Category: Personal Loans

Will Personal Loans Pay my Rent?

If you are having difficulty in paying your rent, then you may wonder what you will be able to do. You might wonder whether personal loans will be the right answer for you. It could be the case that they will work well, but it is a good idea to look at all of the options available to you and then you will be able to decide whether you have chosen the right option.

  • Use Savings – you may be best starting by examining your savings to see whether you have enough to cover your rent. It can be good to use these rather than borrowing because you will not have to pay out so much. This is because the amount of interest that you get paid on your savings is usually a lot less than the money that you would otherwise have to spend on a loan. You can check though and do the calculations if you wish. Of course, you may be hoping to use your savings for a specific purpose and may not want to part with them, but it is worth deciding whether at this point, whether this is enough of an emergency to use them and then start saving again.
  • Spend Less – it could be possible that if you spend less on other things you will have enough money to pay your rent. This can be achieved in two ways. You can either stop buying so many items or you can compared prices and pay less for what you buy. It may be necessary to do both things. It may be too late for this to be effective, but it could be something that is worth remembering for the future as it may mean that you avoid getting into this situation again in the future.
  • Earn More – If you have time it might be possible for you to earn a bit of extra money which will help you to be able to afford to pay the rent. You might be able to do some temp or freelance work and get paid really quickly for it. You may even be able to find some online work that will pay you quickly as well. It can be a good idea to investigate some of these options so that you can work out whether you are going to be able to earn enough in time to be able to have enough to pay the rent.
  • Borrow – borrowing could be the only option that you have, unless you can speak to the landlord and ask them to allow you to delay paying. There are lots of loans to pick from and although a personal loan may be suitable, you will need to compare all of your options so that you are sure that you are doing the right thing. It is a good idea to work out what you want from the loan and the look at the options you have to see which loans come closest to what you are looking for. It could be that you will find that personal loans will be the right option for you, but now that you have researched it you can be truly confident that it was the right idea.

So, although personal loans might be suitable for paying your rent, it is best to compare all of your options first to see whether this will be the best one for you. It is wise to think bout which will offer you the best value for money and which will be the most suitable for you. It is good to spend some time deciding because it could make a really significant difference to you and how much you have to pay.

Can I Use Personal Loans to Buy a TV?

If you want to buy something new, such as a TV you will always need to think about where you will be able to get the money form. It is a good idea to think about this really well as it could make a difference to how much it costs. For example, if you use your savings to buy it, then you will miss out on the interest you would otherwise have got and if you use a loan, you will have to pay the interest on the loan. So, you will need to think about which will be the better option for you. If you do decide to borrow the money, perhaps because you want to keep hold of your savings or because you do not have any savings, then you will need to look at the different loans to see which is suitable. Perhaps you might have a picture loan type, such as a personal loan, in mind or you may not know which to get. It can be a good idea to therefore consider what you need from the loan and then match a loan to your requirements. It is wise to think of things such as:

  • Cost – it is easy to think that it is best to find the cheapest loan and the cheapest will have the lowest interest rates. However, this may not be the case at all and it is wise to figure things out carefully. For example, interest rates may not be the only loan costs. Loans may also have addition fees, such as administration costs that you will have to pay on top of the interest rates and these can be quite significant which means that you will need to check and see whether you are paying more than just the interest. You will usually find that the lender will be able to let you know how much you will need to pay in total, so you will be able to compare the figures from the different lenders.
  • Repayments– it is really important to also find out about what you will be expected to repay and when. This will allow you to be able to calculate whether you will be able to afford to repay the loan. It will also be important to carefully find out what else you normally pay for as well as how much you get paid so that you are able to calculate whether you will be able to afford the repayments. It is really important to do this because you will get extra charges if you miss a repayment. You will also need to make sure that you can cover the costs of all of the other things that you need to buy as well, so that you will no have to pay charges for those or go without essentials.
  • Customer Service – some people will want to make sure that they are going to get good customer service. This is understandable because if you have a query or problem you will need to contact the lender to get help. You want to make sure that the help that you can get will be really useful and fast and that they will be polite as that will enable you to feel confident in using them. You could try them out before you sign up for a loan and make and enquiry and see how good they are.
  • Lenders Reputation – some people might like to make sure that they are using a lender who has a good reputation. If this is the case for you then you might want to find out more about them. You might find that you can chat to your family and friends and they will be able to help you out and give you some information that will be helpful. You might also be able to find some reviews online which you could use to help you as well. Do make sure that they are from trusted sources though as there is a lot of biased information online.