Cheapest way to borrow money if you’re struggling and need extra cash

IF you're struggling and need extra cash then we explain the cheapest way to borrow money.

A word of warning - only think about borrowing money if you really need to.

For example, if your car breaks down or your washing machine gives up.

If you're thinking of borrowing cash to pay for a holiday or a new purchase like a sofa, then think about whether you could wait and save the money first.

If you do borrow cash, then always factor in how you're going to repay it. Look at the monthly repayment and add it to your budget.

Make sure you're happy with the interest you'll pay in total once the debt is repaid.

The cheapest way to borrow money will depend on your specific circumstances.

For example, how much you need and for how long. Your credit rating will also affect your chances of getting accepted and the interest rate you'll get.

With a good score you can get top high street rates and borrow more money but if you had a bad credit history you could find you're unable to borrow money at all.

The cheapest way to borrow cash at short notice is to ask your friends and family if they can loan you the money.

If you can do this, then you should agree how much you'll borrow and when you'll be able to pay them back.

We take a look below at some options for borrowing cheaply.

Firstly you should check if you're owed any cash or can apply for a free grant.

Check your benefits

At least seven million people are losing out on more than £15billion worth of unclaimed benefits, according to charity Turn2us.