6 September 2023

You pay attention to your health because it is everything. Similarly, you should take care of your finances, as you need to live with peace of mind.

Your financial life is vital because it directs your way of living. It is essential because it gives you hope of achieving everything. It is crucial because it paves the way for happiness in good times and strength in difficult periods.

Your monthly or yearly income, savings, investments and many more build your financial life. However, there has been one more entry, particularly in the 21st century. I am talking about a LOAN. Yes, do not consider it a burden. Instead, it has become a part of your financial life nowadays.

The need for a loan has been realised when there is an imbalance between income and spending. For some individuals, loans are required not to disturb their savings. There can be many aspects reflecting why a loan has become necessary.

Simultaneously, no one can deny that a loan adds more to your debts. You borrow money, but the more important is to repay the amount on time. Please agree with me; it is nothing short of a challenge. My purpose is not to bother you with a loan. A lot depends upon the money lenders, who offer a loan on norms like interest rates, terms and other obligations.

Let us take our discussion further on this matter.

Why has a Loan become mandatory?

Previously, people considered a loan the last option when they could not manage the situation from their regular income. They tend to go for the loan during larger purchases like purchasing a home, buying a car, or funding a start-up business. However, this trend has been continuing till now as well.

The most significant difference has come in the small loans. Yes, people now aspire for the loan to fulfil their short-term needs, such as filling the funding gap during a larger purchase, buying a small gadget for the home, or even building a positive credit score.

All these tiny situations have forced the lending market of Ireland to be dominated by small loans. Long-term loans are still there with firm domination, but most loan queries that money lenders receive are for loans for a smaller duration.

Getting a loan, particularly a smaller one, has become mandatory due to increasing living costs (or the carelessness in spending). People increasingly want to, and they forget their earning limitations in this race. When they struggle later, they seek a loan to prevent their financial life.

Now we progress to the next part of the discussion, where we ponder the situation to go for a loan these days.

Scenarios when you should go for a L-O-A-N

You must have noticed from the start of this blog that I have divided the spelling of loan. The primary thing is that I will explain the loan situations by abbreviating the concept itself.

I will not test your patience; you must be curious about it. Therefore, I am starting now.

  • L – Larger financial needs

Every financial expert suggests that you must have some financial goals to achieve. However, you need a larger funding backup to access them. It is fitting that you are saving continuously from your income, but still, more money is needed. It is in this situation that loans become helpful.

For instance, you have enough of doing the regular job for someone else. Now, you are aspiring for a start-up business. You cannot fulfil this aspiration by merely using your savings. You will have two options – going into a partnership with someone else or applying for a business loan. Latter option seems more practical as your returns will be shared if you open a business in a partnership.

Similarly, you must look for a home improvement loan to renovate your lovely abode fully.

  • O – Omitting financial emergencies

Another scenario where getting a loan becomes mandatory is to omit the financial emergency. Situations are many, creating urgency of funds such as you lost the wallet in a restaurant, but its bill is still there to pay, or there is a medical emergency, and you need quick funding to manage the treatment costs.

In these circumstances, long-term loans may not be suitable. Instead, you should look for quick loans to access funds. Fortunately, you have the options of reliable online money lenders like 24fundsflow, which offers loans on fast approval and same-day fund transfer.

The most significant feature of such loans is the less involvement of obligations. For example, you may not have a person to take your guarantee. It is where options like quickloans with no guarantor become handy.

  1. A – Arranging money to fill the funding gap

Suppose you are going for a holiday with your family. Most of the preparation has been done, but now, an urgent expense has come for which you struggle to arrange money. Asking for funding help from a friend may not be possible. Instead, you can look for holiday loans to fill the funding gap.

There is another instance where you are living in a hostel to study your desired course. You have been managing your expenses very well from your part-time income. Suddenly you lost your job and now controlling the daily costs is becoming difficult. You do not have to worry because money lenders in Ireland are there with tailor-made education loans. You will get a ‘repay later’ option if your profile is good.

  • N – New to start a credit score

Most times, individuals go for loans as they do not have any other option. Sometimes, loans are applied for some people to have a positive start on their credit score. Therefore, they opt for a small loan to quickly repay the borrowed sum and make a good start on their credit score journey.

Nevertheless, people with poor credit scores can also rebuild their credit scores. 24fundsflow allows you to improve your credit score by offering loans for bad credit on flexible repayments.


Thanks to the online platform during the abovementioned situations, loans are helpful and available easily. Still, I prefer loans as my last resort. All of you opt for any loan when you lack any other option. Try to shrink your daily expenses and focus more on your savings. Go for loans when there is an extreme emergency or when you are going for a larger financial goal. I will be waiting for your views on this discussion.

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