Why short term loans can help your spending*
Everyone gets those months where you’ve just overspent. Maybe you couldn’t resist that Mulberry bag or a pair of rose gold Adidas Originals (totally not speaking from experience here!) or you just forgot about your last direct debit of the month. Or maybe you’ve sort of forgotten to save up for your holiday spending money – this happens to me ALL THE TIME!
But there are times when the bigger stuff happens such as a random vets bills or your washing breaking down, where no matter how much you budget, there will be a bit too much at the end of your money. Short term loans have got a bit of a stigma surrounding them but they can be a good solution to tide you over until payday, as long as you’re sensible and use them on the way that they’re intended.
Vivus loans are one payment loans which means you’ll not be paying back what you’ve borrowed over months and months, but you’ll be paying the whole amount back on the repayment date, when you get paid from work. They are especially good for borrowing low amounts – they offer loans for amounts from £100 to £500 and can lend for any length of time between 10 and 41 days, so it doesn’t matter whether you get paid weekly or monthly.
No one likes having debt hanging over them and that’s why these Payday Loans are so good – you pay the full amount in one payment when it’s due and then you don’t have to worry about it again. Also, your first loan with Vivus is offered with half of their usual interest rate. These short term loans are for the savvy borrowers amongst us as all the control is in your own hands, rather than that of the loan company.
I don’t know about you, but I find it really difficult sometimes to understand the jargon that’s often associated with finances. Don’t get me wrong, I’m super savvy with my own finances and savings – I have a mortgage and credit cards, etc, that are all managed really well each month, but sometimes the terms and conditions are difficult to understand – it feels like you need to be a qualified financial adviser or a chartered accountant to decode some of the information. Vivus tries to eliminate these difficulties by committing to getting rid of jargon and making their short term loans super easy to understand. They’re not trying to catch you out.
Decisions are made online (great for if you hate discussing your finances with strangers over the phone), usually within minutes which makes it easier to plan your finances for the rest of the month and to work out how you will manage your repayment. As with all short term loans, lending is subject to status, creditworthiness and affordability assessment.
Please note, a short term loan is not a solution to debt problems and if you can’t afford to repay the loan then your debt will only get considerably worse. Only borrow if you know you can afford to pay it back on time with the included interest and avoid any late payment charges.
If you’ve taken out a loan, you may have been mis-sold PPI. You may be eligible to reclaim your money so seeking legal advice might be a good idea in this situation. See here for a ppi claim form download.