How to Get Quick Money in the UK – Our GuideJune 09, 2019
Many of us know what it’s like to have financial issues. We’ve had moments where we’re in desperate need of a small amount of money just to get by. For instance, let’s say you had to call in sick to work for a few days. You will need a certain sum for your medical expenses. What if one of your appliances break down and you need to replace it? What if your laptop got stolen? Any of these scenarios will require you to have access to some money as soon as possible.
In such cases, there are ways you can get even a small amount of money. Although it can be a hassle and sometimes even more difficult than obtaining a larger sum, a small loan is occasionally essential. To get a small loan, you just need to know where to go and what to do. Here are some of the easiest ways you can borrow a small amount of money:
Simply put, a personal loan is taken when you borrow money from a bank, credit union, or online lender. The condition is that you pay back in fixed monthly payments or installments, typically over a certain period of time.
When it comes to cost, some of the best rates are for larger loans. You may have to pay more to get a smaller loan. Typically, personal loans range between £7,500 and £15,000. The turnaround time (TAT) for loan application and processing is not that long. After you apply, you should know within 24 hours if your application is approved. Once approved, the money will be released within one to two days.
The loan will appear on your credit report and may limit how much more you can borrow. The bottom line is that you have to manage your loan well, as doing so will improve your credit record.
A credit card basically allows you to borrow money against a line of credit, otherwise known as the card’s credit limit. You can use the card to make basic transactions, which are then reflected on your bill. You have to pay the minimum balance on a monthly basis.
You can take advantage of your credit card if you need financial help. With a zero percent purchase card, you can avoid paying any interest. You can also transfer cash into your account for a small fee with a zero percent money transfer card. If you already have a credit card, you can use it right away. However, money transfer typically takes around two to three days.
It’s worth noting that all credit cards appear on your credit reports. It’s important to make your payments on time and stay within your credit limit. This is a great way to improve your credit history.
By definition, an overdraft occurs when money is withdrawn from a bank account, and the remaining balance goes below zero. In such a case, the account is said to be “overdrawn.”
In some cases, banks offer zero percent overdrafts for small amounts, making this one of the cheapest ways to borrow money. However, standard overdraft rates range from 15 to 20 percent Annual Percentage Rate (APR). You might want to reconsider getting an overdraft when looking for a small short-term loan. When it comes to processing TAT, an overdraft can be added in one working day. However, it can take longer if you have bad credit or a low income.
Typically, your overdraft will be added to your credit record once approved, which will reduce how much you can borrow. Therefore, it is important to stay within your limit and manage your overdraft well so you can improve your credit record.
Friends or family
If all three options fail, there’s no other way than to borrow money than to ask your family or friends. For all you know, it can be cheap and flexible to do so. For one thing, when it comes to cost, it will depend on the terms set forth by the person lending you the money. Depending on who you borrow from, this can actually be your cheapest and quickest option if you need cash immediately.
Finally, borrowing from your friends or family will not have an impact on your credit score. It has no positive or negative bearing on your credit history at all.
We provide easy to get payday loans in the UK – get in touch today to see how we can help.