Need money to pay your bills? If you have more than one open invoice, or you know that you will not be able to pay a larger invoice by the due date, you can usually negotiate a new payment date for the invoice. However, this will almost always come at an additional cost, but of course it is a better option than not paying the bills, as it becomes the most expensive of all.
Another option may be paying off your old bills with credit card or loan money. You should not use loan money to pay off old debts, except in rare circumstances. However, in some cases, this can be a way to pay your invoice on time and avoid late fees or the cost of reorganizing your old invoices.
More time to pay your bills?
For example, if you have an invoice maturing on the last day of the month, and you receive a salary in the middle of the month, for example, you should first contact the invoice provider or ask for more payment. Find out what additional costs this would entail. If this fails, you may consider applying for a new loan to pay off your previous bill.
This will give you more payout time, and when your salary comes mid-month, you can pay off your new loan. However, it is worthwhile to choose the cheapest loan to pay your bills, if you do.
Is it worth paying bills on credit?
This will give you more time to pay your invoice. However, paying bills on credit must be very careful, and the Good Finance does not recommend the practice, because you run the risk of paying off your old debt, but you are left with a new bill to pay, and you borrow again. So, if you are considering paying your bill on credit, make a clear payment plan for yourself, the timeframe for paying off your new credit, and what additional costs you may incur.
In principle, it is never a good idea to pay off a loan with a new loan as it is a possible start to the debt cycle. Typically, you cannot borrow money from your bank to pay your bills with credit, so you should look through unsecured credit. Keep in mind, however, that paying with a credit card can be an option, as most offer a 30-day non-interest payment. However, money must always be paid back.
If for any reason you have no other option, be sure to at least compare the interest rates and costs of the loan providers first, as there are many differences in the loans. You can easily save hundreds of euros by comparing, for example, $ 1,000 or $ 2,000 loans. Comparing the interest rate alone can be misleading if it does not take into account, for example, the opening fee and account management fee.
The best way to compare your loans is to use an annual percentage rate of charge as it takes into account not only the nominal interest rate but also other costs of the loan such as monthly account fees. You can easily and quickly compare your eligible loan bills in our loan comparison, which calculates for you the different options for the amount and timing of your loan. Also, specify the form of your residence, the type of employment, your gross salary, and the purpose of the loan, so that the counter will show you the results of the comparison and the options that are best for you. Keep in mind, however, that the current prices of the lenders may differ from the given figures, as some lenders will price the applications on an individual basis. In any case, the comparison gives a good indication of prices.
Applying for a loan and repaying it
After you have looked at the loan options and found the best loan offer for you through the comparison, pressing ” Continue ” will take you to your bank or financial institution’s website or directly to the application, which you can first familiarize yourself with before. submitting your application. Remember, requesting a loan offer is not binding on you yet. Lenders determine your creditworthiness on the basis of your application, and often the interest rate is determined by your information such as your employment relationship and your salary. Be careful not to apply for a loan that is too large or too tight a repayment schedule to ensure that you will repay the loan. Otherwise, you may have troubled the loan and will not get rid of the debt. If you’re having trouble with a loan or other debt repayment,