Do you want to purchase a new curved TV this year? Would you like enough cash to pay for a more suitable car? If so, there are only a few options available. Unless you can earn more money at work, you will need to borrow to obtain your products. I’m going to spend a few minutes going through some of the top solutions you might want to consider. I’ll explain the advantages of each before offering a conclusion. Of course, you are the only one who can decide which form of borrowing is best for you. Consider your personal situation, and make sure you don’t acquire more cash than you can afford to pay back.

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Credit cards

In most instances, making a major purchase on your credit card is a wise move. That is especially true if you think you can clear the balance quickly. Paying the minimum amount will mean you become exposed to ridiculous rates of interest. So, make sure you always pay at least double the amount expected. Remember, you can swap and change credit cards every year using balance transfers. That could also help to limit the level of interest you are required to pay. Also, those of you with poor credit ratings should notice your situation improves with every payment you make. Just ensure you don’t accept any cards from providers that expect you to pay more than 20%. It’s just not worth it.

Short-term loans

The short-term loan industry has received a lot of bad press during the last couple of years. That is because there were some providers out there that didn’t put their customers first. Thankfully, there are now lots of regulations designed to protect borrowers who use services of that nature. So, you shouldn’t end up paying anywhere near the levels of interest that has been reported in the newspapers. A fast cash loan could be the best option on the table if your credit cards have already reached their limit. Again, you need to read the small print before you accept money from any private company.

Overdrafts

Those of you who aren’t currently using the overdraft facilities on your bank account might want to arrange a meeting. So long as you have wages coming into your account every month, the bank should be more than willing to approve a reasonable cushion. In most instances, overdrafts from top banking groups start at around $500. However, you can increase them as time goes on. A friend of mine currently has $3000 worth of overdraft on this account. I don’t recommend you try to borrow that much, but it’s good to know the funds are available. Just ensure that you speak to the bank about any charges you might incur. Some providers will expect you to pay a monthly fee.

I hope my advice about those funding solutions has helped you to understand your options. Borrowing money is not something you should take lightly. It could land you in hot water in the future. So, never take any risks and only accept cash you can afford to return.

Have a great day!