First, you should only get a loan to pay the mortgage if it is absolutely necessary, and all other options are exhausted. Now that is out of the way, we will look at the pros of a payday loan when the mortgage is due and you cannot pay.
Paying the mortgage on time is at the top of the monthly financial priorities for the vast majority of homeowners. The thought of falling behind with the mortgage in difficult times can be terrifying, particularly in this economic climate where, for example, there was a 10% rise in repossessions during 2011. However, most of us at some point can run into difficulty through no fault of our own, leaving us short of that month’s mortgage payment. This is where payday loans can be especially welcome.
Payday loans work extremely well for helping with mortgages for a number of reasons. Firstly, a mortgage payment can be like a deadline, often fixed to a certain day of the month, which sometimes offers less flexibility than we need. A payday loan, on the other hand, can be arranged within minutes and give funds the same day, so if you are short of cash you don’t need to wait until payday to sort out the overdue mortgage payment. This can provide real peace of mind for those for whom their home is their most treasured possession.
Furthermore, payday loans may be able to provide hundreds of pounds to borrowers, enough to cover a whole mortgage payment or more. Whereas turning to friends or family can cause problems and result in less cash than you need, a payday loan may be able to provide all the money required to pay the mortgage that month.
Another huge benefit of using a payday lender means you do not have to make complicated arrangements with – or indeed have to pay hefty fines or fees to – the bank or another mortgage provider. Fast and simple, often with a high acceptance rate and no paperwork, a payday loan can be the best means of keeping the rest of your finances untouched and protected.
Payday loans might also be just what is needed to support your mortgage payment when you have had a sudden change of circumstance, or unexpected event like having to pay for car repairs. For that period of time when your salary won’t stretch far enough for all the household expenses, a loan can make all the difference.
It is great news for homeowners that a big problem such as finding the funds for a mortgage payment can be solved with a few clicks of the mouse, without paying fees, or being tied into another long-term financial commitment. No surprise, then, that an ever-increasing number of people of all ages and backgrounds are seeking out a helpful, convenient, payday loan provider.
Remember, we are far from alone in needing a cash boost to stay on top of the most important bills – incredibly, over half a million UK homeowners will fall behind with their mortgage payments in this year alone. It therefore makes perfect sense to find a reliable, financial helping hand – and payday loans can help see homeowners through the rough months as well as the smooth.