Nov 20, 2013 Simon Williams
The main purpose of a short term loan is to help individuals make ends meet when they're experiencing a tough financial time. Just think of how helpful this could be in an emergency.
Say you are already struggling with rising monthly bills when your car breaks down and needs extensive repairs. You don't have the money to buy a new one, and you need a vehicle to go to work - so you have to come up with money that's not there. This is where alternative finance comes in.
This type of scenario has been experienced by numerous individuals in the United Kingdom over the past few years, since the global recession took hold. And although some experts say that the economy is picking back up, many people know that that's not true across all channels.
Take health care, for instance. According to The Huffington Post U.K., a recent survey published by Nursing Standard revealed that 6 percent of nurses have had to take out a short term loan in the past. The main reason, the source said, was overall falling take-home pay in the sector. Other fixes nurses have tried include finding a second job, taking on extra shifts and asking family and friends for money.
The Huffington Post also noted that this financial issue will likely continue for many people in varying industries, as Prime Minister David Cameron recently stated that he is pursuing permanent austerity, which will bring about lean times. Moreover, public-sector pay raises were capped at 1 percent, making many people stuck in their salary brackets for the foreseeable future.
But, emergencies do happen, often without warning, so a number of consumers would be in dire straits if they had to scrounge up extra cash. Like nurses already know, everyone in the U.K. should be aware that short term lenders offer valid and reputable services to help people in the toughest of times.