When you need money in a hurry and you are unlikely to obtain a loan from the traditional financiers and providers, you may feel that you are slightly desperate. Worryingly, when people are desperate, they tend to make bad decisions. Depending on how important the money is or how quickly you need the money, you may choose an option that isn’t the best for you in the long run.
At the moment, the option that most people instinctively think of is a payday loan. The payday loan companies have undertaken a great deal of promotional activity and marketing to make people think that a payday loan is the best option for their short term financial needs. Of course, when you look at the APR on offer from these loans, you understand that they are not always the best option for you.
However, there is another option that can cause you a lot of problems. You may not find money lenders online but in pubs, social clubs and in local communities, there are people that know their neighbours are struggling with respect to finances. The traditional money lender has a bad reputation and it is down to the fact that they charge high APRs, like the payday loan companies, but there is also the added threat of violence if you are unable to pay up. Money lenders are bad news for a local community, not just an individual, and they should be avoided at all costs.
You need a solution that will meet your needs
If you are struggling with finances, it is one thing ruling out options but you will want to find an option that you can trust or rely on. You should look to avoid money lenders and this is where a guarantor loan can provide you with the money you need, and the confidence you want when it comes to finance.
If someone is willing to stand as a guarantor for you, you will find that you are able to receive a loan with an APR of a respectable rate. This is definitely the sort of the short term finance solution that will meet your needs, and ensure that you are confident about paying the money back.
No matter what loan you take out, you need to be confident that you are able to pay the money back. This is where taking out a guarantor loan can make a massive difference, and there is no need to consider the options provided by money lenders or payday loan companies.