Government borrowing rising instead of declining

The increase in borrowing will hopefully plateau, but there are legitimate times for obtaining loans.

07:50 25 June 2013

It was recently announced that government borrowing is on the rise. It takes a lot of different facets to stimulate the economy properly; it is a delicate balance. Just as we have to look at loans for certain purposes, the end result may be positive. Here are a few types of loans for a variety of purposes.

 

• Mortgage loans—a popular trends where loans are concerned, and something that will hopefully be increasingly available as banking improves. Look for the best interest rates, but also the best terms. For most people a loan which uses a repayment plan that includes both the interest and the principle works best.

 

• Vehicle loans—these can seem easy to apply for, either by visiting a local vehicle dealership or by consulting with your existing bank. Do not forget to check with credit unions, or even legitimate online resources.

 

• Short-term loans—there may be a variety of places to get loans if you just need to make it to your next payday, but that are not actual payday loans. Certain local shops such as grocery stores sometimes offer loans, pawnshops, and even banks may have loans at reasonable interest rates for you to use. You can also check the Social Fund depending on your circumstances.

 

• Payday loans—these loans have exorbitant interest rates, but if you need funds quickly and without much of a hassle over credit ratings, these are the loans to get. Just make sure that the repayment expectations are made clear, and that you have corresponding paperwork to refer to regarding your rights and what is expected for repayment of the loans.

 

• Friends and family—it may not work for everyone, but sometimes you can negotiate loans with friends or family, you could even consult an attorney for an official agreement if desired.