Is iDosh right for you?

We’re glad you came to us to help sort your current cash-flow problem. But, it’s always good to consider all possibilities before entering into any sort of financial agreement. So, here are some things to consider while you work out whether an iDosh loan is the right choice.

Short-term loans for short-term problems

First of all, ask yourself whether your short-term loan from iDosh is going to be enough to get you back on your feet. Short-term loans are for emergencies that crop up during times when money’s a little shorter than usual – like when you’ve just paid off your summer holiday, but then find out that the roof’s leaking. Or when your season train ticket needs to be renewed, but your car is also due for its MOT.

At times like these, you just need a fast, convenient boost to get on track. But, if you think you’ll probably need another loan next month, and maybe each month for the next few months after that, then it might be better to look into more long-term solutions that will be cheaper for you in the long run. Short-term loans are quick fixes for financial bumps in the road, but even then, it’s not the only way to get instant cash.

Alternatives to short-term loans

When people need loans, the first place they usually think to go is their local bank. Banks offer a variety of loan options, but their version of short-term loans are usually for a year or so rather than a few weeks. They also tend to have time-consuming application procedures – unlike short term loans, which offer a fast, simple alternative and convenient online application.

Bank loans are useful if you want to finance a large purchase like a car, but not if you’re just looking for a way to pay a last-minute bill. Most bank loans are also secured, which means that if you don’t pay up on time, then you could end up losing assets like your home or car.

Banks also offer credit options like overdrafts, which can be a convenient source of extra cash. However, it’s worth remembering that most overdrafts aren’t interest free, and banks will often charge customers big fees for going over their limit – even by a small amount. 

Credit cards also offer a quick solution, but you have to watch out for fees. Make sure those additional purchases you’re putting on your card won’t cost you more later if you need to roll the balance over to next month. You should also keep a close eye on the rates you're charged for cash advances, as these can often be a lot higher than you might expect.

Benefits of short-term loans

When you want a quick solution to a sudden problem, short-term loans offer a convenience that you won’t find elsewhere. It’s like getting a taxi on a rainy day instead of waiting for a bus, or a curry on the way home after a long day at work – it’s not the cheapest option, but it’s fast and convenient.

When a financial issue crops up, you want to get it sorted out as quickly as possible – an iDosh online loan can get you the cash you need on the same day, and our application form takes just 2 minutes to complete.