Are there any other details I need to be aware of?

Advances are effective tools for those who have occasional unexpected expenses or simply find themselves struggling a bit here and there. They’re not meant to be used as ongoing solutions for long-term financial difficulties. In truth, repeatedly falling back on this type of loan could actually create greater hardships moving forward. Also keep in mind:

  • Make your payments on time to circumvent late fees. Lenders understand extenuating circumstances are sometimes inevitable, but it will end up costing more, in the long run, to be late with or miss a payment.
  • The deferral option is available in some cases. However only use it if it’s an absolute necessity, to avoid paying extra in interest.
  • Never borrow more than you need. If you only need £200, but you know £500 is available, the temptation might speak louder than sound reasoning. Taking the maximum will leave you repaying more in the long run, especially with daily interest figured into the equation.
  • Weigh your options carefully. Some people have buried themselves hopelessly in debt by abusing loan advances. Borrowing for infrequent emergencies rather than frivolous opportunities is vital if you want to avoid meeting the same fate.

Being responsible is the key to using loan advances to your fullest benefit. Once you establish yourself with us, the option will be at your disposal anytime you need it in the future.

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We do all we can to bring you interesting, practical and valuable information. However, please understand the following:

  • Moneyboat.co.uk are in no way connected or affiliated with the application or affiliate links mentioned in this or any article. We do not receive any commission and are not responsible for any charges that may result from any free trials or paid subscriptions.
  • Moneyboat.co.uk does not provide medical advice It is intended for informational purposes only. It is not a substitute for professional medical advice, diagnosis or treatment. Never ignore professional medical advice in seeking treatment because of something you have read on the site. If you think you may have a medical emergency, seek medical advice immediately or dial 999.
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If you feel that any of the information published on our blog is not accurate, please notify us via email at thecrew@moneyboat.co.uk.

Representative Example: Borrow £400 for 4 months: 3 monthly repayments of £156.09 followed by a final repayment of £156.07. Total repayment £624.34. Interest rate p.a. (fixed) 288.35%. Representative APR 1,267.9%. 

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Warning: Late repayments can cause you serious money problems. For help, go to www.moneyhelper.org.uk.