More workforce reductions may create struggle

Many families may be looking for ways to make ends meet like obtaining payday loans.

09:44 07 July 2013

Ulster Bank is reportedly closing down 39 branches across Ireland, leaving approximately 950 people seeking employment elsewhere. With this latest news, we know that there may be families who could struggle with their finances and who may be increasingly relying on services such as payday loans to try and get by.

 

Here are a few things to keep in mind if you end up without enough money to get you to your next paycheck.

 

• Alternatives—before you automatically decide to get payday loans to try and make it until you get your next payout, consider any alternatives that might be available to you. If you qualify for help from the Social Fund, it will be a lot better for you than opting for the loans.

 

• Check resources—you might have all kinds of resources sitting around in your home that you do not even realize. You might have furniture you do not need, or a surplus of useless stuff that can be sold to local shops or online. You might be able to get enough from that to prevent you from having to get payday loans.

 

• Try to compare—it is sometimes difficult for people to receive information that can be easily compared from one payday loan to another. They can be calculated differently, but can also be described differently. Try to get accurate information so you know exactly how many payments you will have, what each payment amount is, how often you are expected to pay, as well as the interest rate on the payday loans. This will help you make the best decision possible if you do end up needing the funds.

 

• Family and friends—if you don’t need a lot of money and you’ll be able to repay someone on your next payday, or perhaps over the course of a couple paydays, you might want to consult friends and family before choosing payday loans.