Anyone that needs money in a hurry has to review their options and find a solution that works best for them. The good news is that there are a number of options to choose from but of course, not every option is going to be right for them. This means individuals need to think about what they are looking for and what is going to help them move forward.
The pros of taking money from a traditional lender include:
- Peace of mind that comes from borrowing with a well-known name
- Proper legislation in place to protect you
- A thorough checking process to determine whether you are suitable for this loan or not
The cons of taking money from a traditional lender include:
- The strict criteria that many traditional lenders have
- If you have a poor credit rating, you will struggle to obtain a loan from these lenders
- The length of time it takes to fill in an application form
- The length of time it takes for an application to be reviewed
If you need money at short notice, a traditional loan isn’t going to be of interest to you. You will need to look at another option when you need money quickly but if you have time on your side and a good credit rating, you’ll find that
The pros of taking money from a payday loan company include:
- You can get your money very fast, often on the same day
- Payday loan companies now behave better than they used to
The cons of taking money from a payday loan company include:
- Extremely high rates of APR which could leave you paying a lot of money
- A short time to pay your loan back
- The ability to roll the loan over which could cause more financial problems
Most people should be aware of payday loans and it is fair to say that the general perception of these loans is a negative one. This is because they have the potential to cause a lot of harm, even if the fact that they can arranged for the same day is a positive thing when you need money at short notice.
Payday loans are extremely expensive and with a short payment schedule, it is best to avoid these loans as much as you possibly can.
The pros of taking money from a guarantor loan company include:
- You receive an affordable rate of APR
- There is a suitable repayment time
- You can receive the money quickly
The positive aspects of a guarantor loan will ensure that many people will look at this option as the one that is best suited to their needs. If you have someone that is willing to act as a guarantor for you, you’ll find that your options become
The cons of taking money from a guarantor loan company include:
- If you don’t pay the loan back you may damage a relationship
The personal aspect of the personal loan option is something that has to be considered. If someone is willing to vouch for you and act as a guarantor, it is an indicator that they have faith in you and there is some form of relationship in place. This means if you end up not paying back the loan, you could be placing a close relationship in jeopardy. This is something that you need to consider if it is worth doing.
In saying that, if you continue to meet the terms and conditions of the loan, you’ll find that this is likely to be the best option that fits your needs. It is affordable, it is timely and you can take control of your finances in an effective and efficient manner. This is definitely something that you need to look at when it comes to taking control of your finances.
Knowing that there are a number of finance solutions open to you has to be seen as a positive thing but of course, not every option is going to be good for you. There are pros and cons involved with every solution and this is why it is crucial that you take the time to review what options are best suited to your needs.
Andrew Reilly is a freelance writer with a focus on news stories and consumer interest articles. He has been writing professionally for 9 years but has been writing for as long as he can care to remember. When Andrew isn’t sat behind a laptop or researching a story, he will be found watching a gig or a game of football.