Choose short term loans over costly overdraft facilities

If you find your current account constantly in overdraft, then you may want to consider using a instant cash loan the next time you need to make a payment, as many financial services providers are charging interest rates that make instant cash loans excellent and less costly alternatives.

Making use of your bank’s unauthorised overdraft facilities too regularly can become prohibitively expensive very quickly, especially since all too many banks charge eye watering interest rates.  However, if you’re in need of cash in a hurry, don’t go into the red if you can help it – instead consider taking out a loan from a payday advance lender, as repayment will almost always be less expensive than paying the overdraft fees on your current account.

However, financial experts say that while taking out the occasional instant cash loan to get you out of a tight spot can be quite helpful, if you find yourself constantly going into the red, you may have deeper financial problems that need to be addressed.  You may want to consider switching accounts to a provider with less harsh overdraft fees, such as Santander, who offers free overdrafts for the first year and then charges only 50p daily, capping at 10 days out of every month.

Other ways to save cash include looking for a new utility provider as well.  Electricity prices are up by 10.8 per cent on average, and gas by 17.4 per cent in the wake of recent rises, and if you are on a fixed deal soon to expire or a standard tariff, you could see savings of as much as £360 annually by finding a better deal.

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