Interesting Know-how Facts about Short term Loans

1
The unopened Money box
2
Whats inside the box ?
Well Something that seems friendly
But need not be... Something that we take for
granted But should not
be Something that made some people gain
But some people lose.

3
Short term loans
4
What.. What.. What.?

• What should you do with it?
• What should you NOT do with it?
• What are its disadvantages?
• and..
• How can you quickly come out of it?

5
You know these...

• Only for emergency purposes
• The idea was introduced in the 1990s
• They have flat interest rate
• Duration calculated in weeks
• Have higher interest rates than regular loans

6
You don't know these...

• Short term debts get unimaginably large if
  extended more than a year
• The Office of Fair Trading (OFT) does not have
  price control over short term debts
• 76 of total loan volume revenue comes from
  repeat loans
• Average household debt in the UK is 56,690
  (including mortgages)
• 181m personal interest paid in UK daily
• debtadvisersdirect.co.uk
• womenindebt.co.uk

7
There are separate short term loans for

• Students
• Unemployed
• People on benefits
• People with no credit score
• People with bad credit score
• Low interest rate

You might know these...
8
Things you should NOT do with Short Term Loans

• Do not use them for luxury expenses. Ex Home
  décor, purchase car, lifestyle products
• Do not roll over the pending payments
• Do not take loans blindly without checking the
  lenders credibility.
• Do not take loans from lenders with rigid payment
  terms.

You might not know these...
9
Tips to pay off Short Term loans quickly

• Monetize hobbies and skills to earn extra. Ex
  Baking cookies, quilting, teaching computer/math
• Use online selling to make money from your unused
  books, clothing, etc.
• Run garage store on weekends with garden fruits
  and veggies
• Make flower bouquets with home garden flowers and
  sell in the neighbourhood.

You might want to know these...
10

• Save money
• Dont overspend
• Do not indulge in impulse buying
• Dont fall for glamorous advertisements
• Try and reduce spending more than you earn

You got to do these
11
Stuck with a huge debt and do not know to tackle?
Try them for help...
You might have to know these...

• Citizens Advice Bureau
• Debt Relief Order DRO
• Consumer Credit Counseling Service CCCS

12
Its never too late...
to practice savings..
to avoid loans and lead a
tension free life