26 Aug 2021 • 4mins • Yolt

Feeling the financial pinch: how you could ease the pressure


You’re careful with your money – you top up your savings, cut back on impulse buys and keep a keen eye on your outgoings with a proper budget. Yet life’s surprises can still sometimes throw a spanner in the works. Whatever the surprise, a loan could help – you can spread the cost of a big purchase and pay for it in instalments.

Here are 5 circumstances when a personal loan could be a smart move.


It can be a tall order coordinating the cake, flowers, food and everything else that goes with it, especially balancing your budget and making sure you don't go overboard with spending. Getting a loan for your wedding could help you keep track of everything you're spending in the run-up to the big day – with a repayment plan that suits you.

Home improvements

Are you full of interior design ideas or do you just need to fix that leaky roof? Whether you've moved to a new home or just want to give yours a facelift, transforming where you live into your very own grand design can seem like a distant goal.

Using a loan to fund your home improvements could help you get your project started sooner rather than later by helping you pay for everything upfront and spreading the cost of repayments in a more manageable way. With a loan, dreams of that new spa bathroom or extension could quickly become a reality.

Debt consolidation

Juggling multiple debts? It can feel overwhelming managing different payments at different times. Using a loan to consolidate debt might seem like a step backward, but there are lots of benefits in taking control of your debt this way.

It could make debts easier to track with one single monthly payment and help you feel like you’re taking a positive step in the right direction.

It’s always worth keeping in mind that if you use a loan to consolidate your debts you may be in debt for longer than if you just worked to pay off the original lenders. If you take out a loan with a longer repayment term, you may end up paying more in interest, depending on the loan terms.

Short-term options

Plumbing catastrophe? Massive vet bill? Broken boiler? Whatever the event, when you want to borrow a smaller amount of money to tide you over, short-term loans could be a handy solution to help keep your finances ticking over until payday.

A short-term loan is a way of topping up your bank account balance if you’ve got some unexpected costs to pay. While short-term loans can come with a very high-interest rate, they could be useful for those who just need to borrow a small amount over a short period of time.

Car expenses

Paying for car repairs or buying a newer car is often a necessary cost that can’t be avoided.

Using a personal loan to pay for your next set of wheels means you could buy the car upfront. As long as you can afford to make the repayments, you could comfortably pay off the full amount in a time period that suits you. And by paying for it yourself on the day means you can drive the car away as its owner.

Can Yolt help you find the right loan?

With so many options available, the world of loans can be tricky to navigate. That’s why we’ve partnered with Monevo, the personal loan comparison platform. Using award-winning technology, they could match you with personalised loan offers from over 30 top lenders, without affecting your credit score.

At Yolt, it’s our goal to give everyone the power to be smart with their money. Through our partnership with Monevo, you could find a loan that’s right for you – straight from the Yolt app. Head to Monevo in the Saving tab to find out more or fill in this form to start comparing personalised rates.