Knowing when to get a short term loan is important. All loans can be expensive and they take time and will power to pay back. It is important to only take one out after considerable thought. Often it can be a snap decision made in a panic and this may be something that you regret.
It is wise to start by thinking about why you need the loan and whether you can wait until some more money comes in. A short term loan is a cash advance designed for use only in emergencies and so you need to make sure that it really is an emergency. If you can find any way of managing until you next get paid, then avoid getting the loan. However, if you must have the money, then this is the time to consider a loan.
You will need to pay back the loan, usually in full on a specific date. It is very important to be confident that you will be able to get the money together to be able to do this. You need to consider how much the repayment will be firstly. This will be the amount that you have borrowed plus the interest. Then you need to think about how realistic it is that you will be able to pay that back. It may be an easy amount for you, but it could be a struggle. Consider what you may have to go without during the following month in order to make sure that you cover the repayment and all of your normal outgoings. You may be able to make sacrifices to pull it off. You want to avoid having to get another loan to cover your expenses because of the cost of the repayment of the last one.
Whether to take a loan is a very personal decision. Only you will know how important it is for you to have the money. You may find that other people think that it is unwise for you to do so, but it is best to trust your instincts and work out the pros and cons in your head. It is easy to see the short term reward of having the loan, but it is also sensible to think about the long term effects as well and make sure that you will still think of it as a good idea.