7 Options for Borrowing Money and When to Use Them
Ideally, your finances should always be healthy enough to cover any costs you might encounter. Realistically, there are many situations where you'll need to borrow money. Maybe you need a loan for that big car or house purchase, or perhaps you need some cash to last you till the end of the week. In most cases, people just put excess purchases on their credit card and call it a day. However, there are numerous options when it comes to borrowing money, and some will save you more on interest costs. Here are some to consider. 1. Use Your Overdraft When you need to make an emergency payment but are out of funds, your bank account overdraft will come in handy. Many accounts provide you with a limited overdraft, allowing you to obtain a certain amount at no fee whatsoever. Sometimes you'll have to pay interest costs depending on how much you borrow. This method is one of the simplest and safest, and as long as you keep within your limits and avoid high added intere...