Will Short Term Loans Finance my Hobby?

If you have a hobby and you want to buy new things for it, then you may consider whether you should borrow the money in order to pay for it. It can be a good idea to look into the pros and cons of doing this so that you can be sure that you are making the right decision with regards to the way that you are choosing to fun your hobby.

Advantages

  • The main advantage with using a loan of any sort is that you will be able to get hold of the money pretty quickly. You can apply and get the money pretty fast. If you had to save up the money or wait until you next get paid then you will have to normally wait for longer before you have the money available.
  • With short term loan you will often find that it can be quicker to arrange compared with many other types of loans. If you already have a credit card or overdraft arranged then these will obviously be fast for access to the money. However, if you need to organise one of these or another type of loan then it can take some time to do so. However, some short term loans can be arranged in just a few hours so you will get the money very quickly.
  • Our hobbies can be extremely important to us. They can help us to wind down after work, focus our attention so we forget about stress and bring us a lot of pleasure either alone or with our family. This means that making sure that we have everything we need to do our hobby, whether that is buying art or craft materials, paying for classes or other equipment can be really important to help us to do them.

Disadvantages

  • You will always have to pay for a loan and therefore when you buy an item using money form a loan, you will find that it will be more expensive compared with buying it with money you already have or saving up for it. Sometimes this will be worthwhile and sometimes it will not and you will need to judge whether you think that it is something that you will be happy to pay for or whether you think that it will be better to wait until you can afford the things without having to borrow money.
  • Being able to get the money really quickly can be a bit of a disadvantage if you are not careful though. This is because you could find that you will make a quick decision to get the money and maybe not think about it carefully. When you are borrowing money, it is always a good idea to make sure that you carefully think about whether you are doing the right thing. Consider the cost of the loan, whether you will be able to manage the repayments and generally whether you feel that it will offer you good value for money.
  • If we find that we struggle to repay the loan then it could be a source of stress. This could mean that we will end up not being able to enjoy our hobbies so much or really needing them to get rid of the stress. Think about whether this might happen for you and if you will find that it is not worth the loan because of this.

So, there is not really an easy answer to this question. You will need to think about what is important to you and whether you feel that you are justified in taking out the loan. Consider the cost and contrast that with the pleasure you will get form the money and decide whether you feel that it will give you good value for money.

Are Short Term Loans Fast to Arrange?

There are all sorts of questions that you might have about short term loans, if you have not used them before. Many people know that they are often used in emergencies so they might wonder if they are fast to arrange. It is worth knowing a bit more detail about the way that they work so that you can answer this question for yourself or know what to look into when you are choosing between lenders.

How Does Application Work?

With most short term loans the application will be online. You will be able to apply directly through the website of the lender which should be straightforward to find and to do. The application forms are designed to be really easy to work through so that they will not take you too long and they will not ask unnecessary questions or things that are too difficult to answer. There may also sometimes be the option of applying over the telephone which means that you will not even have to complete the form yourself which could be easier for some people than completing the form themselves.

How are Applications Accessed?

With a short term loan, even if it is guaranteed there will not be a lot of assessment done. There will be a few conditions that you will need to fulfil though. Firstly, you will need to be over the age of eighteen and you will need to have a UK address and bank account. You will also need a regular income. The lender will check for these things and they will also need you to send in ID to prove that you are who you say you are and you live where you say you live. This should not take very long at all. There will be no need for them to check your credit score and decide whether they want to lend to you base don this, which helps to speed things up as well.

How Soon is Money Given?

The amount of time it takes between you sending your application and then getting the money that you asked for will vary depending on the lender. Some lenders may take up to a few days but some may take just a few hours. This could make a significant difference and so it is a good idea to make sure that you check this before you apply if you need the money really quickly. The lender may say on their website how quickly you are able to get the money but you should check with them. If you are a first time borrower, for example, they may do extra checks and it could take longer or you might find that they are quicker at certain times. You will also find that some will be able to provide money outside of normal banking hours and others will not so that means that if you need money at these times, it could mean that you will get it much sooner with certain lenders than others. However, they will generally always be quicker than more traditional lenders.

Can it be Speeded up?

It is not normally possible to speed things up, but you may slow things down. If you do not fill in the application form properly or you do not send all of the information that is required then you will not get the application processed quickly as they will have to come back to you. Also, if you enquire about the application while it is being processed you may actually slow it down as you will take up someone’s time while they are looking into it for you.