Are Payday Loans my Only Choice in an Emergency?

If we need money in an emergency, it can be easy to panic and not really know where to turn. It may be that most people will only have the option of borrowing and they may think that payday loans will be their only option. While they will be an option available to most people. There could be other borrowing options and possible other different options available too and it is a good idea to think about as many options as possible before making up your mind completely.

Payday Loans

A payday loan is a way that you can get money quickly. They can sometimes be arranged in a s little as few hours and most people will be accepted for one when they apply. However, you can only borrow up to £1,000 which may not be enough, depending on how much money you need and some lenders will provide even less money, so you will need to check. You will only be allowed to keep the money until you are next paid and then you will have to repay it all with interest. This can suit people in an emergency as they may only need money to keep them going until they are next paid but it will depend on whether the borrower will be able to afford to repay it that quickly.


If you have an overdraft facility then it can be a great way to get some money when you need it quickly. It is something that will be there for when you need it and then you can use it by just drawing out cash or transferring money to where you need it. Repaying is simple as any money paid into the account will just automatically repay it and interest will be charged until it is repaid. It can be very useful but not everyone will have access to one or some people may have already used them.

Credit Card

A credit card will allow you to buy things and delay paying for them. You can either pay for them when you get statement or you can choose to wait and delay paying for them but pay interest until it is paid off. This can be convenient if you need to buy items and from a place that accepts credit cards. However, you could find that you need cash and a credit card could also help you with that as they can be used to draw cash out of the bank. However, you will need to be careful because if you use a credit card to draw cash, you will be charged interest on it right away. Not everyone will have a credit card either and there is a credit limit on them, so it might be the case that there is no more money available on it to use.

Other Options

It is well worth considering other options as well as borrowing. This is because they might be cheaper and easier. If you have savings, then using them could be a great option. It can be hard to part with savings, but they can be very useful and it is always worthwhile thinking about whether using them will be something that will be advantageous to you. You may also be able to raise some money by selling things that you own and no longer need. You might be able to find some other ways to earn some extra money as well which might provide you with the money that you need in time. You may also find that you will be able to spend less in other areas which might help you get the money that you need.


As a writer I get to learn so many interesting things and it is one of the reasons that I really like the job. I have really interested and impressed people at times with my knowledge in certain areas. I do not show off about it but when I can suddenly add something to a conversation that people just do not expect me to know it can amuse lots of people. I do feel a bit nerdy at times, but at least it has helped me to be able to continue doing this job which I really enjoy and is so convenient for me to do as well.

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