I’m a bit of an expert in this area actually. I borrowed some money a few years ago and went to live in Sri Lanka for the winter, where I surfed all day and lay around eating curry every evening. Bliss.
Now I’d personally reckon that’s the ideal way to get the best out of cheap personal loans online. Having been paying it off ever since, though, I’ve obviously seen the other side of the bargain. And would probably temper my enthusiasm for going off on a four month jolly with the sobering thought that you have to earn enough to afford your repayments and not notice them, otherwise taking out the loan is more hassle than it’s worth.
I also recognize, of course, that there are plenty of people out there who are considering cheap personal loans online for a variety of much less pleasing reasons. Financial problems make us want to find a way out and personal loans are one way of doing that.
You have to be careful what you want, and how you achieve that desire. For example if you have a range of financial obligations, such as multiple repayments to existing loans and credit cards, at punishing interest rates, it may be better to get one personal loan with a much better rate and lump them all together.
This works well for credit cards, which have uniformly appalling interest rates. The quicker you kill your credit card the better – and sometimes cheap personal loans online are the only way to do that. By shopping around through a broker you can discover loans your own bank might not be able to offer you, with better interest rates or lower monthly payments.
Speaking of monthly payments: life, as I’ve kind of hinted at already, isn’t always so good. We get ill. Eventually we die. And in many cases our financial worries extend beyond the grave.
Term assurance is one way to rectify a pressing or short term life insurance need. A term assurance is life insurance paid at fixed premiums over a pre-defined term, and may be the only way to ensure a significant pay-out in the event of sudden death.
Term assurance quotes are clearly useful in specific situations – though some advisers can advise you to take them out as a more cost effective way of insuring your life, investing the difference rather than buying long term cover. Clearly this advice falls flat if you fall ill between terms and are no longer eligible for the insurance to take effect.
From the joys of lounging around on a Sri Lankan beach to the sobering contemplation of your own death, life is ruled by money. Have you got enough to cover your monthly payments, will your dependents have enough to do the same when you’re gone. And for both these reasons, it makes sense to arm yourself with foreknowledge. Do your research and understand the products on offer to you, then you’ll know where to go when you need loans or life insurance.