We all run into short term financial difficulties at some point in our lives, however the way in which we get out of the situation often differs significantly from person to person. Some will sell personal belongings such as jewellery or electronic items to one of the many high street stores such as Cash Converters (even though you’ll never receive anywhere near what it’s worth) whilst others will look at borrowing money. It is this latter option which often causes difficult dilemmas, however as borrowing money can be something which is hard to do for many. To try and offer a solution to the dilemma surrounding borrowing money, however, we wanted to bring you our thoughts below, something which we’ve put together in conjunction with the guys over at Cash Call and Relax Cash!
First things first, it’s important to understand why you’re needing to borrow money. For many, it’s simply the case that an unexpected bill has landed on the doormat which has caused a shortfall in the months finances. So long as nothing else pops up between the time of borrowing and your next payday, you’ll usually find you can get yourself back on track without needing to worry any further and can simply forget about the fact you needed to borrow to make ends meet for a few weeks!
Of course what is often the difficult dilemma however is how to go about borrowing the money. Whilst in an ideal world you would either use a credit card or borrow directly from your bank, many have already exhausted such options and whilst they may be able to comfortably afford repayments each month, further borrowing is out of the window. Alternatively, it may simply be the case that it takes too long to apply for a credit card and that the money is needed sooner rather than later in order to avoid falling into further financial difficulties.
One of the most difficult borrowing decisions to make, however, is to ask family or friends but in some circumstances, it’s the best option. Borrowing from parents in an emergency is almost always a feasible option and, if you’re struggling to make ends meet, can often be the best approach given that they’re unlikely to want interest paying. It can, however, br embarrassing to ask but you’ll generally know yourself whether it’s a likely avenue to explore!
Lastly, there’s always the option of payday loans to consider! Whilst these have been met with a wealth of bad press in recent years, if you’re sure the issue is only a short term one and that you’ll be able to repay the loan in full at the end of the month, it’s a way to get the money in your account almost immediately and ensure you can cover bills and keep food on the table!
Whilst many people find it difficult to borrow money, it’s something which many of us have to do at some point in our lives and, as such, it’s simply a fact of life and absolutely nothing to be ashamed of!