Short term loans are often just thought of as an expensive way of borrowing money when you are desperate. It is often perceived that they should be used as a last resort and that you will pay the price for the convenience. However, used in the right way, short term loans can in fact save you money. How? I hear you ask, especially with such extortionate interest rates?
Many of us have found ourselves in a position where our finances have got out of hand. It could be that you haven’t been keeping track of what has been spent and now you are over your overdraft limit or that payment you kept putting off until tomorrow is now officially late, it can happen all too easily. Although it may not be the end of the world, the costs can quickly start adding up. Even if you were fortunate enough to have an interest free overdraft, you would have to pay a fixed fee should you flout that. Not only that, but in some cases, were you not able to resolve the over spend, the bank withholds the right to withdraw the overdraft facility meaning you would have to find a way to pay that money back also.