Short Term Personal Loans- Why You Need Such Funds?
Short term loans are loans that you can get from lenders to be repaid within a set, usually shorter period depending with the lender. You can get urgent loans from various lenders, including payday loans from companies.
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Payday loans are loans one uses to meet cash emergencies that arise before you get you next salary. This, in effect, hands you a cash advance. The loans are usually small-scale and are approved quickly and you can get the money on the same day of application.
To get payday loans, you provide your details online and if you qualify, you get the money in your account. You are required to repay the loan in full when you receive your salary. This means that you must repay it within 31 days, but some creditors may allow you pay them back in the following month.
Payday loans have some advantages as well as disadvantages:
1. Even people with bad credit history can get a short term loan for bad credit. The most important factor is that you have to show the ability to repay the loan on your next salary. Credit checks are not done in some cases.
2. The payday loan is approved faster; hence you can get the money on the same day of application.
3. It is convenient so whatever kind of emergency, you face; the loan gives you the necessary cash until your next salary.
4. The payday loans are unsecured, meaning that there is no risk of losing your property as they are given to homeowners and tenants alike.
1. Although they provide great relief when in need of money, you need to repay the loan in a single installment. This can be a huge problem if your salary is not large enough to pay back the loan as well as use on other expenses.
2. The loan also attracts high interest compared to other loans. However, payday loans, being short term cost almost the same as other short term payday loans.
There are other sources you can get debt from:
You should consider borrowing from friends and family. If you can get one of them to lend you money, it will be better than a payday loan. The friend or family may not charge interest as they understand your financial problems better than any financial institution.
You can also get small cash loans which are unsecured like the payday loans. The difference is that they are repaid over a longer period of time and money is not lent by banks, but by people who deliver it to your doorstep and collect the repayments in person. Lenders give out small amounts and even if you have bad credit history or are unemployed you might qualify. Repayments are flexible as you can pay back in a few weeks or even up to a year depending on the lender.
Another option of short term lending is Pawnbroker loans that are offered by pawn shops. You deposit an item of value e.g. jewelry or a watch and you are loaned a lower amount than the value of the item. Once you repay the loan, you get your item back.