The biggest myth about short term loans is that these loans will increase your debt even further and will take you to a point of no return. While there may have been such instances, this is an unfair generalization.
Lets discuss some statistics before we fragment this myth. About 30% of
individuals have acquired a short term loan as a mode of emergency cash
at least once. Now, if these loans had actually increased peoples debt
or have taken them to a point where they are no longer able to pay the
high interest rates, we would have seen thousands of people going
bankrupt every year. Yes, we do see people going bankrupt, but these
individuals are people who were never able to manage their debt
correctly or there were too many unfortunate financial disasters in
Usually, everyone who takes a short term loan is able to repay it within
time and is also able to avoid late payment charges on their credit
cards. This in-turn improves their credit rating and makes them eligible
for larger loans in future.
What if there were no such things as same day loans or pay day loans? Anyone
in a tricky financial situation would end up screwing their credit
ratings and it would be hard to pay back the accumulated late fee
This proves a point that its not the short term loans that is a problem,
but a lot depends on the individual who takes up such a loan. Also, if
short term loans were so bad, governments around the world would have
easily banned companies and lenders giving away such loans.
Another important thing to note is that people who receive these loans
are mostly happy to receive emergency cash and are able to repay it
without any problems.If you are nervous about such loans, be mindful
about the above facts and apply confidently.
If you are nervous about such loans, be mindful about the above facts and apply confidently.
Friday, 28 December 2012
Unsecured bad credit loans are not free moneyLoans for bad credit are certainly not known for bringing consumers a ton of value. The loans are unsecured but it doesn’t mean it is cheap and you don’t have to pay them back. They typically carry high interest rates and associated fees. The repayment terms can be rough and the consumers who use these loans are generally not great at making timely payments. But let’s face it, getting an unsecured personal loan for an urgent expense can bring a tremendous amount of relief, regardless of the terms they feature.
When you no longer qualify for conventional loans, however, this is a definite sign that it is time to change your attitude about your finances and how you manage them. Unsecured loans are actually phenomenal practice for this process. In fact, the often outrageous terms that these loans usually carry are great training for consumers who want to whip their spending habits back in line. This money should be used for a designated and necessary expense, secured under the best possible terms and repaid as quickly as humanly possible. Check this link http://www.payday-loansuk.org.uk if you want to find a reputable short term loans provider.
Watch out for filthy casino carpets and deceptive loan terms
As with all things related to money, however, it is important for consumers to realize that there are a lot of things going on when they receive an unsecured personal loan for any reason. When you think about it, every casino that you will ever enter has a vibrant and obnoxiously patterned carpet. In reality, casino carpets tend to be so busily patterned, because casino owners want to keep the focus of gamblers straight ahead; on the slot machines and tables. This subtle form of persuasion is not unlike the ease with which notoriously bad spenders are handed cash money with little up front hassle. Most lenders who offer loans for bad credit profit the most from their repeat customers and loan extensions and thus, their goal is to keep your focus straight ahead; on the benefits of getting fast cash, rather than the more long term commitment that the borrower will be making. In lending, as in gambling, keeping your eye trained only on the prize is a great way to lose out on a lot of money.