When you are looking to borrow money, many people are just hoping for a small amount to tide them over until their next payday or a smaller amount that they just want to pay off quickly.But, Banks and building societies are usually looking to tie you in to a long term loan and try and talk you into borrowing a much larger amount over a period of years, not weeks or months.This is because of the amount of interest that the bank or building society would be able to claim back on your loan.Ergo, the longer you have the loan, the more interest that can be charged on the original sum, and it is no secret that you will probably end up paying back three times the amount you originally borrowed in the first place.
But, there is an easier and much cheaper way to borrow smaller amounts which you can pay back over a shorter time period.
More and more companies are now offering a range of payday loans or short term loans but what are the benefits of borrowing short term?
A traditional loan works on the understanding that you will borrow a larger amount over a longer period of time, usually years, tying you into a contract and thus keeping you paying interest on the loan.There are even some banks that will allow you to freeze your repayments on the loan but only charge you the interest, on the understanding that you will keep the loan for a longer period of time, and accrue more interest.
Short term loans or payday loans as they are sometimes called, allow you to borrow a smaller amount (hundreds instead of thousands) and give you the flexibility to pay the loan back over a number of days, weeks or months, giving you the choice of how short of how long you want the term to be.
Where can I go to find a competitively priced loan?
Be aware though that some companies might charge a higher interest rate for the service and may not give very good value for your money.However, there are reputable companies such as Payday Pug that give you the flexibility you need at an interest rate that is reasonable and affordable.
Although payday loans companies are a good alternative when you are looking to borrow money as a stop gap perhaps between paydays or if you need a new car and haven’t quite got enough. Or maybe an unforeseen circumstance means that you have to pay out a little more that month than you were comfortable doing.There are other alternatives out there, and it would be wise to consider all of your options when taking out short term loans or other financial products.
Before taking out any form of short term borrowing, it is a good idea to work out exactly how much you need to borrow and how much you would comfortably be able to pay back.This will give you a starting block as to which type of credit is best for your circumstances.
Payday Pug are open and honest about their pricing structure and interest amounts and publish their figures openly on their website to help you make an informed and calculated choice.
Using their helpful guides, you can accurately decide how much you will need to borrow and how much you will comfortably be able to pay back.
Their interest rates are flexible and can be as low as 35.9% APR and are always open about the amounts you will be charged.
Credit Checking
Many people are worried about applying for a loan as it may have an impact on their credit rating and will appear on their credit history, but Payday Pug has a helpful web page dedicated to allowing you to check up on your eligibility before you even apply.This means that you can confidently check before hand if their products are right for you without compromising your credit history or score.
Short term borrowing in the form of a smaller loan, allows you an easier, short term way to borrow cash over a shorter period of time, keeping you above water when you need to be and putting you firmly in charge of your own finances so you always know exactly what you owe.