According to the ONS, average household bills in the UK are around £1,500 per month for utilities, insurance, and mortgage payments, with costs set to rise further.
It can be overwhelming to know where to begin when paying off your debts, especially if you have many different types of debts. For instance, you may owe money through credit cards, utility bills, or loans. It may be the case that you can consolidate your debts, or it may be that a small loan like a£200 loan or perhaps a £500 loan could help you get back on your financial feet.
An individual voluntary arrangement (IVA) is a legally binding agreement between you and your creditors to repay your debts over a set period. A UK court will have to approve the IVA, and once agreed, your creditors must adhere to the plan. Setting up an IVA can offer the flexibility you need to pay off your debts, but they can also be expensive and have certain risks.
Short-term loans are cash advances issued by lenders to borrowers who need immediate financial assistance. To provide borrowers with quick, upfront cash, these lenders typically impose high-interest rates to cover their services and protect against potential default.
If you are looking for a short-term loan in the UK, many different options are available, depending on your specific financial situation and loan needs. Common short-term loans in the UK include payday loans, instalment loans, and cash advance loans.