7 Reasons Why Short-term Secured Loans Could be a Better Way to Borrow

No one likes having large loans that take years to pay off. A mortgage is possibly the exception, because of its use, but if you do need to borrow money for renovating your home or a new car, then a short term, secured fixed loan might be the best option.

  1. It allows you to take control of your finances.
    A short-term loan that allows regular repayments is a good way of keeping in control of your finances.
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  3. You don’t want to pay for your holiday 5 years after you return home
    If you’ve borrowed money for a holiday and you’d like to repay the loan while the you can still remember the trip. A short-term loan is the practical answer in this situation.
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  5. Short-term loans are a life saver in emergencies
    If you’re stranded, strapped for cash and don’t have an overdraft facility with your bank, then a short-term loan is the ideal solution. Be realistic about your repayment capacity, then one of these finance options can help out in a difficult situation.
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  7. Unexpected expenditure
    Occasionally has pleasant surprises, but also unpleasant surprises. Normally a credit card would be sufficient but if it’s up to the limit, then a short-term loan allows you to take advantage of an unexpected pleasant surprise or get out of a difficult situation.
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  9. Credit card loans are expensive
    If you are only able to meet the minimum monthly repayments, the interest combined with the original loan will keep on rising. A short term loan is a simpler way of accessing funds and making repayments.
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  11. You can balance your budget with a short-term loan
    If you know how much you need to borrow, and are aware of the amount you need to repay on a monthly or weekly basis, you’ll have better overall control of your finances and will be able to budget accordingly.
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  13. Illness costs money
    If you become ill and need extra heating or over the counter medical supplies a short-term loan can stop the worry of this situation.

 
Just remember, when taking on debt to seek free financial advice and work out what you can repay, before signing any contracts.
 
If you would like advice on Secured loans or would like to see whether you are eligible, call us on: 01604 901101 or contact us online.