What would make you get a loan?

Getting a loan from the bank still seems like such a big deal for most people and yet using short-term borrowing seems to be becoming more popular. Being able to borrow a small amount of money for a short period of time can be really useful. Whether you need to fix the car, get a new washing machine or some other surprise expense then short-term loans can be the ideal solution as long as they are handled correctly.
The APR on these loans are really high but as a short term fix for an unexpected issue then they could be really helpful although I do suggest that you think carefully about the affordability of these loans before you get one as they can lead to a spiral of borrowing that is hard to get out off.
Getting a loan should never be done on a whim and you should always make sure that you have looked at other ways to cut back on your expenses. I would always recommend meal planning as a great way to cut your weekly costs as well as looking if you can switch your utilities.

If you are looking at a big purchase then getting a personal loan from the bank is a much better option with interest rates being a lot lower and you have longer to pay for them but these are not always suitable if you just need a small amount of money for a short period of time.  I have had a few loans in my life and I have used them to consolidate debt and to buy a new car. Being able to make a fixed monthly payment on a low APR means that you can insert the payment into your finances easily whilst knowing you are not paying over the odds.

How do you pay for the big purchases in your life? What would you get a loan for?  Have you ever had to use a short term loan?