Will Cash Loans Help Cover the Cost of my Electricity Bill?

If you are struggling to pay a bill, such as an electricity bill, you may wonder whether a cash loan will be the answer for you. There are lots of loans available but this one might seem like it will be the best. It is important though, to make sure that you are totally aware of all of your options so that you are sure that you are making the right choice.

Cash loans

A cash loan could be useful because it will help you to get the money quickly. A cash loan is normally really fast to organise and to get the money. This means that if you need to pay off the electricity bill really quickly then it can be a really good option. You will also find that a cash lender will not normally worry about whether you have a good or bad credit record. If you have a poor credit record then it likely that you will not be able to borrow money from many sources and particularly not from traditional lenders. This means that it could be a really useful option for some people.

Credit card

If you already have a credit card then it could be possible to use it pay the bill. Some utility providers allow payment by credit card and some do not. There may also be a charge to pay by card so you will need to investigate this. If a card cannot be accepted then you could use the card to draw out cash and then use that cash to pay the bill at a post office or pay it into your bank to pay it by BACS or direct debit. However, a cash withdrawal on a credit card can be very expensive. You will charged interest on it right away and you could find that this will work out to be a very expensive option. Another alternative is to use the card for other things, such as food shopping which might leave money available to pay the bill. A credit card does not have to be repaid very quickly either. This can sound like a good thing, as you will just have to repay a minimum amount which might only cover the interest and you could keep paying it over a long period of time. This means that the amount of interest charged could really add up.


An overdraft can seem like an easy option but it can be very expensive. Overdraft rules have changed recently and charges on all overdrafts are now 35-40% in most cases. This can be extremely expensive especially compared to how much arranged overdrafts were before. Overdrafts only get paid off when you get money paid into the account. This means that they can be outstanding for a long time and this can cost a lot of money.


If you have savings then it could be a good idea to use these to repay the loan. It can be difficult to use savings though. This might be because the money is tied up, perhaps in a bond but is more likely to be because you do not want to part with it. If you have worked really hard to build up those savings then you might want to use them for something really special. It might be that you have already planned what you are going to spend them on. You may also not want to lose the interest that you are earning on them. It can be a good idea to calculate how much the loan would cost and how much interest you will lose and compare them as that could change your mind about losing the interest.

Ask electricity company

It could be wise to speak to the electricity company to see whether they can delay the payment. Sometimes they may be happy to wait for you to pay until you have more money. They may charge for this though and you will need to find out whether that will be more expensive than other options that you are considering. If you are in credit on your bill they might be able to use some of that credit to go towards paying it off.

So, as you can see, cash loans could be a useful option for paying your electricity bill. However, it is worth considering all of the options that are available to you. You will then be able to decide which you think will be the best. It could be that you would prefer to use a more expensive method because it suits you better, but it is good to find out the costs of each method and think about how they will work so that you can decide on the one that you think will give you the very best value for money.

Can I use Bad Credit Loans to pay Rent?

Sometimes we might wonder whether we are able to use a particular loan for a specific purpose. This is because some loans can only be used for certain things and also it can be wise to only use certain loans for certain types of purchases. Therefore, if you are wondering whether to use a bad credit loan to pay your rent, it is certainly a question that is well worth asking. There might be things that you should be considering with regards whether you should be borrowing at all as well as whether this specific loan is the right one to use.

  • Should I borrow at all?– it is always good to question whether borrowing is a wise idea. This is because is risky and expensive and can therefore not always be a sensible choice. Of course, borrowing can also be extremely useful, but you need to decide whether it will be best in this situation. Firstly, it is wise to think about whether you have any alternatives to borrowing. You might be able to spend less on other things, earn money doing something which you can use to pay the rent, sell things you own and no longer need or use savings that you have. There may be other alternatives as well. It is well worth thinking through whether you have options that will be cheaper and less risky than borrowing. Of course, if you are at risk of eviction and would have nowhere else to live and no other money, then borrowing could very well be the best option for you.
  • Which loans might work?– if you do decide to take out a loan, then it is a good idea to think about which type of loan might be the best. There are some loans that will be only available for specific uses and they will no use at all – such as student loans or mortgages. There are some loans which might only lend you afar too much money, such as a personal loan. There are some which may not lend you enough money, such as a payday loan. Obviously, this will all depend on how much your rent is as it could vary hugely depending on the size of the property that you are renting and whether you have some money that you can put towards the rent. Think about how you need to pay the rent as well. If you need enough money to cover a direct debit, then an overdraft might work, for example, but a credit card will not. Once you have thought through which you need then you might be left with a few options. It is good to analyse them all and it could be that you are thinking about whether a bad credit loan will be good.
  • Is a bad credit loan the best option? – a bad credit loan has some advantages which could be helpful to you in this situation. Firstly, you do not need to have a good credit report as you will not be judged on this when the lender is deciding whether you should have a loan. Therefore, if you do have a bad credit report this might be the only option available to you. If you need the money really quickly, then this could also be a factor. A bad credit loan tends to be able to be arranged really quickly. This means that you might be able to get the money within a few hours. If you have left it really late to think about how you are going to manage this payment, then it could be the case that this loan will be the best option for you. However, each situation will be different and you will have to judge whether you think that this will be the best option for you.

It can be quite tricky deciding this. This is because it is a big decision and not one that we tend to have to make that often. Sometimes, it might even be worth seeing whether we can get some help with it. Perhaps asking family or friends whether they are able to help you with making the decision could be a good idea. Talking it over with someone else can make it much easier and can help you, if you are worried and panicking about what to do as you may find that you are not thinking straight. It is always better to try to address problems as soon as they occur and stay on top of our finances. Sometimes keeping household records is really helpful as we can track where our money is going and where we might need to cut back in order to manage better. It can be tricky and hard to give up things we like, but it can really pay off if we find we can more easily pay for all of the things that we need.