No one likes to think about what they would have to do if the first of the month were to roll around and the money needed to pay the rent or mortgage just simply isn’t there. Or perhaps you have stuck to your monthly budget just fine only to have your central heating go out in the dead of winter, resulting in an unexpected and hefty expense that you hadn’t accounted for.

Depending upon the situation you find yourself in, it might be wise to consider a short term or payday loan to help smooth over those financial bumps in the road.

Paying Your Mortgage/Rent

Whether you have made the leap into the world of property ownership or you have a rental agreement for the home in which you reside, the biggest expenditure you have each month is most likely the one that keeps the roof over your head. That being said, all it takes is one late paycheck to completely overthrow your finances for the month. Suddenly, you find yourself in a situation where you are a few hundred pounds short of making that payment.

In this instance, time is of the essence, and places like are specifically designed to help you find the right loan quickly and without much hassle. Additionally, they don’t charge a fee to use their service, so you aren’t spending more than you have to in order to make your payment deadline.

Unexpected Expenses

If you are a homeowner, chances are you have become wise to the fact that when it comes to the maintenance of a house, the work is never done. Some might feel that in terms of things in the house malfunctioning, it can often seem like one thing after the other tends to go wrong.

It is impossible to be financially prepared for everything that could possibly go wrong in the house. For example, The Sun suggests that it might cost up to £277 to repair even the most common issues with your boiler. If a plumbing issue arises, the cost of labor and repairs can add up quickly, particularly in emergency repair situations. This would be another scenario in which acquiring a short term loan would make sense.

When You Shouldn’t Take Out a Short Term Loan

There might be a few other common cases where a short term loan is the right option; however, it is important to keep in mind and avoid altogether those instances when it simply doesn’t make sense.

If you’ve had your eye on a new TV or other costly appliance, it is much better to wait until you have the money upfront than to take out a short term loan. In these cases, even a good interest rate results in too much extra money spent overall on the item you have in mind. A short term loan can be a valuable tool in a pinch, but you should avoid accumulating any sort of debt that isn’t absolutely necessary.