The school break is upon us! For most parents, this time of year is both a blessing and a pressure point. In this quick post, we’re highlighting the best ways you can grab a sensible injection of cash when you need it most. Whether you plan on taking the kids away or keeping things as calm as possible at home, this is one of the times of the year where every dollar needs to stretch just that little bit further. Go through these options if you think you might need a quick loan to get through.
Have a bank account in good standing? Most accounts come with a limited overdraft as standard. The thing is, if you haven’t arranged this overdraft with the bank officially, the costs will be sky high, so it’s best to go for this option only if you know your next payday is right around the corner. The best thing about overdrafts is that they’re just so easy to access. No applications, no waiting. If you don’t want to be paying your weight in fee’s, make sure you have an overdraft arranged before you withdraw or at least have a very good read through the terms and conditions of your account.
A payday loan
Payday loans are the main product we offer at Pretty Penny Loans. With these solutions, you get the money you need within hours of applying and you’re meant to then pay back what you owe using your next payment from work. It’s a great option if you don’t have access to a credit card. The rates you can expect are in line with a lot of credit cards but the payout is much faster and you don’t need a solid credit history to be approved.
At Pretty Penny, the main thing we need to check is your level of income. As long as we can see that you’re earning a consistent amount each month, we’ll be able to help you with an instant loan.
It’s important to remember that payday loans are designed for emergencies, not pleasure purchases. Need the money to keep all your household expenses paid over the coming week? Then we can help. Looking to take the kids on a fun trip over the break? Then a short-term loan might not be the most suitable option for you. We need to know that the loan is really necessary otherwise there might be a delay in processing your application.
A loan from a friend
Rather than dip into your savings account and endure the wait that usually comes with such withdrawals, you can ask a friend for a quick school holiday loan. If you only need a small amount, this might be the best way to go. With a payday loan you can apply to take the exact amount you need, but a friend nearby might be able to get you the money in minutes rather than hours.
Taking a personal loan for the break
Like credit cards, personal loans can be used to purchase anything you want. You’ll need a stellar credit history to secure a personal loan as this is the first thing any bank or loan provider will look at. The process of applying for a personal loan can take weeks, so you’ll need to plan in advance if you want the money to be accessible in time to suit your needs.
Some credit cards can be issued to you much faster, especially if you take them from companies that you have a long standing relationship with. This is especially practical if you’re planning a trip and want to access some of the most competitive exchange rates possible.
During this time of year, it’s important to try and save as much as possible so that you don’t fall into trouble towards the end of the holidays. If you think you can wait a week or two, have a great credit history, and want complete freedom to use the money as you please, then look at personal loans or credit cards. Think you’ve ran out of time and need the cash to settle urgent costs? Then ask a friend or look at a payday loan, as these are the only ways to access a school holiday loan within hours.
Read more about school holiday loans here, or in our previous blog post: The Best Benefits Of Payday Loans In NZ With No Employer Contact