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People, who are in need of additional funds, can look for short term loans. It can be availed for periods of one to five years. It helps to get loans at lower interest rates when compared to payday loans, which are costly. People can get secured or unsecured loans for short term payment needs. Secured loans are offered with lower interest rates. People need to provide collateral to get loans at reduced interest rates. On the other hand, unsecured loans are offered without collateral. However, such loans are expensive. People will have to pay higher interest for unsecured loans.
How to Get Short term loan?
People can use Google or Yahoo to look for lenders that offer short term loan. Get quote from more than three lenders after filling in details such as type of loan, loan amount, name, landline number, mobile number, email, state etc. at lenders websites. Choose the lowest interest short term loan for meeting your cash needs. Do online research to find the trustworthy lender for your short term loan.
People need to provide income proof, address proof and Social security proof to get loan. The lender will send representative or post the documents for providing all the necessary details for obtaining loan. The lender will verify the provided details and inform you on approving the loan. The funds will be transferred instantly on your acceptance for the loan.
You are at no obligation to take loan for getting quotes from lenders. Quotes are offered for free. People can compare interest rates online at various websites that offer interest rate comparison for short term loan. It helps to choose the low cost loan.
People with bad credit or no credit history are also offered short term loan. The lenders will only check your income details for offering loans. All the credit checks will be done by the lenders online for free. The lenders may charge little higher interest for people with bad credit score. However, it doesn’t matter. You don’t have to offer your assets or property as collateral for getting unsecured short term loan.
People are liberty to make payments either in installments or in lump sum on the last day. You can also prepay the loan.
People are advised to read terms and conditions of the loan before giving acceptance for loan. All the terms and conditions should be cleared through contacting the lenders either through phone, email or online chat.
People can use short term loan for buying a property, vehicle, or pay for credit cards or to consolidate high cost loans. It can be used for any purpose. People are advised to check their repayment capability before applying large sums. Otherwise, people get landed in debt traps.
Short term loans are usually approved in 24 hours to meet urgent fund needs. Ensure prompt payment to benefit from lower interest rates on short term loan. People, who opt for longer tenures of the loan, will have to pay higher sums to the lender. It is wise to choose smaller sums and shorter repayment periods.
Example on a loan of £200 for 30 days:
Amount payable - £258
Interest - £58
Interest rate - 352.8% p.a.
*repaid on your next payday
Amount you pay* - £258