What to consider when applying to borrow money online
You may manage your money wisely each month, but sometimes life can surprise even the most financially savvy and organised person. Whether the household car unexpectedly breaks down or a family emergency throws a cash-flow curveball, you may be left looking for a loan to cover a temporary cash gap.
Before making the decision to borrow money and commit to a credit agreement, you should answer a few key questions. Consider the following:
- What is the reason you'd like to borrow money?
- Can that purchase or expense wait until you've saved – or do you need it right now?
- Can you ask a family member for money instead of applying for a loan?
- How much do you realistically need to borrow?
- Can you realistically afford the repayments?
When is the right time to borrow money?
Borrowing money online can be an option worth considering. It should be considered only if you’re confident you can pay each payment on time. You should consider risks to your income before taking out a loan, such as job security, health concerns and any other factors that could affect your ability to keep up to a repayment schedule. It's always wise to apply for the loan knowing you have a back-up plan in place.
The ways in which you can borrow money
There are many options available when it comes to borrowing money, and you should be sure to select the one that is appropriate for your particular circumstances. Loan options include:
Making your repayments
One of the main things you should take into consideration when applying for a loan and borrowing money online is ensuring you can make your repayments. You will need to pay back the amount you've borrowed in full, with interest, and failure to do so may result in penalties. As it's included in the terms of the contract you signed, the consequences for failing to repay on time can be damaging. Lack of repayments may incur late fees, but will also almost certainly affect your credit report and your ability to make large purchases in the future.
Why borrow from QuickQuid?
QuickQuid is a direct lender that offers loans straight to an approved customer's bank account. Our loans range from £50 to £1,000, we offer clear repayment terms and customer support seven days a week. If approved, cash is usually sent to your bank within 10 minutes of approval.§
Consider whether or not you meet our eligibility requirements before applying to borrow money. You must:
- Have a valid UK bank account
- Be in employment and receive a regular pay cheque
- Be a UK resident
- Be at least 18-years-old