If you have any loan, it is always important to make sure that you are confident that you will be able to repay it. This is because if you do not repay a loan on time, there will always be extra charges. You do not want to have to pay these unless you absolutely have to. This means that you should do your best to make sure that you are able to repay them.
Repaying Short Term Loans
With a short term loan, you will need to repay the money pretty quickly. Depending on the specific loan you may have a few months, weeks or even days to repay it. This means that you will not have long to get organised and make sure that you have the money available.
You may need to pay everything that you have borrowed in one lump sum or repay it over a few months. The payments will normally leave your account on the day that you are paid. This is helpful because it means that you are more likely to have the money available in your account. However, you need to think about the fact that you may have other payments leaving you account on that day as well. So, you need to check how much they will be and make sure that there will be enough money left to also pay for the short-term loan. You will also need to make sure that you will have enough money left to pay for everything else that you will need for the rest of the month.
This can actually be pretty difficult. However, there are various things that you can do which can help you and hopefully you will be able to do a few of these and then find it easier to manage.
- Compare prices – it is really wise to start by comparing the prices on everything that you buy. You might find that you will be able to save a significant amount of money. Start by looking at things that are expensive like insurance, utilities etc If you can switch suppliers then you may be able to save a lot. Do this with everything you buy and hopefully you will be able to cut back your spending so that you will have more money available for other things.
- Buy less – you may also find that you are buying things that you do not really need. It is wise to always ask yourself whether you really need them and then if you do not, wait to buy them. Leave buying this sort of thing until after the loan is repaid. You will not have to go without it entirely, but you will be able to afford the loan more easily if you wait a while for it. As the loan will be repaid pretty quickly, then it should not take that long for your finances to be back on track and for you to be able to afford to buy luxury items again.
- Get a pay rise – it might be worth asking for a pay rise in your current job. There are some companies where there is a specific procedure for getting a pay rise and therefore you may not be able to just ask for one. If you are not sure, then find out and see whether there is a way you can ask. It might be that you will need to look for a promotion in order to get a rise and this could be worth investigating too. It may be too late to help you out with this loan but it could help you find it easier to manage your money in the future.
- Work more hours – it could be worth finding out whether you can do any extra hours at work. You might be able to work some overtime into the evenings or at weekends so that you are able to earn some extra money. It is always worth asking about this, although there are some jobs where you are expected to do unpaid overtime or extra working hours are repaid in time off rather than extra salary, so will need to check this.
- Take on second job – it could help you to take on a second job. This could perhaps be something extra that you do during the evenings or weekends. This will help you to be able to get some more money and you could just do for a small amount of time to help you out while you need it. It could be that you might be able to find something like this through a temping agency.
- Do freelance work – you may find that freelance work might suit you better. You will need to make sure that you can fit it around any other work you have and this sort of work is usually flexible, You may even find some things that you will be able to do from home so it is more relaxed and easier.
- Sell things – it could be worth seeing whether you have anything in your home that you no longer need. You might be able to sell it and make some money. You can sell on social media pages and different websites these days which can make it much easier to do this. All sorts of things are bought on these and you may be surprised at what you can make.