If you have a family then you may wonder whether it is a sensible idea to get into debt and particularly to consider direct lender payday loans. There will be advantages and disadvantages to getting a direct lender payday loans and it is worth thinking through the different sides. Having a family means that you should be more responsible with your finances as you have others relying on you, rather than just looking out for yourself.
All parents know that having a family is a responsibility and that they will have to put others needs before their own. When it comes to finances this is important as well, but it can often be forgotten when we get bogged down with everything that is going on in our lives. It is important to make sure that we still remember to budget and make sure that we have enough money to pay for all of the essentials such as:
Then there are all of the other items that we buy, that although are not essentials, will still normally need to be bought. Things like:
Representative Example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% (variable). Representative 305.9% APR. We are a broker not a lender. We don't charge fees. We don't sell your personal information.
You could probably add items to both of these lists and you may take some away as well. The importance of them is that they distinguish between essential items that we need to have and luxury items that are nice to have but not absolutely necessary. Although it can be lovely to treat our family to nice things, it can be sensible to only concentrate on the necessary items and then buy luxury items if you have enough money left to pay for it.
If you are spending more than you can afford, then you may find that you cannot manage if you get a sudden and unexpected bill or need to buy something and cannot afford it. Unless you have enough money saved up to pay for it, you may need to consider a loan and it may be necessary to have the money so that you can make sure that your family are properly provided for.
If you are having trouble with your finances and need money in a hurry then a payday loan could help. Being in debt is something that many families experience and get through, particularly those with mortgages. Although a payday loan is a very different types of debt, it can still be really useful. It can be better to be able to buy food, ensure your electric is not cut off, pay your rent to prevent eviction or get a new washing machine so the children have clean school clothes than to not borrow money and suffer the consequences.
A payday loan can be arranged quickly which means that if you need money quickly, to prevent bad things happening to your family, then you should be able to get it. All of us get into situations where we need extra money and are not sure where we will get it from. Payday loans are regulated in the UK and you are therefore protected against excessive charges.
It can be a good idea to think about how you will repay the loan. Make sure that you only borrow as much as you need so that it is easier to repay. Think about what items you can spend less on, things from the luxury list, in order to afford the repayment.
You may worry that you are not doing the best for your family by not allowing them so many luxury items. However, as long as you can provide the basics they will have everything that they need. Once you have repaid the loan and got through to another pay day, you will be able to spend a bit more money.