Facing a cash crunch and wondering if borrowing is a good idea? Yes, but there is a catch

We know you plan your money smartly and save even more smartly. But sometimes, when things are not going in your favour, there may be a need to borrow some money. 

Some big-ticket expenses can be more pressing such as higher education, medical, buying a new property or vehicle, etc. For expenses such as these, you may want to explore a formal line of credit such as home loans, education loans, etc. 

As for other expenses, you have a bunch of options to choose from.

  1. Pay Later Services are a blessing in disguise

Last-minute expenses or delay in salary (we have been through that too). You can wait for your salary but expenses wait for none. So what comes to the rescue you ask? Well, our top pick would be Buy Now Pay Later Services.

Buy Now Pay Later can take care of all your small expenses like DTH recharge, electricity bill payment, grocery bills, etc. You can explore the option of Freecharge Pay Later which helps you clear your bills without OTPs or PINs. At the end of the month, all you have to do is pay one single bill for all your expenses. You can also split your expenses into instalments and often get up to 30 days to pay your bills without any interest.


  • Perfect for small expenses
  • Minimal documents
  • Digital process
  • Quick and easy repayment
  • One-tap payment
  1. From your employer- They have them monies

If you need a significant amount of money instantly, borrowing from your employer could be a good idea. Many companies today let their employees borrow money for emergencies and personal needs.. 

Generally, the rate of interest is minimal and sometimes nil. You can to speak with the HR department for more information.


  • Can pay back from your salary directly
  • Generally have a longer repayment cycle
  • Minimal paperwork
  • Fast disbursement
  1. Credit Card- Oldie but a Goldie

Yes, we know that you know about credit cards but you can always optimise the way you borrow using one. To save yourself from high-interest rates it is best you pay your EMIs well in time. 

Try to get a credit card that offers you a minimal rate of interest, lucrative perks and hefty cashback.


  • Payback in easy EMIs
  • Determine your own repayment tenure
  • Easy to use, can be used for various expenses
  • Can be used for a longer time
  • Timely repayment can help build credit card
  1. Bank overdraft- Yes, you can borrow like this too

Okay, Before we tell you how you can borrow using a bank overdraft, let’s throw some terms at you for a better understanding.

  • Arranged Overdraft- The borrowing limit that you and the bank agree to is known as an Arranged Overdraft.
  • Unarranged Overdraft- Anything above this sum is known as an Unarranged Overdraft and can be very costly in terms of fees and interest.

Bank overdraft essentially means that you can spend more money than what you have in your account. This means even after your account balance is zero, you can use money from your arranged overdraft for your expenses. 

You can use this money to pay bills or withdraw cash and do much more. You may be levied a fee per overdraft transaction in addition to an interest rate. So, is best you read and understand the terms and conditions of your bank overdraft.


  • Available almost immediately
  • Can withdraw cash directly from your bank account
  • Flexible way to borrow

Now that you know some unconventional ways to borrow money which one would you pick?

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