Life is full of its surprises, and not always the good ones.
Often, we have gone through something so financially devastating that we struggle to find our way back to what once was in terms of our finances and lifestyle. That doesn’t mean though that we can’t find our feet once again, it just means that we have to put our pride to bed and be disciplined enough to make it work.
Experiencing and overcoming a financial disaster will always take some time and each circumstance is different from the next. It’s important to remember Kiwis, that there is a solution for each and every problem, even yours.
There are many ways to skin a cat, and not that we should be skinning any, but if we had to, we’d have our options. With loans, it’s quite the same. You need to invest a bit of time into researching all the available options. When it comes to applying for a loan, research on the root of financial well being is crucial in maintaining healthy finances.
Let’s take a look at the ways that you can get back on your feet and start living the lifestyle that you were comfortable with before the financial upset occurred.
Easy loans – how do they work?
These loans are a fantastic way to get back on your feet, improve your lifestyle and your financial situation. How they work is quite simple, in fact, it is quite similar to the notion of a short-term fix and then paying it back with some interest. Let’s say that for every $1 you wanted to buy, you might be liable for $1.10 in return, and that is the cost of “borrowing money”.
A common reason behind the application for an easy loan is when a borrower wants to consolidate his debt. One could even pay off other personal debts and credit card balances.
When is the best time to apply for an easy loan?
This really depends on the borrower. There isn’t any bad time or good time to borrow money, we borrow it when we need it! But, having said that, you can always speak to your banker and determine whether there is something you can do in order to improve your credit score to attract a better interest rate if that is something that might count against you.
If you decide to take out a loan in a situation that requires paying large utility bills or covering a medical emergency, then you are going to need access to the money, rather quickly, and that means there’s very little time to shop around or wait for the right time so to speak to apply for the loan.
Easy loans are there for the convenience of having access to funds quickly rather than cheaply. That is their primary benefit. But, it’s important then to understand that they might not be the best option in a situation where the cost of borrowing that money exceeds the benefit.
Make sure to borrow responsibly
This rule applies to cases when people are greedy or frivolous spenders and choose to apply for a loan for leisurely needs and satisfaction. If you can’t afford to go on holiday, don’t. Rather save your money and when you have enough, then book the airline tickets and go explore other places in the world. You can very quickly land in trouble when you don’t borrow responsibly. Always ask yourself if it’s necessary. If the answer is no, then reconsider – for your own financial well being.
It’s also recommended that you try and implement alternative financial strategies such as saving on bills. These might sound simple, but every last bit helps. Try the shorter cycle on your dishwasher, turn lights off in the rooms that you aren’t using, make coffee in the morning when you get to the office as opposed to buying one at the café on the way to work.
There are many ways you can go about saving, cutting costs, redrawing budgets and taking out small, necessary loans which will all aid the recovery of your financial disaster to achieve financial well being.
Ready to apply for a loan?
Each and every Kiwi out there has a unique financial situation, and that's why it’s always best to consult a professional for some financial guidance on which way to go. It all starts with you, however. You are the borrower and you, therefore, need to determine what the ideal solution is for you.
So, go ahead and get back on your financial feet, there are a number of lenders and consultants out there willing to help, you just need to look in the right places and do your research. Good luck!