Should I use a Payday Loan to Pay for a new Pet?

There are many different possible uses for a payday loan. The lender will not specify that the loan has to be used for a specific purpose and so you will be able to decide how you think that you would like to spend the money. Buying a new pet can be an expensive business and so you could be considering using a loan to pay for it. If you decide to pick a payday loan then it is worth asking yourself a series of questions before you start so that you know whether it will suit you.

Will I be able to borrow enough?

It is worth thinking about how much you need to borrow. You will find that the price of a pet will vary depending on what type of pet you decide to get. You may also need to buy accessories, food, toys and insurance. If you have a dog you may even need to pay someone to walk it for you. It is worth starting by working out all of these expenses and then adding it all up. This will allow you to see how much you will need and you can see whether a payday loan will be enough to cover the cost of these things.

A payday loan will normally not be more than £1,000. If you are getting a small animal then this is likely to be plenty to cover the costs. However, a larger animal will be more expensive and it will depend on what you choose and what extras you have to get, as to how much it will cost you. It is worth also calculating what the ongoing costs will be as well to work out whether you will be able to afford it.

It is also worth noting that if you have not had a payday loan before then you may not be able to borrow the full amount. The lender may only lend you a few hundred pounds to build up trust and if you are able to repay that, they could lend you more next time. You will need to check with different lenders in order to find out how much they will be prepared to lend you.

Can I manage the repayment?

It is also really important to make sure that you will be able to afford the repayment. You can work out how much you will be expected to repay by looking on the calculator on the lender’s website. This will allow you to know whether it is an amount that is a realistic one for you. It is important not to just guess whether you think that you will be able to afford it but to actually do some calculations. Get out some bank statements and work out how much money you will have available and whether that will be enough. Remember that you will have to work out how much you need to repay the loan and cover all of your other expenses as well. Work out whether you will have to cut back your spending in order to afford it. It might be that you will have to figure out some ways to get some more money, perhaps by earning more or selling things that you own. You also need to figure out whether you will need to buy any extras for your pet on top of the initial spending and whether you will have enough to cover the cost of this.

Is it the best type of lending for me?

It is also worth looking at alternative lenders. You will need to compare them and see whether a payday loan is right for you. You will find that a payday loan has some advantage such as being very fast and not needing a credit check. This means that If you do not want to wait long to get the money and you have a poor credit report then they could be ideal. However, it is still worth thinking about what other options are available so that you can be completely sure of which will be the very best for you and offer you the best value for money.

As you can see there is a lot of decision making to be had. It can be really exciting thinking about getting a new pet and you can get carried away thinking about that and not concentrating on how you will afford it. It is so important to make the right decision. If you get into financial difficulties you could find that takes away from the enjoyment that you get from your new pet and so spend some time making the right decision now so that you can really enjoy your new animal. It will be worth it and you will not regret spending a few hours on this research.

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