Use the loans when you really need them

The debt culture in the UK is expanding like anything. I am principally against taking out loans to meet my living expenses. But, if you are facing a situation where you have to rely on outside assistance then there is no harm in taking out a loan. The underlying point is that you should not allow yourself to become slave to loans. This is very much happening in the UK with more and more people falling for easily available loans and making life difficult for themselves.

There are credit cards, overdraft facilities, unsecured loans and many other forms of borrowing money. Even if you have to borrow money in extreme situations, you should remember that credit cards always involve a very high interest rate. So, if you want money without providing any security, unsecured loans may be a good choice.

The lenders usually charge an APR that varies from 7 per cent to 41 per cent depending upon your individual circumstances. If you have a good credit record and sound repayment capability, you can negotiate with the lender and get unsecured loans at interest rate that is on the lower extreme, i.e., 7 to 15 per cent. These cheap unsecured loans are quick to get as the lenders usually take 2-3 days to disburse the loan amount.