Short Term Cash Loans
Did you know that short term cash loans can be rolled over if you need a longer time to repay the money? In most cases, your loan will last from one day to one month. That being said, no two loans are the same because everybody is facing a unique financial position. The type of loan that you opt for this month may not be the same as the one that you need somewhere down the line.
No Credit Check required
Believe it or not, many short term loans do not even require a credit check. As you know, the same can never be said for a traditional lender that is offering an unsecured bank loan. If you have bad credit and turn to a traditional financial institution, you are likely to be turned down on the spot. With a no credit check short term payday loan, your credit score and history does not matter. As long as you can prove your ability to pay back the loan in the specified period of time (through income verification) nothing else matters.
Finer Details of a Short Term Loan
On the surface, it is easy to get a grasp on the short term loan process. However, there are some finer details that you need to be aware of. In short, you are borrowing a certain amount of money from a lender with the promise of paying it back within a predetermined amount of time.
These loans are often times referred to as payday loans, so don’t be confused. The average repayment time is one month, although some people pay back the money in as little as one day.
If you need money in a hurry, this is the type of loan for you. There is no long application and underwriting process. Instead, you can complete the loan application in 15 minutes and have an approval on the spot.
Note: you are going to pay interest with each passing day. For this reason, you want to repay your loan as soon as possible.
Why would I ever need a short term personal loan? There are many reasons for this. For example, you may need to make immediate repairs to your car or home. Or maybe an unexpected medical bill came into your life. No matter why you need the money, if you need it now and are able to pay it back within a month this is the type of loan for you.
One of the most common types of short term loans is instant payday loans or paycheck advances. These are short term, small loans that are meant to help the borrower pay expenses until their next paycheck is received. Once all the appropriate information is verified through bank statements, the borrower will receive the money via direct deposit to his or her bank account. This makes it very simple for the borrower to get the money they need without any wait. Additionally, it puts the lender in position to recoup the full amount of the loan plus all fees on the next payday. As you can see, this is one of the best ways for the lender to take their risk out of the equation.
If you are interested in a short term loan, you will find that most lenders are willing to offer up to £1000 with an interest rate of 25%. While this may sound like a lot of money in interest, you are getting the funds needed in return – it is a tradeoff that you must be willing to make.
Although there are definite drawbacks of short term loans, these have been growing in leaps and bounds throughout the United Kingdom. Every year, it is estimated that roughly 4 to 5 million people take advantage of payday loans. This equals more than £1.2 billion in money being lent out. With numbers like these, it is easy to see that short term loans are more popular than ever before – and there is no reason to think that this trend is going to slow down in the near future.
If you have any interest in short term loans, it is essential to first compare the pros and cons. From there, determine if this is the best way for you to get the necessary funding for your current financial problem. With so many people opting for short term loans, there must be something good about them!