Short term loans are perfect for people who are experiencing difficulty in covering a sudden and unexpected demand for liquid cash apart from the normal day-to-day costs of living. Often, people find that they need a sum of money quickly and approach family or friends for immediate funding. Since this is not always an option, they would then opt for a regular loan for a large amount thinking they can repay this amount over a long period of time. After going through all the hassles and tons of paper work required to secure the loan, after a couple of months they realize that they have actually bitten off more than they can chew. The high interest rates actually set them back by a lot more than they would expect in the long run and they find themselves trapped in a debt cage. This is where a short term loan can really help. These loans are approved fast and small funds are transferred by direct deposit - usually within one or two business days following loan approval. Recently, Kelly, a self-employed graphic designer took out one of these loans when she found herself unable to cover her emergency dental work. She explained, "I needed to see my dentist unexpectedly and this was an expense I had not budgeted for. Being in small business, I do not have access to a regular cash flow, so getting a short term loan was a perfect solution."
Who can apply
Any American citizen or permanent American resident over the age of 18 can apply for short term loans. Most lending institutions will require proof of employment and a recent payslip or a bank account statement showing regular deposits will suffice. Even those people who have been turned down for regular loans in the past or have a poor credit rating can still apply and be deemed eligible for this type of loan. These types of loans are suitable for people with a requirement of a small principal amount, usually below $1000 so lending institutions would not have to deal with major hassles with designing a repayment scheme.
The application process
The application process for this type of loan is fast, simple and fuss-free. It is important to remember that the process does vary depending on the bank or lending institution. Nonetheless, the baseline characteristics of this loan are the same everywhere The first step in applying for short term loans is to find a reputable bank or lending institution. Do some research and try see if you can fish out an institution providing loans with the lowest loan fees. It is also advisable to check the rate at which this fee increases depending on the repayment period. In most cases, the fee is lower when the loan is paid back in a shorter amount of time. The longer the money is borrowed for, the higher the fees.
The lender will require a simple application form to be completed. The lender will also ask for proof of income, so take along a recent bank statement or payslip and this will speed up the processing of the application. Even when completing an online application, these documents will need to be either faxed or emailed through before the application is processed.
A perfect solution
This type of loan is just the right solution for people who are going through a rough phase financially or those experiencing sudden expenses outside their budget. The ability to borrow a small principal amount means that it is easier to pay back on time. In fact, most people find that they can pay off their small term loans in full once they have received their next pay check. Regardless of your credit history, short term loans are a perfect way to get access to much needed funds quickly, easily and with no anxiety.
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