not recommended, as a constant cycle of borrowing and repaying short-term loans gets expensive. Yes, it’s perfectly normal to need extra money from time to time, but it’s far better to establish and maintain a budget to cover routine expenses.

 

It’s never wise to borrow money if you know there is no real chance of repaying it on time. It may be a harsh reality, but compounding debt problems is not going to help anyone. We’re always here to help when the need for fast money arises, but that doesn’t mean we encourage our clients to borrow money unwisely.

 

Generally, it’s also better to avoid borrowing money for frivolous expenses. While it might be nice to purchase new clothes, for example, it’s better to wait until the money is available without having to borrow whenever possible.

 

However, there are some cases when a payday loan to buy clothing might be wise. If a big job interview is coming up, for example, dressing appropriately is important. In that case, using proceeds from a payday loan to purchase job-appropriate clothing might be a good choice.

 

What Other Lending Options are Available to UK Borrowers?

 

Typical borrowing options include bank loans, credit cards, and friends or family members. Each of those sources has advantages and disadvantages that impact potential borrowers.

 

  • Bank loans are, in most cases, the best option for borrowing larger sums of money. As a rule, most banks don’t lend smaller amounts of cash simply because it’s not worth the expenses they incur. Banks also demand higher credit scores than short-term lenders and frequently take too much time to make lending decisions.

 

  • Credit cards also provide UK residents with a means to cover expenses. That being said, they also have rather strict requirements, meaning many area residents won’t be approved. In addition, borrowers may have already used their credit cards and don’t have additional capacity to borrow until their balances are reduced.

 

  • Friends and family members may or may not have the ability to lend money. In addition, they may not be comfortable lending to anyone close to them, as doing so often harms relationships when repayment issues arise. It’s better to avoid borrowing from friends or family members whenever possible to avoid ruining a relationship.

 

Since every person’s situation tends to be somewhat unique, there may be other potential sources for obtaining fast cash.

 

payday lending

 

Why Are UK Payday Loans So Attractive to Borrowers?

 

Even though everyone knows the costs of payday loans or other short-term online loans are high, people still frequently borrow money from MoneyBoat. If borrowers know they’re going to pay higher interest rates for payday loans, why do they remain so popular?

 

The short answer is that they’re easy to obtain. Usually, lending decisions are made quickly, with borrowers having the cash available within a day of the loan approval. That means emergency expenses can be dealt with promptly.

 

Payday Loans Should Not Be Your First Choice

 

MoneyBoat.co.uk encourages all borrows to explore other, less-expensive options before applying for a payday or other short-term loans. It always pays to establish a budget and stick to it whenever possible. The costs of borrowing are high, and borrowers should always take steps to avoid those interest costs when possible.

 

On the other hand, MoneyBoat staff members also know emergencies happen. When they do, easy access to fast cash can avoid other problems. We’ll always work with clients to determine which type of loan is appropriate for their needs. We’ll then try to structure a repayment schedule to match a customer’s repayment capabilities.

 

payday loans uk apply

 

If you’re still unsure of the best way to handle your financial situation, discuss your situation with a financial counsellor. One source of help we recommend is www.choosewisely.co.uk.

MoneyBoat is here to provide direct payday loans UK to consumers. We don’t encourage anyone to borrow money without understanding the pros and cons. There are many times when customers benefit from our services. We do however recommend you educate yourself on the risks as much as possible.

When you’ve evaluated your options, we’re here to help. To start the process, simply fill out our online loan application.