Have you ever faced the situations when you urgently need a certain amount of money and this can not wait until the payroll? I’m sure, you have and everyone has, as this situation is quite common. And in this situation short term payday loans can become your the most helpful assistants.
What is a short term payday loan?
This is a payday loan provided for a short period of time to satisfy the need in “urgent” money. Commonly these loans are paid off from the next salary so they are given for two – four weeks maximum.
These loans are small in amount – from $50 to $1500 and they are very quickly received, as the whole approval procedure takes a few minutes. With these loans you are able to get the money you need on the day you apply.
How do they work?
As we have already mentioned, everything with short term loans is done very quickly. All you have to do is to select one of numerous online lending companies, provide necessary details and submit the application. Your application will be viewed immediately and you will be informed about the results of consideration. If you are approved, the money will be transferred to your checking account in a few hours.
Usually the direct lender expects that you will pay the whole loan amount and interest at the day of your next salary i.e. during 31 day after the money is received. However, depending on your situation, some lenders can allow you payoff the online loan within two months.
Requirements for applicants
The requirements for short term payday loans are not strict at all so almost everyone can receive the loan. They may slightly vary, depending on the lending company, usually you are to provide basic information about your personality, employment and your checking account details. Some sharp-nosed lenders may call your employer and check the information you provided. However, in most cases they don’t do that and the procedure of short-term payday loans receiving is really very fast and simple.
1.Your bad credit history does not matter. The short term payday loan amount is usually so small that everyone can afford paying it off together with the interest. So here only your stable employment and salary matter.
2.Fast approving procedure which allows you receiving the money the same day you apply.
3.Short term payday loans are very convenient as you can get the money you need, at the time you need for any purpose.
4.These loans are unsecured so you don’t take risks related to your property.
1.The main weak point of short-term loans is that you have to pay back with one lump sum and this is a real problem for those people whose salary is not big enough.
2.The interest rates are really rather high. Most leneders require $25 for each $100 lended. This is due to the fact that these loans are unsecured, so the lenders take considerable risk.
However, at the same time, cash advance loans are short-term so almost everyone can afford them. As the result they are much more useful than expensive.
If your salary doesn’t allow you turning to short term payday loans, there are a few alternative options.
First of all you can ask your friends or relatives lend you this amount and pay off the money without interest charged.
The second option is to turn to small cash loans. They are similar to short term payday loans but have a longer period of repayment.
The third option is to apply for pawnbroker loans. These are loans secured against your property. You deposite your electrical devices or jewellery and receive the money. When the money is repaid your items are returned to you.