6 month loans

The facts and the alternatives

Reasons why people consider 6 month loans

There are many reasons why you may decide to take out a personal loan.

For example, perhaps you need some extra money to pay for home improvements, car repairs, a replacement kitchen appliance or an unexpected emergency.

Time to consider repayments

When looking for a personal loan, most people focus on the amount of money they need to borrow. But it’s also important to consider how much time you realistically need to pay back your loan.

It can be tempting to opt for a loan with a short repayment length, for example a 6 month loan. Whatever your reasons for borrowing money, you would then like to repay the loan as soon as you can.

But is a 6 month loan a good idea?

Are there alternatives to 6 month loans?

Yes. It may be a better option to consider a personal loan with a longer repayment period, for example 18 months – 24 months.

There are three good reasons for doing this:

So before you sign up for a 6 month loan, do bear in mind the potential pitfalls, and consider whether it is worth looking around at other options that may be a better fit for your current financial circumstances.

Personal loans | 18 or 24 months

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