Borrow money safely
Pay-day loans, doorstep lenders and loan sharks
Think carefully before you borrow money – even if you're desperate. There are other options, such as a credit union or an emergency grant.
Credit unions are set up for the benefit of the community. Profits are reinvested to improve the union's services and products. Find your nearest credit union at www.findyourcreditunion.co.uk.
You can apply for an emergency cash grant of £30 to £60 if you're in financial crisis.
If you think you have borrowed money from a loan shark you can report them at www.gov.uk/report-loan-shark.
If a payday loan broker takes money from your bank account to pay for a comparison service, contact the Financial Ombudsman for advice.
Buy now, pay later
Klarna, Clearpay and other 'buy now, pay later' (BNPL) services, can seem an easy way to borrow. But it’s still debt. Can you afford the repayments?
Buy now, pay later is interest-free. But if you miss repayments it can impact your credit file (if late fees apply). And buy now, pay later has little consumer protection unlike credit card purchases. So refunds aren’t as easy.
Find out more about buy now, pay later on the Money Saving Expert website.