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Interesting Know-how Facts about Short term Loans 

Short term loans are often taken for granted and some of their important characteristics are sadly overlooked. The right way to use a short term loan is treating it like a pain killer. You can take it once in a while but not often(http://www.lendingstream.co.uk/).

 

 
 
Tags:  emergency loans  short term loans  payday loans  online loans uk 
Views:  223
Published:  December 21, 2010
 
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Slide 1: The unopened Money box…
Slide 2: What’s inside the box ? Well… Something that seems friendly But need not be... Something that we take for granted… But should not be… Something that made some people gain But some people lose….
Slide 3: Short term loans…
Slide 4: What.. What.. What.?  What should you do with it?  What should you NOT do with it?  What are its disadvantages? and..  How can you quickly come out of it?
Slide 5: You know these...  Only for emergency purposes  The idea was introduced in the 1990’s  They have flat interest rate  Duration calculated in weeks  Have higher interest rates than regular loans
Slide 6: You don't know these... • • • • • Short term debts get unimaginably large if extended more than a year The Office of Fair Trading (OFT) does not have price control over short term debts# 76% of total loan volume [revenue] comes from repeat loans** Average household debt in the UK is £56,690 (including mortgages)** £181m personal interest paid in UK daily** #debtadvisersdirect.co.uk **womenindebt.co.uk
Slide 7: There are separate short term loans for: You might know these...  Students  Unemployed  People on benefits  People with no credit score  People with bad credit score  Low interest rate
Slide 8: Things you should NOT do with Short Term Loans:  Do not use them for luxury expenses. Ex: Home décor, purchase car, lifestyle products You might not know these...  Do not roll over the pending payments  Do not take loans blindly without checking the lender’s credibility.  Do not take loans from lenders with rigid payment terms.
Slide 9: Tips to pay off Short Term loans quickly: You might want to know these...  Monetize hobbies and skills to earn extra. Ex: Baking cookies, quilting, teaching computer/math  Use online selling to make money from your unused books, clothing, etc.  Run garage store on weekends with garden fruits and veggies  Make flower bouquets with home garden flowers and sell in the neighbourhood.
Slide 10: You got to do these  Save money  Don’t overspend  Do not indulge in impulse buying  Don’t fall for glamorous advertisements  Try and reduce spending more than you earn
Slide 11: You might have to know these... Stuck with a huge debt and do not know to tackle? Try them for help...  Citizens Advice Bureau  Debt Relief Order [DRO]  Consumer Credit Counseling Service [CCCS]
Slide 12: Its never too late... to practice savings.. to avoid loans and lead a tension free life…

   
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