Sponsored: Never Get A Loan Unless You Have To
The following is a sponsored post from Wonga.com
I always think it’s best never get a loan unless you absolutely have to. But there are exceptions.
First off, a loan can be a great idea if you have a good business idea to go with it and you’re
confident in your ability to be able to well outstrip the interest payments on the loan. Of course,
this is the whole principle of banking - but you could be forgiven for thinking that any kind of debt is
very much a four letter word in the current global economic climate. But it isn’t. If you have a sound
business idea, a great business plan, the ability to deliver on it and you’re going to work hard to do
exactly that – then borrowing is probably wise.
Similarly, a mortgage debt is generally good debt. We all need somewhere to rest our head at night
and investing in your own home by the best mortgage deal you can get is a wise investment in the
Thirdly, any loan to improve your personal skills set to make yourself more marketable is a good idea
to improve your career prospects etc. In other words, this is a wise investment in yourself.
Take these three types of debt out of the equation, though, and loans are generally to be avoided.
But we all find ourselves in situations from time to time when we need a little extra help – and this is
often financial. If this is you and you really need short term financial assistance – then make sure you
go only to a reputable lender.
Wonga is an online lender founded in the UK and working now out of Toronto. Wonga can provide a
loan in minutes; that’s just how Wonga works.
In fact, it is the world’s first company that has been able to fully automate its online lending process,
so you can get an answer based on objective analysis 24/7.
There are no face-to-face meetings, no paperwork, or waiting on the phone; the whole thing is
online and automated. You decide how much cash you need over how long – and you’ll know exactly
how much interest you’ll be liable for over the term of the loan – before you decide whether to
ahead or not.
Knowing exactly how much you’ll pay in interest can be quite sobering, so this is a really useful tool
from a responsible lender. The money is paid into your account within an hour if approved – and
repayment is made from the same account at the end of the agreed period you’ve decided on. The
loans are for anywhere up to 45 days. So if you need this kind of short-term help, use it wisely, but
try not to use it at all.