Waste not, want not - how not to fritter your loan cash

Friday, 06/03/2015

Checking your bank balance and seeing a healthy number can be a great feeling. Most people take out a loan because they have a specific purchase to make, such as furniture or a car. However, the excitement of seeing all that money in their bank account can make some borrowers do crazy things with their same day loans. Here are some of the common, frivolous purchases that people make - and usually live to regret.

Gym membership

Unless you are a fitness fanatic or you are doing a training regime that needs gym equipment, then gym membership can be a huge waste of money. Statistics have shown that as many as two thirds of gym memberships are never used. Gym owners claim that 25 per cent of memberships aren't active after six months and half of their members have given up by the end of the year. Instead, ensure you have a good pair of trainers and go out for a run, or use an outdoor gym that is free.

A big night out

The money is burning a hole in your pocket and you feel like treating yourself to a meal and drinks with your friends. It sounds like a nice idea, until you think that dinner and drinks could set you back £100 - or more. Waking up the next morning to find out that your money has gone can be worse than the hangover. Instead you can enjoy a meal out at a massive discount if you use coupons or vouchers, and have friends over for drinks - after all, staying in is the new going out.

Designer clothes

You want to look like the latest hot movie star, and think that buying designer clothes will do it. However, the truth is that most people won't have a clue which brand of clothing you are wearing, and aren't bothered anyway. Why spend £25 on underwear when no one is going to see it? Instead go to a normal retailer and be smarter with your spending.

Same day loans are a great way to get cash quickly and, when used responsibly, can make a huge difference to your life.

Payday loans are not suitable for, and would be expensive as, a means of longer term borrowing and are not appropriate if you are in financial difficulty.

Representative 1269.7% APR

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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk