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However careful you might be with your money, carefully budgeting your monthly paycheck, and never buying anything you don’t need, there will always be times in life when you have to pay for surprise expenses. Short term or payment loans will help you pay for unexpected expenses, giving you quick access to money with a short repayment period so that you don’t have even bigger interest rates to pay back. There are a number of reasons why you might need a short term or payday loan; however, what are the most common situations

Car maintenance

Owning a car is often a double-edged sword. Unless you live in an area with an excellent public transport system, you need a car for essential journeys, such as getting to and from work and taking the kids to school. However, they are expensive to run, needing regular gas top-ups and annual insurance and taxing payments and mechanical check-ups. On top of all this, there is the possibility of your car having an unexpected breakdown requiring costly repair work and new parts. Short term and payday loans can help you pay for unexpected vehicle repair work, allowing you to access money quickly. They are also a good option if you need a bit of extra cash to pay for your annual car payments.

  • Emergency home repairs

You might ensure that every household bill is paid on time, but sometimes things can happen and you need to call in a tradesperson to fix it. You might need a plumber to fix a burst pipe — or a decorator to fix any water damage caused by the burst pipe! Or, you might be taking a shower and find that you suddenly have no hot water, and to fix it, you need a new boiler. These issues, and more, are common enough problems that you are sure to encounter from time-to-time and, although costly, are essential to ensure you and your family’s safety and comfort. A loan will provide you with the money needed to carry out these repairs.

  • Accident or illness 

Sometimes something entirely unexpected can happen in life that completely throws you off course. You or a person you love could suffer from an accident or illness requiring a lengthy stay in the hospital, as well as a rehabilitation period. On top of being an extremely emotional and worrying time, this is often compounded by the threat of financial worry. The person in the hospital may have been the main breadwinner of your family, or you might have to give up work in order to care for them. You might even have to buy equipment for your home or carry out renovations in order to help with mobility issues and improve your loved one’s quality of life. While long term medical issues often require a more long term financial plan, a short term or a payday loan can help with the initial fallout from the situation.