This article was sponsored by MYJAR

Trying to make ends meet during these tough economic times can mean using all the financial tricks available. Taking time to shop for bargains, cutting costs of amenities and looking for the best financial products are all very important for budgeting.

Just because someone may already be on a tight budget doesn’t mean that unexpected family expenses don’t crop up. In fact, it seems that on the financial front it doesn’t rain but pours! For this reason, understanding what a good loan option is becomes vital.

Choose carefully

There are my riads of firms which offer short-term loans. Small sums which help cover costs which come out of the blue like repairs or professional expenses loans can usually be arranged within minutes of applying.

However, although speedy execution is very convenient, it’s still advisable to take the time to choose a lender very carefully. In other words, take the time to find someone responsible.

Short term loans explained

A short-term loan is exactly what it sounds like – a loan which is paid back within a small time frame with a set interest rate.

For example, a loan of £200 from lender MYJAR is paid back within 18 days at £240 which works out at being 3943% representative APR.

A loan application can be made online or over the phone for people who prefer to talk to a real person. A decision on an online loan is often made very quickly and the borrower can access their online account for details about the state of their loan.

Reminders are sent out several days before the loan is due in order to give the borrower a chance to make any necessary financial arrangements to make the repayment.

It’s all very straightforward and, owing to good communication, economical.

You can find out more here about Myjar.

No rollovers

A good lender is one which makes borrowers’ interests a priority. If both parties are able to fulfil their financial their side of the bargain, it is a win-win situation. A good lender will always work with the borrower to find ways to help them if the find that they can’t repay on time.

If this is done without costly rollovers it’s even better as this is a certain route to an unmanageable loan. Shopping around for the best short term loan provider is as important as seeking out grocery bargains when times are tough!

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk