Short term loans from payday lenders don’t make for ‘Happy New Years’

How many days are there in January? 31? Wrong. 75. January is without a doubt the longest month of the year.

All the festive fun has fizzled out, eating chocolate for breakfast is now wrong, and our bank balances are suffering more than our waistlines. Now the Christmas spending spree is over, it’s time to tighten those belts – financially at least – and make sure 2021 actually does bring health, happiness and prosperity.

Turning to short term loans for a quick financial fix can be incredibly tempting. On paper they can seem like the easy option, especially when you’re short of cash. However, astronomical interest rates mean that while payday loans may be easy getting into, they’re almost always a nightmare getting out of.

Long term planning is the best way for dealing with money issues, and PCCU has decades of experience when it comes to guiding you through the process.

We know after 2020 you’re probably sick to death of seeing graphs and tables, so please bear with us…

Figures correct 24.12.20

Spreading your costs over a more manageable period with a PCCU loan not only means more affordable monthly repayments, but when comparing with payday lenders it works out cheaper overall. On top of that, if you wish to make extra payments, PCCU loans have no early settlement or overpayment fees – like a lot of short term loans do. In fact, as interest is calculated daily, the quicker you repay your loan the less interest you pay, saving you even more money with less financial obligations.

PCCU’s quick loans online are a hassle-free solution 

Interest rates tend not to be the thing people focus on when looking for short term loans. Payday loans are marketed at people who need cash in a hurry. That’s because the entire application process can be completed in a matter of minutes.

PCCU aims to have a decision for you – for loans of up to £15,000 – within two working days, as long as all the required information is present. Generally though, the process is done and dusted in under 24 hours with the funds paid into your account that same day.

While payday lenders will be chasing every penny they can from you, PCCU is more interested in ensuring you’re set for the rest of the year. All PCCU account holders are required to regularly save alongside making loan repayments meaning by the time Christmas 2021 comes around you should have a nice money pot for presents…or maybe even a night out, fingers crossed.

Short term loans often feel like the answer. Maybe it’s a different question you need to be asking. Give PCCU a ring on 01282 691333 and let us help you work it out.