Before you take out any loan, even it is just a £200 loan, you need to think about how you are going to repay it. It can be difficult to take the time to think about this when you need money now. It is easy to just worry about the money that you need and how you are getting it and forget about the fact that it needs to be repaid. However, it is really important because it will save you a significant amount of money if you make sure that the payments are made on time. All lenders will charge you extra money if you do not repay on time and you want to avoid this extra cost.
In order to make repaying a loan easier it is a good idea to start with finding the cheapest loan that you can get. This means that you will have less to repay. One way to do this is to compare different loans and see which is the cheapest. This can be tricky but if you go to Omacl they can give you a quote that you can then take to compare against other lenders. This can be handy as you can then compare other lenders on the internet and see which will be the cheapest.
A fast cash advance lender will normally give you details of when they want the loan to be repaid and it is wise to have a direct debit set up to make sure that you repay it when it is due. Once you have done this, you will be aware of how much money you will be expected to pay and then you can start to think about where you will get this money from.
Representative Example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% (variable). Representative 305.9% APR. We are a broker not a lender. We don't charge fees. We don't sell your personal information.
It is good to think about whether you might normally manage this repayment and cover all of your other bills or whether you think you will struggle. You should know whether you normally have spare money at the end of the month or whether you struggle to make ends meet. Obviously this could depend on what expenses you have each month, but it is worth thinking about a typical month and whether you think that you will be able to manage. If you think that it will be a struggle or even if you think there is a chance that it will be a struggle, then it is wise to plan what you will do.
If you can get some more money coming in that could really help. This could be achieved by working a few extra hours, selling some things that you no longer want or need, taking on an extra job or something like that. Only you know whether you will have the time to do this and whether it is possible but it can be very worthwhile to come up with some ideas on what you might be able to do and think about whether they would work.
Cutting your spending might be an easier option or something that you could do at the same time in order to free up even more money. It is wise to try not to spend anything on luxury items if you can and that can free up money without meaning that you will go without necessities. It can be difficult if you have contracts such as phone, TV and broadband to reduce spending on things like this but you may be able to cancel some subscriptions, go without new clothes, alcohol, going out or things like that for a while. You may even be able to reduce your food spending by going to a cheaper supermarket, or cutting down on the more expensive foods, take aways, prep prepared foods and eating out. Obviously how you cut down will depend on your lifestyle and what you can manage to do without. It is worth thinking though about what you can cut down on, remembering that it will only be for a small amount of time until the debt is cleared. If you can spend less in lots of small areas, then it should all add up and can help you to have enough to manage.