If you need some extra money for an urgent purchase, family emergency or unexpected bill, you may have heard of payday loans. A payday loan is a very short term loan, usually taken out over a few weeks. In fact, the original purpose of a pay day loan was literally to lend money just for a few days to enable the borrower to last until their next payday.
However, payday loans in the UK are now considered risky because the interest rates on them are usually very high. This makes them a very expensive way to borrow money and, because the loan term is so short, repayments can quickly become unmanageable and cause the borrower to build up debt.
A better alternative to payday loans could be a flexible personal loan. For example, Munzee offers personal loans with a repayment period of 24 months. However, if you don’t need the money for that length of time you are welcome to repay it early and there will be no charge for doing this. You will also only pay interest on the period for which you actually had the loan rather than the full 24 months.
You can apply for a Munzee loan for any amount between £1000 – £5000. The application process is quick and easy, and can all be done online from the comfort of your own home. Once we receive your loan application we will make an instant lending decision and, if your loan is approved, we aim to get the money into your account the same working day*.
So if you have an urgent financial need, a Munzee personal loan could be a better option than payday loans for you. Why not get in touch with us to see how we can help?
Maybe you have to pay an unexpected bill, or perhaps there’s a
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