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The rise of automation and the Gig Economy has put a lot of people in a world of hurt. These days, many people use short-term loans to cover cash flow issues.
What Are Short-Term Loans?
Generally speaking, we are talking about loans for six months or less, such as 90 Day InstallmentLoans. This category would also include Payday Loans which can be due in just days, depending upon when your next paycheck is due.
Short-term loans are often for Emergency Loans Bad Credit. This is not because people are behaving badly. This is because we have serious systemic issues, and people are just doing the best they can in the face of what might most charitably be called a painful economic transition to a different economy.
With gig work on the rise, job security hard to find, and economic inequality at possibly the most extreme recorded in history, many people do not want long-term financial commitments. They want a solution in the here and now that they feel they can meet in the near future with funds they can reasonably count on for the foreseeable future.
Types of Short Term Loans
There are many different types of short-term loans. They can help you pay off a credit card bill, wipe out a bad credit score, or even help you stabilize your money in an emergency. Although short-term loans can be a good temporary solution, it’s important to understand the risks before taking one on.
Home improvement loans
If you need a little help making your home look better, home improvement loans may be a great option for you. You can often get a quick loan from a bank, which means the interest rate is generally lower than what you’ll see from payday loan companies. However, there are also credit issues to consider when taking out a home improvement loan, in that it can hurt your credit rating in the future, and with higher interest rates, it could end up costing you more in the end.
Payday loans
Payday loans are another type of short-term loan. These are unsecured loans, meaning that you don’t have to put up any collateral in order to get the money. They’re generally very easy to get approved for since they require little or no paperwork. However, payday loans usually come with high-interest rates and fees, so be sure you understand the terms before you sign on the dotted line.
Peer-to-peer lending
Online peer-to-peer lending is a new form of lending that allows you to borrow money from multiple lenders instead of just one bank or financial institution. Because other people back these loans, you can borrow up to $35,000 without putting up the usual collateral. However, because you’re borrowing money from other people rather than a bank, there is additional risk involved with peer-to-peer lending that you should be aware of.
Credit card debt consolidation
Using a short-term loan to pay off your credit card, you can reduce your interest rate and reduce the amount of interest you’ll have to pay over time. The drawback is that when it comes to credit card debt consolidation, the interest rates are higher than with traditional loans. The good news is that credit card debt consolidation can help you avoid being in debt in the future.
Short-Term loans for bad credit
If you have a bad credit score, short-term loans can be a lifesaver. You can take advantage of these loans if you need to get money quickly, which means the interest rate will reflect that. There are many good ways to build your financial history and get your bad credit history to change for the better. These include consolidating bills, building up your credit score, and taking out shorter-term loans for bad credit.
Advantages and Disadvantages of Short-Term Loans
In some cases, borrowing from a company is more convenient than getting a personal loan from a bank or credit union. A short-term loan might offer better terms, lower interest rates, and less paperwork. In general, there are advantages to getting a short-term loan over receiving an overdraft fee from your bank.
The main advantage is that a loan from a company can help you avoid paying an overdraft fee. With a bank overdraft, you pay the cost of the transaction plus interest on your account. In contrast, when you borrow from a short-term lender, there’s only the interest on your loan.
Another benefit of a short-term loan is that you won’t have to worry about paying the minimum monthly payment on your mortgage or rent. With a short-term loan, you pay only the interest and fees.
There are some disadvantages to a short-term loan. The interest rate can be higher than a bank loan, and it may not be possible to refinance it when you need to. There may also be fees added to your loan if you’re late on payments or miss multiple payments in a row. You should carefully review any additional terms that accompany such loans before signing up for one.
Where Can I Find Short-Term Cash Advance?
You can find them in many places, including right here. TheGuaranteedLoans specializes in helping connect borrowers with lenders that provide Online Loans so you can apply for funds anywhere, anytime.
We take your information via our web portal, so you only need to fill out a single set of forms. Then, we match it against our database of lenders and loan products and notify the lender in question. They will contact you to complete the process.
What Information Do I Need For The Application Process?
Short-term loans tend to involve as little paperwork as possible. Of course, you will need to provide identification to help show you are a legal adult and a citizen or legal resident of the US, such as:
- Driver’s license.
- State-issued ID card.
- Military ID card.
- Tribal ID card.
- Student ID card.
In addition, you will need to provide information about your income and a little personal information, such as where you live and how to contact you. Often, a recent bank statement will be sufficient to back up your statements about your income.
These are often loans that use only soft credit checks, not hard ones. Although the primary reason to handle it that way is the speed of processing, so you get your funds quickly, such as for an instant cash advance, it can also help protect your credit rating.
Can I Get A Short-Term Loan With Bad Credit?
In most cases, no. Short-term lenders want to make sure you have a good credit score, and they know that bad credit history can make it difficult to get a loan from a bank or a credit union.
However, there may be short-term loans for bad credit available from time to time if you’re looking for permanent financing. In this case, you’ll have the same process as with any other loan, but your interest rate will be higher than what you’d get from a bank or credit union. Still, the interest rate you pay on your short-term loan may end up being lower than what you would pay on an overdraft fee.
How Can You Get Best Short Terms Loans Online?
More than five hundred million borrowers have taken advantage of the convenience and flexibility of the world’s leading personal loans. When you need fast cash for any reason, whether it’s a big expense or just a one-time challenge, immediately apply online, and we will give you the best short-term loans available. Getting a short-term loan can mean getting your life back on track and coming back to you faster than ever.
Apply Now For A Short-Term Loan at TheGuaranteedLoans
TheGuaranteedLoans is interested in helping you get the funds you need in a timely fashion. Our job is to expedite the connection between borrowers and lenders.
Just gather together a few basic documents, clear your head, and plan to spend a few minutes focused. Then click here.
FAQ
You can check your credit score for free at sites like credit.com, Quizzle, CreditKarma, or CreditSesame. Your score is typically updated on these sites within 5-10 days of being requested. If you have an active loan application with a lender, they may provide you with your score before that time has elapsed to help you understand how your lender might view your application.
As with any loan, the interest rate on a short-term loan will vary depending on your credit score. A bad credit score often means that you’ll pay higher interest rates, which can make it more expensive to take out a short-term loan.
Yes. Most short-term loans have repayment due dates of 30 or 60 days. However, some short-term loans may ask you to pay back the entire balance before the due date. If you don’t repay the loan by this time, you may have to pay more interest on top of what is already owed.
When you take out a short-term loan, the length of the installment will generally depend on your credit score. Lenders generally want to avoid extending too much credit to customers who are not ready for it. If you have good credit, they may extend your short-term loan for between 30 and 60 days. If you do not have good credit, they may only extend the short-term loan for up to 30 days.