Things You Shouldn’t Take out a UK Payday Loan for

Are you looking for short term loans? If so then you should definitely consider those at Tree House Loans. They provide some of the best pay day loans available, which can supply you with emergency funds for bills, home repairs, and so on.

While such loans can be great when you need some extra cash, there are certainly some cases in which you shouldn’t use the loans. Here are some of them:

1. Luxury items

It might be tempting to use emergency money from pay-day loans to pay for luxury items such as a new gadget, jewelry, and similar items. It’s certainly great to have such items, and they can make your life more enjoyable. However, such items don’t qualify as emergencies, even if they’re in a clearance sale or almost out of stock. Buying such items when you have other pressing financial needs isn’t a wise decision.

2. New contract

Whether you’re buying a new TV, signing up for the Internet, or entering into a mobile contract, it’s highly advisable not to take out a payday loan for it. Such loans should only be used for emergencies. Besides that, Besides that if you enter into a contract you’ll have monthly payments to make, so you’ll get a bill each month anyway.

3. Vacations/Getaways

There’s nothing wrong with taking holidays, and studies show that taking a few weeks off during the year can do wonders for your mind and body. However, payday loans probably shouldn’t be used for this purpose.

For example, a flight deal that’s going to expire soon doesn’t really count as an emergency, and in fact could cause more money problems if you return home to a lot of debt. Instead, make sure to use the money strictly for emergencies.    

4. Repaying friends and family

Borrowing money from friends and family is quite easy because they’re usually willing to help you out. That said, it can also cause various problems, which you should keep in mind. You should definitely take steps to repay them since you owe them the money.

This isn’t to say that you should abuse the situation and ask for an unreasonable extension to repay the loan. However, if you take out a loan to repay another loan, it will likely result in you digging yourself a hole of debt. That’s certainly a situation you want to avoid. Instead, it’s better to explain to the person you borrowed from about your financial situation, then try to repay the money a little at a time.

5. Birthday/Holiday Gifts

This can be a tough one to deal with. On one hand you certainly want to provide birthday or Christmas presents to friends and loved ones. Wouldn’t it be heartless not to? It’s a little more complicated than that.

It’s certainly a great gesture to buy birthday or Christmas presents during those times. However, technically speaking they’re not emergencies. Instead of taking out payday loans UK to pay for such gifts, an alternative would be to buy smaller gifts or even delay the gift-buying until you can realistically afford them.    

http://ift.tt/297jZ8N