Friday, October 7, 2016

When Funds Run Fin: Maintaining Your Home Whilst Avoiding Loan Sharks


Setting up a home from scratch isn’t cheap. Maintaining the home indefinitely after this point is also expensive. There are bills to pay. Mouths to feed. Rooms to keep heated and water that needs to run both hot and cold. What you don’t need on top of all of this is for one of your appliances to break down. If you’re just about keeping on top of your finances, a broken fridge, laptop, or washing machine can wreak havoc. The same goes for furniture. A battered sofa, a bed with springs sticking out and broken handles on wardrobes, cupboards and drawers can all pose a serious safety hazard. In these situations, people will usually opt for a payday lender. These companies pay thousands on advertising. You’ll have seen the ads on television, posters, and billboards. But how do they afford such expensive advertising? Well, they make so much money out of their customers. Payday loans charge an excessive amount of interest. Some are reaching up to a ridiculous 3000%. Nobody can afford this. Especially not those of us who are taking out payday loans in the first place. Others opt for loan sharks, thinking they are a better deal. They couldn’t be more mistaken. So how do we go about keeping on top of our homes without breaking the bank or running into trouble?



Don’t leave things to get out of hand. Homes suffer general wear and tear. It’s to be expected. They’re well lived in spaces. Over the years, things are going to get run down or broken. The key to not hitting huge outgoings all at once? Be precautious. Repair minor damages before they turn into large, irreparable ones. Encourage people to be careful in your home. Have guests remove their shoes before entering. Don’t allow your kids to kick footballs around the living room. Ban smoking indoors. The more care and respect you show to your home, the longer your things will last. This means fewer replacements in the long term.

Rent To Own

Eventually, some things are going to break, no matter how careful you are. It’s the way things go. You have to replace things now and then. So what do you do in this situation? Well, if you can’t afford to purchase brand new appliances outright, you can always opt for second hand. This might be okay for some items, but for others, you’ll want brand new. For example, second-hand electrical appliances always pose a risk as you don’t know what working order they’re in and have no guarantee on them. There’s little worse than a second-hand product breaking a couple of weeks or months down the line and having to replace it all over again. With rent to own furniture and appliances, you rent on a lease. When the lease ends, you have the opportunity to purchase the product on your own at a reduced rate.
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Avoid Loan Sharks

No matter how you go about things, avoid loan sharks. These are individuals who lend you money outside of the law. They have no contract and can often turn nasty when things don’t go as they please. Because they are not bound by law, you can see your “agreed” interest rates sky rocket. Consequences can be drastic. Always lend money or take out rentals from trusted, legal sources.


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