Instant, fast cash comes with a penalty and is often very expensive when it comes to paying it back.
Here are some handy tips when it comes to borrowing money, along with details of how to access low cost affordable loans.
Always shop around for the best deals, or ask us for help and support.
Always look at the total amount you'll have to pay back when borrowing money.
Avoid focusing on just the weekly or monthly repayment amount.
These often seem attractive, but the total cost of repayments are very high compared to the actual value of goods.
Never borrow from a loan shark (tap here for more information on what loan sharks are and how to avoid them).
If you're finding it difficult to get credit, you can contact your local credit union (tap here for more information on Hoot, Bolton's credit union).
Make sure you know the difference.
A secured loan means you can lose your home or goods if you don't keep up the repayments.
Before you borrow, make sure you know if you can afford the repayments.
If you're buying something of high value like a car or furniture, think about payment options beforehand.
The loans offered by the sales staff may be more expensive than other options.
Additional borrowing can seem like a good idea and may well help in the short-term, but can too often lead to more serious longer-term problems.
Please contact us if you need help and support.
Be really careful as these deals are only interest free if you pay them off within a certain time period.
If you don't pay them off within this period, you'll pay a very high rate of interest.
If you go overdrawn without agreement, you could face being charged with high amounts.
You'll be charged much less if you agree the overdraft beforehand.
Hoot Credit Union is there for you with flexible, approachable financial services, whether it's for personal loans or savings.
Hoot's only shareholders are their members, which means you - and your community - are in control. Their members are more than just customers because they put them first.
Hoot's products and services are designed to help members manage their money well and all profits are shared amongst members or used to benefit the whole community.
Every penny is used to benefit you. That doesn’t mean less security though - you’re protected by the Financial Services Compensation Scheme (FSCS).
You can tap here for more information on Hoot Credit Union, including their eligibility criteria.
Whether you're a saver or a borrower you can be assured of a good deal, excellent service, and the knowledge that you're helping others in your community to access fair and affordable finance.
You can tap here for more information on Hoot Credit Union, including their eligibility criteria.