Warning: Late repayments can cause you serious money problems. For help, go to moneyhelper.org.uk. We are a broker not a lender.
Warning: Late repayments can cause you serious money problems. For help, go to moneyhelper.org.uk. We are a broker not a lender.
Aug 21, 2018
Unlike many traditional lenders, a payday loan provider will not restrict how and where you spend the money that you borrow. You will not be forced to use it in a specific way and there are no restrictions imposed that limit you to its use. When you take out a short-term loan arranged by Sure Money UK, you are free to do as you please with it. After all, the money you borrow is yours to use as you see fit. When you apply for a loan from many traditional routes, such as via your bank or building society, you may find that the reason for taking out the loan is enough for it to be declined in the first place. As an example, if you take out a loan with your bank to consolidate other loans that you may have, you may only use it for that one purpose.
When it comes to taking out a payday loan, the only thing that the lender wants to know is that you are able to repay the amount borrowed and that it will not place you under financial distress. Otherwise, the way in which you use your money is entirely up to you and will not act as a barrier blocking you from the money that you need. If you want to take out a £500 loan for a period of three months to pay down a deposit on a new car, then this is up to you. Perhaps you need to repair a boiler or the plumbing in the home and find yourself falling short of the total amount, if you want to use your short-term loan for this then that is your choice.
Maybe you want a payday loan to upgrade your TV or mobile phone to something more modern but don't have enough money set aside to pay the full amount. If this is what you want to use your payday loan for then that is what you should use it for. The main thing to take into consideration before you take out a payday loan is that you are physically able to make your payments on time and not make your financial situation worse. Many people believe that a payday loan is only suitable for those with bad credit or who are in desperate need of money. While short-term loan or a payday loan is absolutely perfect for people in these types of situation, not everyone who uses one is short of money.
A lot of people have savings behind them, especially those that are held in an ISA. If you have money in an ISA and do not want to withdraw it, then a payday loan can help you preserve your accrued interest and allow you to purchase whatever it is that you want without touching it. Perhaps you simply want a payday loan to help improve your credit score. You may have an average score, which is great, but having a better than average credit score will allow you to secure finance in the future at extremely low rates. Regardless as to why you want to take out a payday loan, the reason is personal to you and you alone, and that is why Sure Money UK will match you with a lender who also understands this.