Short Term Loans for Six Months
There are many reasons why we might consider getting a loan and there are many different types of loans available. This means that if we are looking to borrow money, we may have different needs to others needing to borrow. There are big differences between loans and it is good to understand what they are so that you can choose the right one for you. The types of loans can be split into rough categories:
How much would you like to borrow?
Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).
However, if you get a loan that lasts for a really tiny amount of time, such as only a few weeks they may not suit you perfectly. There are some problems with these really short-term loans which are worth thinking about:
- Harder to manage repayments.
- May not be able to borrow enough.
- May have trouble managing after loan repaid.
Therefore, it could be that taking out instant loans for six months could be the perfect solution. The loan will still not last for very long, but you will have enough time to repay it that the repayments should be manageable. Of course, the right repayment term and the right amount to borrow will be determined by what you need the money for. Make sure that you carefully calculate how much you need and only borrow that amount. Also make sure that you calculate how much you can afford to repay as well. You need to be sure that you will be able to make those six-monthly repayments. Find out how much you will be repaying each month and then take a look at your bank balance to see whether this is an amount that you would normally be able to afford. If you think that it will be too expensive for you, then you could try a few different things:
- Borrow less money – Of course, this may not be possible if you are only borrowing exactly what you need.
- Earn more – It may be possible for you to fit in more work so that you will be able to increase your income and therefore have more money to put towards you loan. It is well worth working this out first though, so that you are completely aware as to whether you will be able to fit in enough work and have guaranteed paid work in the time that you need it.
- Spend less – You might be able to reduce the amount of money that you are spending on other things and therefore have more money available to repay the loan. This can be tricky in some cases, but there are things that you might be able to cut down on. You will still need to pay any bills, food, travel, any other loan repayments and contracts, but you may be able to cut down on luxury items and try to use up items you already have rather than buying new. So, use up those toiletries and foods you have had hanging around for a while and you may be able to save money that way.
- Find a cheaper lender – Another help could be to find a lender that has lower charges. If you are paying less for the lender then your repayments will be lower and therefore it will be easier for you to manage them. You may have already hunted down the cheapest lender you could find but if you have not then it could be wise to do so. There are different ways that you can do this such as using comparison website, credit brokers such as Boutell or comparing some charges yourself.
It is well worth thinking carefully about any loan that you plan to take out and make sure that it is completely suited to you with regards particularly to the repayments. Managing the repayments is so important, both with regards to the cost of the loan; as missing payments will result in extra charges and in feeling in control yourself. So, if you spend some time making sure that you are happy with your choice and calculating what you can afford, you will be able to make sure that you have a positive borrowing experience. There is no reason for a loan to be stressful but you will have to plan it well in order to completely ensure that everything goes smoothly for you. A six month same day loan could be a great idea for most people as it is likely to be affordable but will not last for too long and you should be able to still be able to borrow a reasonable amount of money.