While these national figures read as very high numbers, there’s nothing to worry about when borrowing and repaying responsibly. When we think of borrowing money as a loan, most of us consider a large amount that runs into the thousands. This may be the case for long-term, large-spend loans to cover large unexpected bills or a big purchase, but there are now plenty of short-term small loans available ranging from just £50 upward. Small loans are a fantastic way to ‘tide over’ people between pay packets and/or to cover small expenses. When repaid on time and in full, they can boost the borrower’s credit score.
For large money borrowing, it may be appropriate to seek an Independent Financial Advisor (IFA) advice, but for smaller amounts, informed decisions can be made by the individual.
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