If you are the sort of person that wants to be on top of your finances but you know you are in a position where you may not deal with emergencies, you need to have a Plan B. Hopefully you will never need to use this financial back-up plan but knowing what your short term money options are when you need a helping hand will always be of benefit. This is why you should take the time to draw up a financial back-up plan for the moments when you need support.

A lot of people will instantly turn to friends and family members when it comes to short term money options. If you are in the position where people close to you can help your finances, it is something to consider. This is far from an ideal option but when it comes to short term money options, it is likely to be the one that costs you the least in the long term.

What are your short term money options?

However, just because someone has supported you doesn’t mean that you can take their support for granted. There is a need to consider this financial support as seriously as you would consider a loan from a bank or traditional lender. There is no harm in drafting up an agreement between yourself and the lender to ensure that the payments are listed and everyone knows what is expected of them. Even if you have short term money options, you should take the matter seriously.

When you are looking for short term money options, you will find that traditional lenders are of no use. Traditional lenders require you to fill in lengthy applications and they will take a long time to decide whether your application is suitable. This means you will not get a swift response, which means that this shouldn’t be amongst your short term money options.

Of the various short term money options you have at your disposal, a guarantor loan is likely to be your best option. This is because the lender looks at the credit history of your guarantor and will provide a loan based on their credit score. This can provide you with a much more attractive APR which makes this one of the best short term money options at your disposal.

Payday loans will always be included in the range of short term money options people have but it is a loan option that should be ignored or overlooked. The cost of a payday loan can cause you significant financial problems in the long term.