When You Should Proceed With Caution

Unique article on personal loans with a look back to the seventies and eighties when bank overdrafts were very easy to obtain as well as mortgages. Today both these types of loan are virtually impossible to get and there are loan companies that help but should be looked at as very short term resolutions.

Ever since cash was invented there have been those with plenty and those with none. Somewhere in the middle the masses live.

The vast majority of us feel we are only working to pay the taxman and then all of our bills and getting the balance right can sometimes prove difficult.

After all those payments are made it often feels like there is little left to spend on essential things like food and drink let alone enough for some deserved pleasure and a decent summer break abroad.

There are times when a loan is the only resort and as long as the interest is properly understood and calculations made that will enable repayment on time then there is nothing wrong with borrowing.

The biggest loan most of us take out in our lives we refer to as a mortgage. The worst that can happen if you find yourself in the position of not meeting the monthly payments is the loss of your property and that’s not always such a big deal if you have been paying interest only and your property has gone down in value.

The days of getting a whopping ninety-five percent loan towards the purchase of that first house has long gone. If you were around in the seventies and eighties you will remember how easy credit was.

If you struggled to stretch your money till the end of the month and payday you could pop along to your ever so friendly high street bank and get a temporary overdraft with no difficulty at all.

You would even get to see the manager who would invariably know all about you personally and your family and business. A shake of the hand, a cup of teaor even a small glass of sherry and before you left the branch the money would be in your account.

Happy days they were but like all good things they had to come to an end and that is precisely what happened when the bubble burst and we now find ourselves in a position a couple of decades later when young people find it almost impossible to get on the housing ladder and bank managers have absolutely no power to grant loans.

If you are in a pickle till next payday and as long as it is not a recurring monthly problem, then the first person you should ask for a loan is a member of your family or close friend.
In both cases the interest is likely to be a pint of beer or a bottle or two of wine.

If you do not have the luxury of relative or friend in a position to help then you might have to look for personal loans from one of the many loan companies around today.

Do look carefully at their terms and conditions and make sure you fully understand how much you have to repay from your next pay packet. If that leaves you too short to last the next month then don’t borrow at all, just go grovelling to your boss.

For more on these personal loans visit Handycash.co.uk

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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