Wednesday, 27 September 2017

Getting Through The Hard Times...

Unless your name is Rockefeller, Gates or Rothschild, there has undoubtedly been, or will be, a time in your adult life when a bill or unexpected expense hits you without warning and leaves you wondering how you're going to pay for it. I for one am no stranger to those times - I've been pretty open on my blog in the past about my financial worries. I work for myself and am currently the sole earner in the family, which is a lot of pressure...and also means that during times of ill health like those I'm currently experiencing after a particularly nasty bout of shingles, there is no fall back wage.

When the sole breadwinner is too ill to work, and is self employed so doesn't have the benefits of sick pay, times can get hard pretty fast and this month we struggled to pay all of the bills on time.

Most of the time, most of us are prepared for times like this and can weather the storm. Sure, we might have to tighten our belts for a little while, but savings, insurance policies or bank loans to name but a few, can all be drawn upon to assist us in our times of need. Sometimes however the above options aren't there - people with low credit ratings who struggle to take out loans, people who don't have savings, and people who just don't have family to fall back on in times of need - those people are the ones who find themselves without options.

For circumstances such as these, Payday Loan Companies or Short Term Loan Provider can help. Now I'm aware that these companies are often given a bad name, but in the past I have to say - I have been thankful that they existed as there was nobody else to help us.

When we first moved to Devon as a family of three soon after the birth of our first child, we were living in a rented house in Newton Abbot. The house was 'ok' but not quite what we were after in the long term and only suitable for the three of us.

 If we wanted to grow and add to our family, we  knew that we would have to move to a larger house. Cue one positive pregnancy test and Noah was on his way. We had to move somewhere larger before he arrived and the deposit for a move was not going to be feasible with our then financial situation.

Our bank was unable to assist us, we'd already borrowed money from my parents so couldn't ask again and Jon had no family at all - we were stuck with seemingly no options.

It was around this time and after some research I found out about Short Term Loan Providers.
I did some homework and found a company that was able to assist us and provide the loan for the deposit. The whole application process was incredibly simple and straightforward - everything was done online, the interest rates were reasonable and the repayment timescale suited us perfectly.

Many peop like us find traditional financial institutions such as a bank or building society can be a no go for loans in an emergency. Short term loan providers like Ferratum Loans, however can provide much needed assistance.

A deposit, a car repair, a broken washing machine, new school uniforms at short notice (thank you growth spurts!) or that one thing that comes straight out of leftfield that no one was prepared for - all of these things can sometimes require just a quick loan. Not a huge long term commitment, just a boost to get us through the situation. 

My experience taught me that nowadays we're not just at the mercy of banks, and that there are other options available. We all know that the loan providing industry often has a lot of negative press, and has been tarnished with a negative reputation. I however cannot come up with a single negative comment about my own experience. 

If not for options such as short term loan companies, we would have been tightening our belts for a very long time to save up a deposit and would still be living in that tiny one bedroom house, and most certainly wouldn't have been able to have our third child.

We also would have missed out on the house we love and now call our home.

*This is a collaborative post - from 9th October Ferratum Loans are pledging to donate £1 to the NSPCC for every like their Facebook page receives so to give the page a like, just click here

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