If you are in a position where you need money in a hurry, you are likely to feel stressed and under considerable pressure. It is natural that people feel as though they need a helping hand at these times, and this is why it is good to know what your options are. There will be financial solutions that suit you but the most important thing is to work out what financial solutions suit you best.
One of the first things you should do is determine how much money you actually need. This is a good starting point because too many people apply for money that they don’t need and this causes them more harm than good in the long term. You need to be sure of what you need the money for and then only look for solutions surrounding that sort of money. Applying for any more money is a bad idea, so be sure on what you need.
You will find that it makes sense to review your budget at this point. It may be that making some adjustments to your budget will allow you to take full control of your finances, saving you the hassle of having to apply for additional funding. There is a need for you to be sensible about your finances and if you are spending too much, you should look to reduce this spending. You also need to consider if there are ways in which you can bring in extra money.
Find the Financial Solution that Best suits your needs
A financial solution that isn’t suitable or applicable for everyone relates to asking friends or family members for a short term loan to get people out of a harsh financial position. This isn’t suitable for everyone for a wide range of reasons, including:
- You may want to get family members of friends involved in your finances
- You may not want to let people know about your finances
- You may be concerned about damaging a relationship due to this cash issue
- Your friends or family members may not be in a position to help you out
These are all valid reasons for not asking friends or family members for financial support and if they apply to you, you will need to look at alternative options.
In this regard, many people will look at traditional lenders such as banks or building societies. These are the providers that have helped many people over the years and they could offer you a solution that meets your needs. However, these traditional lenders have strict criteria when it comes to deciding who they offer money to and they move slowly. If you are looking for money in a hurry, you may find that this isn’t an option that is right for your needs.
Avoid Payday Loans if you can
One financial solution that does provide you with money in a hurry is a payday loan. Sadly, a payday loan also provides you with a very high rate of interest which leaves you having to pay back an awful lot of money in a short period of time. This isn’t good for most people and you should be looking for an alternative solution that gets you out of your financial predicament.
In this regard, you can see why many people will take an interest in a guarantor loan. If you have someone that is willing to act as a guarantor for you, you could find yourself a more suitable loan. This is because the lender looks at the credit score of the guarantor, not the applicant, which means that a more attractive rate of APR is likely to be on offer.
There is also the fact that guarantor loans can be paid back over a lengthier time period than payday loans, which is another distinct advantage to this style of loan.
When it comes to making the most of a bad situation, it is crucial that you know what your financial options are. Then you need to be very careful to review these options and find the one that is best for your needs. The option that is right for you may not be the best option for someone else, so there will always be an element of personal involvement when looking for the most suitable financial option.
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.