January is always the most depressing month of the year. With the festive season behind us many of us have to get a grip on our finances and if we are in debt how do we borrow without making matters worse?
Try not to use credit unless you are absolutely sure you can pay the money back and never take out a crippling payday loan. If you switch your bank account to Santander or HSBC who are currently running promotions you can have an interest free overdraft for 12 months for small amounts from £200.00 - £500.00. For larger amounts of £500.00+ to a few thousand a 0% purchase credit card is ideal for borrowing without paying any interest.
If you are aiming higher and need £5,000.00 - £15,000.00 avoid credit cards and take out an unsecured loan which will grant you fixed repayments over a set period of time.
Whatever you do please remember that APRs offered by loan companies only apply if you have an excellent credit rating, if you haven't the interest rate is normally higher and you will have to pay back more.
A last resort, if you own your own home, is to remortgage the property and it is always a good idea to check the internet for fee-free brokers before you do.
Whatever you do be careful, it's not long until Christmas again.
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