short term loans

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Are Short Term Loans

a Good Option

for Me?


Being in a situation where you need some money for an emergency is not unusual. In fact, many individuals often find themselves in need of money to pay for a medical emergency or for some other sudden circumstances which they did not see coming, hence failed to make due preparations for them. When these things happen, the best recourse that you may take is to secure short term loans.

 

What Is A Short Term Loan?

A short term loan is one of a short duration, where repayment is carried out in only a matter of weeks. The usual period for such loans is 2-4 weeks. The loan also carries with it a higher interest rate compared to other types of loans considering that it is one of the quickest loans that you can avail of. The typical range of loan amount for such loan is from $100 to more than $1,000.

 

There are basically two types of short term loans. One is known as the payday loan while the other is the installment loan. The payday loan, as the name implies, is paid on your payday.

 

So normally, this is where the two-week period comes in. If your payday falls on the 15th and you secured a loan on the 2nd of the month, you can expect to make the payment by the 15th. The same goes if you secured the loan after the 15th and your payday is at the end of the month, you can expect to pay the loan comes payday.

 

On the other hand, installment loans are presently considered as the better option compared to other small personal loans like payday loans. These loans do not require the debtor to make a lump sum payment within a short period, but gives him ample time to sort out his finances and pay accordingly.

 

Take note that the fees and charges that financing institutions might add on the loan may vary. Oftentimes, the rates for the payday loan differ from the installment loan. So it is good practice to meticulously check the rates before applying for these types of loans before going through the whole process, that way, you won’t find yourself wondering where all the charges come from.

 

But one thing that you can expect when going for small personal loans is that the rates are higher compared to other long-term loans. One factor that contributes to a higher rate is the quickness by which you would be able to secure a loan. Remember that with other types of loans, you would wait for weeks, sometimes even more before you can avail of the loan. But with these loans, as long as you meet the requirements, you can have the loan in a jiffy.

 

Just remember that these types of loans can ideally answer emergency situations. However, try not to be dependent on them too much, as it might also eat you up and instead of solving things, will only worsen your situation. So use the proper discretion.

 

Being in a situation where you need some money for an emergency is not unusual. In fact, many individuals often find themselves in need of money to pay for a medical emergency or for some other sudden circumstances which they did not see coming, hence failed to make due preparations for them.

 

When these things happen, the best recourse that you may take is to secure short term loans.

 

On the other hand, installment loans are presently considered as the better option compared to other small personal loans like payday loans.


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