Sometimes you need a financial helping hand, some extra money to get you through a difficult period, either for yourself, or your family.
I don’t need to tell you that life has a habit of throwing curveballs that surprise and challenge us. Perhaps your boiler has broken down, or your car won’t start, or that big contract you were expecting to come along has fallen through and you were counting on the money.
With so many things that can, or do go wrong in life, having some extra money set aside in savings is essential. Having savings in the bank is incredibly empowering and it is why I set up this site – to encourage you to start and continue saving.
But what if you’re stuck?
What if saving money is still a challenge, even when you’ve tried all the money saving ideas on this site? What if you still need money to get out of a challenging situation?
Next Level Cash-Sourcing
You’ve tried earning extra money, and you’ve tried cutting back on your spending, but sometimes there’s nothing more you can do than use credit of some kind.
Of course using credit typically costs money but this isn’t a reason to avoid credit all together. You buy things all the time to help you live your life, and ‘buying’ extra money is no different – if the money helps you meet your goals, then it can worth every penny of interest, as long as you keep to the plan of paying it back.
Bridging the Gap
If you have a good credit rating, a loan from a bank can be a good option as this is typically one of the cheapest ways to get access to cash.
However, if you denied a loan, you must be careful when exploring other options as some lenders, such as pay-day lenders, can be very expensive and trap you in debt if you can’t afford the repayments and the high rate interest.
Thankfully, there is a middle-ground using credit companies such as Polar Credit. They provide a credit line (rather than a loan) that aims to bridge the gap for those who have been denied a loan from a bank. Using a credit line and paying it back reliably has the added benefit of improving credit scores so future credit becomes cheaper should it be needed again.
Polar Credit also has a green streak: Polar Credit’s commitment to sustainability means they don’t send out plastic like a credit card to their customers, but instead the credit line is managed online, allowing borrowers to access funds on demand with more flexible repayment options than short term loans.
As a revolving credit product, Polar Credit is best to help during short term money shortfalls at interest rates significantly below pay-day loans. The interest rate also decreases over time, with a reduction of 10% on the first anniversary of opening an account and 5% per annum every six months after that until the interest rate is 29.9% p.a. Interest is only paid on the money drawn out of the credit line not on the total credit limit agreed.
Of course, working on building your savings so you don’t need to use credit is the best way to be prepared for life’s challenges, but if a bit of extra money could help you out in a challenging time, I hope you find the credit solution that works for you.
Use these hard times to strengthen your character and resolve to improve your situation, and good luck!
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