As much as I would love to say that I have planned for every eventuality sometimes things happen that mean that I need to get my hands on some emergency money quickly. This month our car MOT was due and it failed which meant a lot of very expensive work needed doing on the car. Trying to come up with the money to pay for this and Christmas put me in a bit of a tight spot.
There are lots of things that could go wrong which means that anyone may need to get their hands on Emergency Money at short notice and if you don’t have a credit card or an overdraft you might need to turn to a Payday loan to see you through. If you do need to get your hands on some emergency money and you are looking at getting a Payday loan then make sure you follow the below tips.
- Payday loans can have a high-interest rate so it is important that you are able to pay them off quickly as they are not to be used for long-term borrowing.
- Never borrow more than you need.
- Ensure that the Payday loans company is authorised and regulated by the FCA.
- Check for hidden fees or use a company like cashlady.com who have no fees.
- Always check the full repayment amount and make sure you can afford it
- Don’t use Payday loans to pay off other debt. Contact the Money Advice Service if you need debt advice.
Payday loans should only be used as a last resort but if you follow the tips above they can be a great way to get your hands on some emergency money when you need it most. However, I would definitely recommend that you look at putting a little bit to one side to ensure you have your very own pot of money available to you to help you cope in an emergency.