Short Term Loans

Top 5 Benefits of Short Term Loans

People are generally fearful of the word loan. However, short term or payday loans are ideal for raising emergency funds or dealing with a bad credit scenario. One of the biggest advantages of a short term loans is that they provide you with instant money for your bill payments, especially if you do not want your checks to bounce or need adequate and avoid late payment scenarios. Below, check out some of the benefits of short term loans.

1. Get Instant Money

Short term loans are essentially personal loans that are sanctioned instantly. Firms that sanction cash advance or a short term loan require minimal information and thus have a quick and efficient procedure for sanctioning them. In fact, a few short term loan providing agencies transfer funds in just a couple of hours after sanctioning them.

2. Simple Qualification Procedure

The qualification process of a short term loan is simple and easy. Borrowers aren’t asked for a great deal of information. You must be eighteen years old to acquire such a loan and must have valid banking account. Also, only individuals who receive a monthly paycheck are eligible for a short term loan.

3. No Need to Worry about Credit Score

Short term loans are often termed as bad credit personal loans. The borrower of a short term loan isn’t expected to produce a good credit score card. Thus, if you have a bad credit score report, you can easily avail a payday loan.

4. 24/7 Availability

Another huge advantage of a payday loan is that one can avail it as and when required. Short term loan providing agencies operate 24/7 and thus are capable of processing their client’s request as and when they receive them.

5. Use as you Please

Last but not the least, quick loans or short term loans can be used for just about any purpose. Hence, whether you’re using the money for making an investment or for fulfilling any of your personal requirements, there’s absolutely no restriction on using them.

How Can You Qualify for Short-Term Loans?

In order to qualify for a short-term loan, specific requirements will have to be met. For instance, you need to meet some income requirements on a monthly basis. You should also have a stable income. You also need a stable job that you worked in for a while. In addition, you must have a valid checking account so the lender can deposit your money if your application is approved. However, keep in mind that qualification requirements will vary by lender. 

How to Request a Loan

Getting a short-term loan from us is possible only if you go through a few steps, but it’s an easy process. So, if you need a short-term loan, here’s what you have to do:

Apply

The first thing you need to do is send us your application. Aside from the application itself, you have to offer us some personal information about yourself, so we can check your situation and decide your eligibility for the loan. If everything’s alright, then we will let you know that you were approved. It doesn’t take long to check your information either.

We will make sure to connect you to a proper lender and you can start discussing the terms.

Choose the Loan Terms

You need to tell the lender how much you would like to borrow and why. When applying, you will be asked to select an amount of money that you want to go for, which could be between $100 and $5000.

Get Your Cash

Once all the necessary steps are completed, you will receive your funds. Usually, the money is sent within a day.

How Much Do Short-Term Loans Last?

Loan repayment terms depend on how much you borrowed, as well as how much interest you pay and what decision you made with the lender initially. In general, though, it could take between a few months to a few years to pay off. Bigger loans may take a little longer to pay off.

How Big Are Interest Rates for Short-Term Loans?

Short-term loans may take a few months to be fully paid off, as the loan amounts are not that big. However, they don’t have as much built-in interest profit as loans with longer-terms do, and because of that, they tend to charge a higher interest. Usually, the interest will be paid at the time you have to repay your loan, and it comes in the form of a flat fee.