Short term loans can be borrowed from a payday loan lender and can be repaid on the next payday. These lenders are available 24/7 online to help and assist an applicant. The loan application procedure is easy and the cash is deposited into your active account to use and managing payments.
Benefits of short term loans:
1. The short term loans are unsecured so, you do not need to set any collateral. You have the luxury of choosing a short term loan irrespective of your bad credit score. Yes you credit history is not undertaken. Hence you don’t need to manage the bundle of paperwork.
2. Short term loans are applied online and on approval the funds are deposited directly into the savings account. This eliminates travelling, no hassle and no inconvenience. There are many legitimate lenders online from whom you can borrow without trouble.
3. When in need of a smaller amount of loan you can go for short term loans, and manage the payments, these loans are taken for shorter duration. So, if you want to borrow money and clear debt instantly, then apply for it.
4. By preferring the short term loans, you are actually paying less interest compared to the long term loans. Although lenders tend to charge higher interest on short term loans but as the loan tenure is short, you pay less interest as compared to long term loans.
Most of the people applying for the short term loans online are not sure about how these loans work, here are some of the common FAQs that might help you in deciding.
How do I apply for the short term loans?
You can search online to look for a licensed and reputable lender. You can conduct research online and get informed about the goodness of a company, reviews, customer comments and feedbacks can be a great source of information. You also need to check out the terms, policies and conditions of the lender.
Then log in and fill an online application form that requires you to submit your personal details including: names, contact details, loan amount required, source of income and employment details, bank account details etc.
How long does it take for the funds to approve?
Your loan application online is approved almost instantly, once your loan is approved the funds are transferred within 24 hours.
How much can I borrow from short term loans?
Well, it depends on the lender and your income and ability to repay. In general you can borrow an amount between $100- $3000.
How does the money reach my account?
When you apply for the loan, you are asked to submit your checking account details and when your application is approved, money is sent to your account directly.
What is the interest rate associated with short term loans?
It depends on your lender; there are many lenders that charge reasonable interest rates, the interest is somewhere between 10-15%. Experts suggest that comparison of offers and interest rate should be done before opting for a lender.
What happens if I fail to repay the short term loans?
You are liable to repay the loan by your next payday that is generally 15-30 days since the date you have applied for it. Suppose due to some reasons you are unable to pay the loan, then you can get the repayment date extended and negotiate a new repayment date. It is suggested not to delay the payment unnecessary and clear the debts as soon as possible.