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Sooner or later in a great many people’s lives, there is a need to obtain cash – fast. There are loads of ways to get around the issue, for instance, you can apply for a new line of credit, organize an overdraft or apply for credit from a store. Before choosing what may be the best way for you, be sure to know how much you need and take a good look at all the choices open to you.

Bank Overdrafts

At most people’s fingertips, a bank overdraft can be a helpful method for accessing a little extra on the off chance that you just need a small sum for a brief period. Overdrafts are more flexible than some different kinds of credit since you can utilize them at whatever point you need and you can get as much as you need up to your overdraft limit, set by the bank. In many cases, remember that an overdraft facility can be withdrawn at any time by your bank.


If you have to acquire a more substantial sum, borrowed over a longer term, then a loan may be preferential. Offered by banks, building societies and other monetary associations, you often don’t need to be a client of theirs already to apply.

There are two kinds of loan available:

Unsecured – With this sort of advance you get a set amount for a fixed period with the rate of interest set in advance. You can, for the most part, borrow anything from $500 up to $25,000 over a period of one to seven years, depending on your needs. Do check though that in the event of you being in a position to pay the loan back early, that you will not be charged a penalty to do so.

A guarantor loan is an unsecured loan where a second person is held responsible for paying off the debt should you, the originator, fail to do so. This could be an option for those with very little credit or who are struggling with their credit rating. You could check which may be best for you and your guarantor at sites such as before you make any decisions.

Secured – With a secured advance you acquire cash by using your home or sometimes car, as security. If you don’t keep up the payments, you do risk losing whatever you have secured against the loan. Secured loans can be taken out for anything from one year up to 30 years, and the amount you can borrow is far higher than unsecured debt.

In case you’re struggling with your financial obligations, it would be a wise move to discuss any such issues with an organised debt relief agency who may have practical tips on how to manage your money.

However, you choose to borrow money, ensure you have discussed the options with anyone involved in your finances and perhaps look at gleaning some advice from an independent financial adviser who can offer insights as to what will suit you and your lifestyle best.


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