Getting short term loans means getting money fast and solving an immediate financial problem. Borrowers pay back short term loans within a few weeks, so theres no long-term debt. Short term borrowers can simply fix the problem and move on. When it comes to keeping up with payments or handling expenses, sometimes timing is the most important factor. Short term loans help borrowers stay financially on schedule because they arrive in the borrowers bank account via direct deposit within a day, often in just a couple of hours.
Types of short term loans
Short term lenders generally offer two types of loans: payday loans and installment loans. Payday loans, also known as cash advances, are repaid when the borrower receives his or her next paycheck. Installment loans allow the borrower to make several payments over a few weeks or months. For both cash advances and installment loans, the lender charges a fee that is paid along with the loan repayment. No cash or collateral is needed up front.
Short term loans made simple
Applying for a short term loan online is similar to applying for a traditional loan in that the borrower provides some basic information and requests a loan amount in writing. Once the lender and borrower agree on the short term loan amount, the fee and the repayment date, the money is directly deposited in the borrowers checking account. Most short term lenders accept bad credit; they base the amount they are willing to lend on the borrowers income.
The average short term loan
Short term loans are generally between $100 and $1, 000. Borrowers should carefully consider the loan amount and only take what they absolutely need. Some lenders may extend the term of the loan up to four weeks, but many require that the loan be repaid within two weeks, except in the case of installment loans. We can find lenders who can accommodate various borrowers terms, but we recommend that borrowers keep their short term loans as short term as possible. Lenders generally must charge at least 15 percent of the loan amount to stay in business. A fair price for a short term loan is between $15 and $30 per $100 borrowed.
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