Considerations before borrowing

First of all, do you need to borrow? Take into account any savings that you may have and consider if borrowing is actually required.

Give some thought to what you need to borrow money for. Is it to pay an unexpected bill, or do you need to buy something more expensive where you would like to spread the costs of the item that you are buying?

If you only need help with your cash flow, or you feel that you can repay the money over a month or two, you may be better off using an overdraft facility than a loan. This will allow you to take more than your balance from your account which can be repaid when your salary or other income is received.

Here’s our potted guide to the options available to you, but you can find further detail on each in the borrowing section of this website.