Short Term Loans: Best Option For Getting Instant Money
Sometimes we are in need of quick money required for some inevitable expenses like education fees
, bills, car repairs, medical bills or any other emergency expense? In such a situation, even a small loan can provide a lifeline as we need cash fast. Therefore,to help people with such financial crisis, Short term loans have been introduced which are one of the easiest ways to solve immediate financial needs. This is the best option for getting instant money.
Short term loans, as the name suggests are available for a short time. They provide with a smaller amount that can be payed off easily in a few months. Generally, short term loans are unsecured loans as they do not require any security against the loan payment. Rather, they are provided on the basis of ones personal credit history and credit score. Being unsecured loans, the interest rates offered by these loans are higher. The loan amount offered will provide an equivalent amount of annual income and financial capacity of the borrower. These kind of loans are convenient as they involve minimal paper work which makes the entire process easier and consumes lesser time in comparison to the long term loans. Such loans also saves the burden of having debt for many years. Though lenders tend to charge higher interests, one needs to pay less interest in the end than he would have for a long term duration loan which has a lower interest rate. Short-term loans usually have fixed interest rates, so the rate will not rise. They can have maturations of as little as 90-120 days or as long as one to three years, depending on the purpose of the loan.
Even if a person has a bad credit history,since then also he can apply for these loans. All that the borrower has to do is to convince the lender and ensure him regarding the repayment of the loan. This can be done by providing the lender with the documents of annual income as well as bank statements. These documents will be required, even if one has a good credit history. The borrower needs to reassure the lender that he has enough income required for the repayment of the loan in the limited offered time. Moreover, this type of loan will work well for the persons with a bad credit history since they will be able to improve their credit score as they will have repaid the loan amount in a few months.
Banks offer short term loans whose terms depend on the bank and the amount of money borrowed. Many banks may also require collateral, depending again, on the amount borrowed. The smaller the loan, the less apt the lender or bank is to ask for collateral. The application process is a bit longer as in that the bank will check the borrower's credit in order to get the assurance that the borrower has the ability to pay the loan back.
by: addy
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