subject: Flying Back Home On A Short Term Loan [print this page] There was a time a few decades ago when you could phone your friendly bank manager and ask for a short-term loan or overdraft and probably get it. It doesn't work like that anymore and it seems banks are the enemy we all love to hate.
The irony is that the banks have bought these bad feeling upon themselves with their fat bonus and their greed on the trading floors which results in their customer's money going up in smoke.
If you do apply for an overdraft at the bank the chances are your application will be sent in triplicate to head office where a response will be forthcoming in days or weeks. The point about desperately needing some money before the next payday is that you probably need it immediately.
Maybe you have a relative or close friend you can depend on for a small loan but if not there are lenders who will under the right circumstances offer typically up to seven hundred and fifty pounds with an interest rate that may look horrific but is shown as an annual rate by law instead of the typical two or four-week interest till the next payday.
The loans are usually given the same day as cleared funds into your bank account. Unlike the banks there is no need to specify the reason for the loan but you must qualify in certain areas like having a job and a regular income as well as satisfying the lender that you live at a fixed address.
These requirements are a safeguard not only to the lender but also the borrower. If you are a homeless and jobless person there is not much sense in making life worse by getting a loan which you have no chance of paying back.
Most of these short-term loans are intended to help with an emergency situation and are not to be looked at as anything other than a loan till the following payday. If you cannot pay back by the following payday then the interest gets bigger and you could end up in the sorry situation of never being able to catch up.
View it then as a loan strictly to be repaid in full by the next payday and you are using the service in a responsible manner.
Most of us find it hard enough to save in the current economic climate where wages have been frozen for the past three years in many local government jobs as well as in the private sector and when an emergency comes along you need to feel confident that you can get hold of one of these loans to rescue the situation.
A friend had a tearful call from their student daughter backpacking in Thailand where her purse was stolen. The father got a same day loan and bought her ticket back to the U.K.
Instant payday loans can be a great help but do appreciate that ideally that is all they are intended for; a short help till payday.
