We all like to think we can handle anything life throws at us, without any assistance. But it is rarely true, and that is certainly the case with finances. We look at the merits of getting financial advice.
General Thoughts
Despite the fact that we are an authorised online loan broker rather than a direct lender, we strongly believe in responsible borrowing and lending. Simply put, this means that both lenders and borrowers should only make loans to those they are confident in their ability to repay comfortably. Therefore, we considered it crucial to provide some financial guidance to anyone thinking about taking out a short-term loan. Most of us will require financial assistance at some point in our lives. In the appropriate situations, we think a short-term loan is the most cost-effective way to borrow money.
For the benefit of our consumers, we have provided some written financial advice. Additionally, make sure that you have thought through all potential outcomes and all of your options. We have taken the time to provide you with information to enable you to make an informed decision regarding whether or not to apply. Naturally, a lot of other loan brokers or lenders wouldn’t give you this information in an effort to win your business. Moolr are different. We take our obligation to our customers very seriously.
Money Advice Service
The UK government established the Money Advice Service (MAS) in 2011. The mission of MAS is to provide those who require financial guidance with better budgeting skills. Before submitting an application for a short-term loan, we advise having a quick look at their website, moneyadviceservice.org.uk. We advise this because they provide financial planners and tools that you might find useful or even provide you with suggestions on how to completely avoid borrowing.
Merits Of Getting Financial Advice – Budgeting
You should determine if you can achieve the same results via budgeting before committing to extra lending. Are you considering a short-term loan to lessen the strain of your bills and regular expenses? If so, consider whether taking out a loan is a viable choice. Could cutting back on more “luxury” purchases possibly be a better way to increase your spare income?
Merits of Getting Financial Advice
Making a basic list of your monthly income and expenses is the easiest method to do this. Your disposable income is what is left over after subtracting your expenses from your income. What you typically spend is visible to you in front of you as a picture. Take away anything that is not necessary. After making a few adjustments, you might discover that your financial situation has improved significantly. No problem if you still need to apply for a payday loan. To make sure the additional commitments are likely and possible, simply include the monthly repayments in your spending planner. If you don’t believe you can repay a short-term loan, kindly do not apply.
Loan Terms
Depending on the loan amount, we can locate loans at Moolr with payback lengths of 1 month to 24 months for amounts ranging from £100 to £5,000. When creating a budget for a potential short-term loan, it’s crucial to take the associated APR and monthly instalments into account. It makes sense to want to repay as soon as possible, yet doing so naturally increases the monthly payment. If you want to keep your monthly payments low, it might be best for you to choose a lengthier payback period. The obvious factor to take into account in this situation is that, even keeping your monthly expenses low during the payback term, the entire cost of borrowing increases.
Are you a business owner? Perhaps our blog on commercial loans will give you crucial information?
Independent Debt Help
Could an underlying issue with existing debt be the issue if you still have concerns about your ability to repay a short-term loan? You might wish to get debt counsel if your debt repayments are already quite expensive or if you’re thinking about taking out a short-term loan to pay off high amounts of debt. What appears to be a short-term fix for dealing with debt repayments that are spiralling out of control could end up doing more long-term damage and creating more issues. You have a range of options when looking for debt relief.
These choices may enable you to return your present debt at a reasonable and affordable rate, and in certain situations, they may even result in a partial debt write-off. Visit Step Change for free, unbiased debt counselling if you need debt assistance. Debt Bubble is a different choice; they offer information on a number of various debt relief options.
