What Are Short Term Loan Interest Rates? Can I Get A Long Term Solution?
Do you need fast money for emergency cash? Short term loans are a real lifesaver for your cash needs. But getting funds with short term loans can be a costly option. You should know that short-term loans are available with much higher interest rates than traditional loans.
The interest rate will depend on your repayment ability as short term loans you make on your bad credit history. While interest rates vary widely, payday loans may charge up to 300% APR. But this is a good point that cannot incur any kind of potential fees.
Interest rates vary according to the direct lender, so it is important to do your research, compare interest, and choose the best one in which interest rates qualify for you. Then you can apply.
Benefits of Short-Term Loans
While they're not usually the best choice for borrowing money, short-term loans can be helpful in a pinch.
While they are generally not the best financing option for borrowing money, short term loans can be helpful in less than 5 minutes.
Benefits Include: While they are not usually the best choice for getting the short term loans with direct payday lenders, you can get the benefits include
Cash Fast: A short term loan can give you instant access to the funds you need when you need it without delay. If you have an unexpected expense that needs to be repaid immediately, then these short term loans can help.
Collateral is not Necessary: In most cases, you are not required to keep your home, car or any other property as a guarantor to get a short term loan. You can get the money you need without risking a valid ownership.
Bad credit is fine with some loan types: If you have at least a stellar loan, you can still get guaranteed approved for short term loans a direct lender. As long as you have a monthly income, you should not have the problem of cash.
No more commitments with long term: You don't have to commit to a loan for years with short term loans- you can get the cash when you need must, pay it to repay the loan amount quickly and move on.
Flexibility: few payday lenders that offer short-term loans are flexible and willing to work with you to design the best repayment plan suited to your pocket. Note that this is not more often than not the case for payday loans.
Drawbacks of Short-Term Loans
Short term loans can provide instant loan approval, but often at a high-interest rate. Disadvantages of these loans include:
High-Interest Rate: Short-term loans generally carry a higher interest rate than installment long-term loans. If you take out one of these type of loans, you can incur not only higher payments, but also a bigger total loan cost.
Expensive fees: High-interest fees can quickly add up too late penalties on payments, origination and other things, making your short-term loan costs skyrocket.
No Long Term Solution: While a short-term loan can help your critical money needs when you are short on cash, due to its cost and sometimes serious terms and conditions, it is not a long-term financial solution to your cash difficulties.
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When applying for a short term installment loan you will always have to choose a local loan provider. With a long term installment loan, you can get your loan in your account in just one business day!
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