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Sensible borrowing

With the cost of living being so expensive these days and house prices and rent being extremely high a lot of us find ourselves short of money each month - especially those with young families to look after. Borrowing money from family or friends is not always an option especially if you need a certain amount of money urgently.

There comes a time in all of our lives where we may need to take out a personal loan. Be it for essential car repairs, home improvements, unexpected expenses or even paying towards your wedding. Most adults will have to borrow money somewhere down the line and using a company such as Northcash for a short-term loan could be the answer.

Tempting as it may seem, a loan is not an easy way to pay for a luxury holiday - you will end up paying back a substantial amount of interest. Equally a loan should not be used to try and pay off other debts that you may have - you will just find your debt spiralling out of control. Believe me I know people who've borrowed 20K for their wedding and years later they are still paying it back!

If only it was that easy..........

But to help pay for something that may get you out of a hole quickly a short-term loan is a good option. Perhaps your washing machine has stopped working and you can't afford to replace it straight away or your car needs repairing and you just don't have the spare cash but you can't get to work easily without it. We had our boiler break-down on us a couple of years ago and finding a spare 1000 to get it replaced just wasn't something we could do at the time.

These are things that I would class as essentials - that I would consider taking out a small loan for. Going for a short-term loan where you can pay back equal instalments is the safest and most cost effective option.

Always make sure you know you'll have enough income to cover the monthly repayments and avoid borrowing more money than you need. Securing a small amount of money for emergencies may be a good decision if you know that you can pay the money back on time. This is much more favourable than borrowing money from friends which may end up being more trouble than it is worth.

Never take out credit that you cannot afford to payback on time because it may affect your chances of getting future credit if you need to.

A loan is not an easy decision so make sure you do your research first, read all the terms and conditions and borrow sensibly.

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