Even the wealthiest of people need access to quick cash from time to time. This is generally because of unforeseen circumstances that require immediate action, and not everybody is financially equipped to deal with these situations so quickly.
In this article we look at 5 scenarios when you may need access to quick money, we then present a solution to these problems that is designed to help you out.
1. Medical expenses
In the UK we have a system called the NHS (National Health Service) which provides free medical care for the entire country. However, sometimes there is a need to seek out private medical care, especially in the case of an emergency.
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In these situations, your bank balance can take quite a hit because private centres charge a lot of money. This can leave you in need of a quick short term financial fix.
2. When buying a house
If you need money for a deposit for a house or an apartment, there are various means in which you can secure this finance. The bank is everybody's first option and it provides a decent enough solution to this problem.
3. When cash flow is low
If you have had to take time off work due to illness, or if you have been knocked by the Christmas period, cash flow can seem like - well - it is not flowing. In these circumstances it makes sense to take out a short term, low value loan to see you through.
4. When you want an extravagant purchase
A new car or a holiday - these are the top two things that people often take out finance for. You should carefully analyse your situation and if you are able to take out a loan to go on holiday AND have the income to pay it back comfortably, you should consult your bank or other lenders.
5. If you are made redundant
This is a worst case scenario situation but if you are made redundant, and redundancy pay is not coming through for a few weeks, you will need something to tide you over in the mean time. Quite often signing on to the dole is not enough, especially if you are accustomed to living beyond these means and have high outgoings.
Of course, you would need to find another job very quickly in order to avert mounting, compound interest.
Possible Solutions
Getting a loan is very easy. In fact, some may argue that it is too accessible. This is only a problem however, if you are the sort of people who struggles with debt and has trouble managing your money. If you are a sensible borrower with a clear objective, and means to pay back the loan, you can carefully consider your options. These could include:
Your local high street bank An online lender which deals in quick loans, like logbook or payday loans A friend
These methods are all acceptable ways of securing finance and each carry their own advantages and disadvantages. For example, a bank loan is probably going to amount to a large sum payable over a number of years, and an online lender will mean a smaller amount payable in a shorter space of time. A friend, on the other hand, may seem like a great idea as they won't ask for interest but you should make every effort to not take advantage of this situation!
So there are many options for borrowing money. You just need to assess your situation, requirements and abilities before taking the plunge.
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