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Affordable ways of borrowing cash

If you think you need to borrow money to pay your rent, talk to us first.

Do you need cash for a new sofa in your living room, a washing machine or perhaps you have a baby on the way and want to stock up on the essentials?

With so many lending companies out there, it can be quite daunting trying to find an affordable loan that suits your circumstances.

Who could I borrow from?

There are different lenders out there, some who offer better services than others.

Banks Tick for money advice

Banks are regulated and you can speak to someone in person about your situation.

Banks can also provide overdrafts for some of their accounts. This can be an option when you are in need of spending more one month but banks can apply an interest rate on your overdraft if it is not paid off and they can charge you if you use it without their permission

Credit Unions Tick for money advice

Credit Unions can offer loans at a lower rate compared to online 'payday' organisations. They also offer saving accounts.

The rates they offer may differ or be more than those offered by high street bank.

Find your local credit union.

 My Home Finance Tick for money advice

My Home Finance also offer loans at a lower rate compared to 'pay day' lenders. A loan is paid into your bank account and re-payments are taken out as a direct debit.

They also offer advice on bank accounts and savings.

Find out more here.

Loan sharks / Door step lenders Cross for My Money

Loan sharks are unlicensed money-lenders and should be avoided when looking for a loan.

However, if you have already borrowed money from a loan shark and are now experiencing problems such as threats and violence, you can find out what to do next here.

Remember, loan sharks operate illegally and should be reported in confidence to the Illegal Money Lending Team. You can find out more on loan sharks and to speak to someone in confidence through the Citizens Advice Bureau.

How to report a loan shark:

Pay day loans Cross for My Money

Pay-day loans are a quick way of getting small sums of cash quickly when you're in a tight squeeze. There are many websites out there to choose from.

But, many offer quite a high interest rate which may mean you're paying back even more than you originally borrowed!