Payday Loans Versus Bank Fees And Charges

A double-dip recession – we are all, still suffering from the crippling financial effects of the UK’s dire financial straits – there seems no end in sight.

For most people, dealing with hard financial decisions, trying to make ends meet and attempting to make our earnings go further and further is an uphill struggle. It seems that no matter how hard Brits work, at the moment, there is not light at the end of this dark financially strapped tunnel.

Bank fees, charges and the difficulties associated with accessing credit in times of need are all contributing to making life very difficult for many people. Fees on an unauthorised bank overdraft can be as much as £20 per day with some banks!

The goal is to try and keep your account in the black and avoid costly fees and charges wherever possible. It’s the only way to try and maintain whatever good credit history you have. We’ve all read the horror storied of people struggling to pay bank fees because the bank has charged them for going over-drawn as a result of charges the bank applied! It is a vicious circle which can cause stress and continued financial difficulty.

Credit ratings can also seriously affect a person’s ability to access credit when they need it. Today, even hard working honest people who have full time jobs and strive every month to pay all their bills are finding they have less than perfect credit scores.

The credit score companies seem to be fast to negatively mark our scores and yet, very slow to clear them of any negative marks!

It’s no wonder so many people feel as though they are in a losing battle when it comes to borrowing money and accessing credit.

It is for reasons like these that the popular use of short term cash advances is growing. Borrowers are choosing to apply for cash on a short term basis from private lenders and avoiding their banks all together. It keeps their accounts in the black and lets them access the funds they need quickly, with no fuss and no need for lengthy credit checks.

A payday loan is simply a short term cash loan which is repaid in full upon the borrowers next pay day. They are not solutions to long term debt or financial problems. However, they can be extremely useful as a method of accessing emergency cash quickly and with the minimum of fuss.

Most payday lenders have easy and quick application procedures so borrowers can apply online and many receive their cash within the hour.

Make sure you look at a range of lenders. Don’t just choose the first one you find on an online search. The top ranking, most reputable lenders will tend to come up first in searches, however, do not be fooled by clever marketing tactics. Do your research! Find the best lenders that others have used.

By carefully choosing the right short term lender to meet your needs, it is possible for you to access your emergency cash quickly, avoid costly charges with your bank and get through the rest of the month until you are paid. It is little wonder so many people are turning to short term cash lenders as a viable borrowing option.

Make sure you always read the terms and conditions of any short term loan you are applying for. Calculate your earnings and expenditure and only ever borrow what you know you can afford to pay back when you are next paid.

Applications only take moments to complete but struggling to pay a loan who couldn’t afford to borrow can take a while, so think very carefully before you apply. Check for hidden fees and only ever use a reputable lender.

Consumer feedback shows that for many, using a short term loan is preferable to approaching their bank or suffering crippling bank charges and fees.

Whichever choice you make to access emergency funds, always try and pick the option which gets you out of difficulties quickly and leaves you without stress and worry.

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