Monthly Archives: August 2011

Short Term Loans Briding the Gap until Payday?

Short Term Loans Briding the Gap until Payday?

Short Term Loans Briding the Gap until Payday?

Are short term loans the best solution to help bridge the gap until payday? Probably not to be completely honest. Let’s face it – they can be useful if you’re caught short and you’re unable to pay a bill or you’re faced with unexpected expenses due to that “unforseen” emergency.

But are payday loans the best solution to help you last until payday because you’ve overspent on your credit card or you’re simply out of cash? To be brutally honest with you – no. If you’re struggling to make ends meet then payday loans will probably not help your situation and you could find yourself getting into even more debt.

Unfortunately this is something that a lot of lenders will not tell you – especially at the moment with the large number of families and even young single people struggling through existing debt, low incomes and high inflation.

So what alternatives are? You could simply tighten your belt, cut back spending on non-neccesary, luxury items. But, here at Creditwindow, we’re realists. We understand that it’s never as simple as that – everyone needs to splurg on themselves every now and then.

So – you could try selling some of that unwanted gold, silver, platinum jewllery. There are loads of “cash for gold” companies out there willing to take your unwanted jewllery in exchange for cold hard cash.

Creditwindow understands that these cash for gold adverts look a little – cheesy or downright dodgy but they are for real – believe it or not!

If cash for gold doesn’t appeal to you then what about online pawn brokers? Look at Borro – they offer cash for anything you want to pawn, be it a television, an expensive watch or some other unwanted gadget. Borro are probably one of the most respected pawn brokers out there so they’re at least worth loooking at if you’re considering it.

Last but not least – payday loans. Ok, let’s look at the payday lenders out there. You have PaydayUK and Wonga – two of the bigger and more trusted loan companies and are certainly worth considering if you have to go down that “dark path.” Just remember to pay the loan back at the end of the month otherwise the interest costs could be extremely high.

RBS Offers Interest Free Loans To Small Businesses Following Riots

Following the recent riots, the Royal Bank of Scotland is offering small businesses affected by the riots, interest free loans of up to £25,000, in addition to this they are said to be fee free to help small firms get back on their feet.

These “relief loans” are designed to give RBS’s small business customers the chance to acquire short-term assistance whilst they get back on their feet and start trading again.

The loans are set-up to last over a 6 month period, after which the small businesses are either expected to repay the loan taken or transfer to other loan products offered by RBS.

The Chief Executive of RBS, Chris Sullivan, stated that the bank wants to do everything it can for firms affected by the recent riots, adding:

“These loans will help firms waiting for insurance payments or needing urgent repairs to open for business as soon as possible.

“I hope that other banks will also be able to help small businesses recover. Our high streets are vital for local communities and the economic recovery.”

The Federation of Small Business (FSB) has welcomed this news as it means that many badly affected firms will receive badly needed funds to “get back up and running again.”

Feeling The Pinch – British Consumers Cutting Costs To Make Ends Meet

Feeling The Pinch - British Consumers Cutting Costs To Make Ends Meet

Feeling The Pinch - British Consumers Cutting Costs To Make Ends Meet

British shoppers could benefit from switching credit card accounts or to a cheaper utility provider after a report revealed that growing numbers of consumers have very little cash to spare.

The report revealed that 32% of people felt they had little to no money left over as they are increasingly concerned about the rising cost of utility bills, increasing fuel prices as well as the current state of the economy.

The report also suggested that more and more shoppers are tightening their purse strings, showing that more than 70% of consumers are changing their shopping habits and a whopping 65% are switching to cheaper grocery brands so they can stay within their monthly budgets.

The Director General of the British Retail Consortium (BRC), Stephen Robertson, suggested that “the squeeze on disposable incomes is getting tighter.” He added that around a third of people said they simply have no spare cash.

On a more positive note, Mr Robertson commented:

“With finances under pressure, consumers are becoming increasingly savvy, with 65% saying they are switching to cheaper grocery brands, often own-brand labels, to stay within their budgets.Competition within the sector is helping to take the edge off price inflation with a larger number of promotions and discounts on offer.”

Whilst consumer confidence did increase over the second quarter as more and more people felt better about personal finances and job prospects, it still remains relatively low when compared to last year.

In spite of this many economists are expecting to see an increase in consumer confidence in 2012, off the back of the London Olympics.

If you’re feeling the pinch of the credit crunch and suffering as a result of the recession then there are a number of options you could consider including:

  • Changing your existing credit card to one with a competitive interest rate or cash back benefits.
  • Switching to an affordable utility provider, in fact a company such as the Energy Helpline can help find you the cheapest provider for your area.
  • Switching to more affordable brands, such as supermarket own brands over the more expensive ones.
  • Switching your car to a smaller hybrid / eco-friendly model to cut the cost of fuel.
  • Look at your car insurance or home insurance and consider how much it’s costing you – is there a cheaper alternative?
  • Consider a small short-term loan such as a payday loan

There are a number of other cost cutting things you can do – the above are just a few! However, if you’re still really struggling with making ends meet and are faced with debt then you could consider a debt management plan to consolidate any existing debts into one lump sum that gets paid off every month.

Check out these related articles:

Top Ten Money Saving Ideas

Ten Top Tips For Making More Money

If you are looking for a cheap utility provider then check out the Energy Helpline: