Before you consider borrowing money, you should:
- make sure you are getting all the income you are entitled to
- claim on insurance and pensions
- use an emergency fund if you have one (money you’ve saved for an emergency, for example in a savings account)
- budget and make savings if possible.
If you have debts
Borrowing to deal with existing debts you can’t pay back is not usually a good idea. Talk to a trained debt adviser first about options for dealing with your debts or credit commitments. You can speak to one by calling StepChange Debt Charity.
Paying back the money
Whenever you borrow money, you should try to have a clear idea of how you will pay it back. You could use our online budget calculator to help you do this.