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Emily hilscher

emily hilscher|United Kingdom

Loan Broker is a credit broker that sets an answer to quick and easy borrowing of cash. Take charge of how much to borrow, duration of the loan and repayment terms and get access to funds.

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How to Use a Short-term Loan Wisely?

Aug 14, 2019

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In one way or the other, we all may need a quick financial fix to our urgent monetary necessities. Short-term loans are a convenient option of funding that helps us to regain control over our finances. These loans are unsecured and hence, allow a borrower to apply for a loan without any collateral. In addition to that, a borrower doesn't need a guarantor while applying for a Short-term Loan. In London, Bristol, Birmingham, every other major city of the UK, you can easily find a loan online.

Different uses of a short-term loan

Home Improvements

You can use the funds to make the necessary upgrades to your home.  You may use the money to replace your existing boiler, or to give a new makeover to your garden or to switch your appliances to energy-saving ones. 

Financial Emergencies

We may face difficulties in the middle of the month when our payday is almost a fortnight away. We may dodge some problems. However, there will be instances when we have to deal with urgency. In such cases, short-term loans can prove to be beneficial.

Debt Consolidation

You can choose a 12-Month Loan to simplify your existing debts. It becomes difficult to manage various debts. If you wish to merge your debts, you have to make a single payment each month.

How much can you borrow?

Several lenders offer short-term loans in the UK. Different lenders have different lending criteria. Typically, a lender allows a borrower to choose an amount ranging from £100 to £1,000. You can spread the cost of repayment over several months. It will be easier for you to prepare and stick to a budget. Moreover, the amount of money that you will repay every month is predictable if you choose a fixed-rate loan.

Tips to consider before borrowing

To prudently use a short-term loan, you must take into consideration a few points.

  • Never borrow more than you can afford to repay.
  • Compare loans before settling down with the first offer that you may receive.
  • While comparing loans, consider the annual percentage rate (APR).
  • Go through the Terms & Conditions offered by the lender carefully before signing on the dotted line.
  • Make timely repayments to avoid any damage to your credit score.

Financial services firms in the United Kingdom need the authorisation of the Financial Conduct Authority (FCA). Deal with FCA authorised firms, credit lenders and brokers to avoid entering into a scam.