Money lending: heatwave hits UK

The best way to avoid tough times is to avoid financial distraught.

09:00 28 July 2013

The heat wave which has been hitting various parts of the UK was set to continue for another one week according to forecasters as of time of writing. The BBC weather centre said that the south would keep on enjoying warm weather for a little while longer, while the northern areas would still remain unsettled even till the end of July.

 

With the weather in the southern and northern part of the UK possibly set to remain hot until the end of July approximately, inconveniences could be experienced by people living in that vicinity.

 

The inconvenienceswould be as a result of the hot weather which citizens are not used to. Well, for those families and individuals with money to spare;

 

• They might look for a way to get their life to normal by spending money on a few appliances which they need

 

• Something similar to guide them through the heat, but what of those that may not have money to spare? 

 

• Other options such as borrowing from money lenders come to mind but in borrowing, some basic guidelines have to be followed so as not to run into certain debts 

 

In borrowing, one has to read careful and understand the terms that come along with the money to be borrowed. Some money lenders would include excessive broker’s fee which would not be of benefit to the borrower.

 

While some would give the borrower the opportunity to break down the money into equal parts and pay it in two, three or four instalments increasing flexibility for the borrower which is a good idea, some would require a prepayment penalty - which means that if the borrower has and decides to return the money before the time agreed for payment, a certain percentage penalty would be included in the fee.

 

All these and many more should be watched carefully before making the decision to borrow money from any money lender or company.