Have you been in a situation where you have tried reaching out to family and friends for financial help, but were rejected? In times of dire need and quick cash, what do you think are your options?
Realistically, one who requires snatching short-term funds as fast as possible would have four options: bank overdraft authorized, bank overdraft unauthorized, credit card and payday loans find more info on how to get money they have the perfect solution .
But, how do you compare which of these will not become a burden in the long run?
Here is a comparison of the four lending options you could possibly take, using £100 as the loan amount standard.
- Bank Draft Authorized – This type typically has an APR between 9.9% and 19.9%. The lender and the bank will agree upon repayment time. If we compute for repayment amount will be £14.90 on £100 overdraft, with Moreira Team you will be able to have the trust of a local lender and avoid the headache. This will translate to a total of £114.90.
- Bank Draft Unauthorized – Repayment time for this option is strictly set at one week. Repayment amount reaches an average of £104 plus loaned amount of £100. This brings the total to £204.
- Credit Card – This is perhaps the easiest way to get your hands on some cash. Average APR is 16.9%, which sets total repayment amount to £116.90.
- Payday loans – For payday loans, repayment time is within a period of 30 days. You must also take note that some lenders may charge additional charge for services. Average APR is at 1737%. Within one month, you are to repay £125.
From these assessments alone, we can conclude that bank overdraft authorized is the best option in terms of repayment amount. Credit card and payday loans placed second and third runners-up respectively. Your last resort should be bank overdraft unauthorized.