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Short Term Loan News

Money tips and MYJAR news

Money Tips: How to Compare Loans

If you want to borrow money, it is crucial to take time to understand how to compare loans and decide between them. If you consider your options carefully and make a sensible decision, taking out a loan may improve your situation and help you to manage your finances.

How Do I Choose the Best Loan for Me?

Firstly, you need to consider your credit history and whether it will prevent you from applying for certain types of loans.

If you are looking to borrow a large amount that you can pay back in instalments over a long period, you may opt for a secured loan. Bear in mind that if you fail to repay a secured loan, the provider has the right to repossess your property or any other valuable asset you use to back up the loan.

If you already owe money to several different lenders, a debt consolidation loan could be what you need.

Think too about what you need a loan for. If you’re planning on using the money to cover a relatively small expense and don’t want repayment instalments hanging over you, perhaps a short-term loan would help.

Key Factors to Consider Are:

  • Will I be able to pay on time? (Late payments can be expensive and will most likely negstively affect your credit rating)
  • Is borrowing more money sensible? (If you are already struggling, taking on more debt is nearly always a bad idea)
  • How much will it cost? (Look at the APR, but also see how much in money terms it will cost you to repay)
  • Can I manage without borrowing? (If you can avoid borrowing and save up for what you want, it will almost always cost you less)

If a Short-term Loan is the Right Decision…

If you decide that a short-term loan will meet your financial needs appropriately, remember that MYJAR lends up to £3600 over a duration of up to 12 months. To get access to our straightforward loans, sign up online and, once you’ve been approved, you’ll receive your money in your bank usually within 15 minutes. 

Responsible Lending From MYJAR

Another factor that might influence your choice of loan is the attitude of the lender. You want to be sure that your loan provider has your best interests in mind, and has the framework to provide a helpful service if you need it. MYJAR operates responsible lending and privacy policies, demonstrating how far we go to protect you and your finances.

If you need some assistance to meet an urgent financial requirement on either a short or long term basis, APPLY NOW for one of our loans.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk