Loans have become part of our lives. And I'm not talking about the loans we get each month by our credit card company or the loans our bank gives us when we slip into overdraft a few days before payday. Neither are I thinking of the mortgages we have on our homes. Everyone has all three of these loans running, and we understand them well and work them into our budgeting and cash flows.
What I'm thinking about are those small loans that throw us a financial lifeline to help us get through an unexpected expense.
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Loans are part of our lives
These sudden expenses confront us in the ordinary course of our lives. Perhaps the car breaks down or has a crash, and we've got to have a replacement in the next few days. Or a child is ill, needs an operation, the national health system can't get them into a public hospital bed for months, so you must go the expense, private health care route. Or maybe your daughter announces her wedding, and you need to scramble to pay for a reception which, even if they are modest, will cost a lot more than most of us can put our hand on quickly.
Situations like this come our way, and even with careful planning and prudent spending we almost always needs some bridging finance to help us through. It is almost as though the economy as a whole gives us only enough to meet normal expenditures -- as soon as an unexpected, significant expense comes along we are deserted and need to turn to family, friends or sympathetic industry lenders for the little extra.
Several ways available to get loans
Fortunately there are a number of ways we can raise the money we need. Even when strapped for cash we can retain our dignity and avoid embarrassment by quietly negotiating a loan which we will be able to pay back without too much trouble.
Look at the popular secured loan, for example. The so-called 'second mortgage' that we hear about among our friends and work colleagues. They are simple to understand and easy to get if you have been paying off your home for a few years.
One of the best ways to raise a loan
Let's say you have a need for several thousand pounds. One of those situations referred to above has come up, and you don't quite have enough to get you through an unexpected, expensive situation. And let's also assume you have been in your home for some year and have built up a reasonable equity in it. This is something you may need to talk about with a valuer, and you might be surprised at just how much equity has accumulated for you unseen. But you have equity and you offer to let the lender, say, the bank, take you home and sell it if you are not able to repay your loan. Naturally, the bank lends the money to you. And just as obviously, you repay the loan, because you are a prudent spender, you have cash flow, and all you needed was a little leg up at this time to meet a cash shortage.
So this is why secured loans are so popular. For most of us these are perfect loans, actually. But you do need to talk with someone before you move ahead, because a secured loan gives the lender the right to take away your home and sell it if you cannot repay him. And don't think the banker will shed tears for you when he hears you story of why you can't repay. That is not how banks work. If you can't repay, they will sell your home from under you. But this is just a caution. In most cases secured loans are repaid on time, and everyone is happy.
Getting best value when you borrow
As you think about taking up one of these safe, popular loans, consider getting some expert help and guidance. There are brokers who will be able to quickly steer you to lenders with the best interest rates. These brokers will know about upcoming interest rate rises. And they will save you a lot of time by stepping you through the paper work.
You will be able to find the money you need with one of these loans, and a good broker will make it almost effortless -- leaving you with the quick cash you need to meet your situation with a smile.
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