Have you ever taken an online loan? The ones available across your desktop, just a few clicks away?
If yes, what amount? £100? £200? £500? £1000?
Interestingly, it has been noticed that the most common text loans amount to £500. It seems that most emergencies in our lives have a value of just £500.
To settle the curiosity around this number, we thought to discuss what all can be done with that amount in the UK. Here are a few things that people in the UK take 500 pound loans for.
- Vacation expenses
A vacation can make us forget our budget. With all the adventures and merry making, we sometimes find ourselves in the need of money. It can either be temptation or an emergency.
Any which ways, travellers extend their set budget by almost £500 while they are in a happy place, or when they fall into financial trouble while being away from home.
- Debt Repayments
People have been often known to borrow money online in order to make payments of their existing debts. A pending credit card bill or an approaching instalment can be easily taken care of within £500.
Using a loan to pay a loan is being practiced all throughout the UK.
- Life Insurance
For rainy days, a backup is much necessary. Life insurance acts as an umbrella during your and your family’s troubled times.
When reality kicks in, people run to get their life insured. Taking uncertainty into consideration, car and mobile phone insurance have also become popular. The policy amount generally lies within the £500 bracket.
- Medical Bills
To pay for a minor surgery, consultation or a health check-up, it gets difficult to use the set monthly budget. One is forced to borrow money, even if it is for a short time.
Health is not something you can ignore. It is something that has to be attended to immediately. Here is when the borrowed money is needed.
- Certification Courses
Sometimes your career forces you to upgrade your skills to move forward in life. You would wish to pursue an online certification without disturbing your job or finances.
This makes you take a small loan from the online lending market. You pay it back slowly in instalments to get a double advantage of a certification and savings.
- Customised Computer
Following your passion or job, a personally customised computer helps meet your specific requirements. It is an essential tool in your development and career.
Borrowers have been observed in spending their loan amount on getting a computer too. It is an interesting and good investment on their parts.
- Home Renovations
Getting a new bathroom, a chimney, furniture, tiles, appliances or landscaping: All have been the reasons why people take 500 pound loans.
Choices and needs change over time, and so should a house. Making little improvements bit by bit avoids investing a huge amount all at one in getting a full renovation. Also some things need immediate catering to, for which finances have to be instantly available.
- Buying Bike
Commuting for work or keeping your health in check: a bike can help greatly in both situations. With the people getting more and more health conscious, the sale of bikes have gone up.
A good bike easily falls under £500, and has been one of the motives behind the increased number of online text loans.
- Mobile Phone
It is difficult to go through even one day without a mobile phone. The necessity and addition to phones has made people buy them at every expense.
Many times, people have gone out of there way and taken loans to buy a mobile phone.
This gives you a pretty good idea of how £500 can be used in the UK. Whether to your advantage, or to fulfil your emergency needs, SMS loans can help you through and you can prevail in an exhausting situation.