18 Sep, 2019

Can You Apply for Short Term Loans?

If you have been thinking of getting a loan, short term loans are a much better option than any long term loans that you will ever find. Not really sure what short term loans are? Here is everything that you need to know. This article will also let you know whether or not you are even eligible for the loan. What are Short Term Loans? The difference between short term and long term loans is that short term loans can be paid in a few days, from a week to […]

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If you have been thinking of getting a loan, short term loans are a much better option than any long term loans that you will ever find. Not really sure what short term loans are? Here is everything that you need to know. This article will also let you know whether or not you are even eligible for the loan.

What are Short Term Loans?

The difference between short term and long term loans is that short term loans can be paid in a few days, from a week to as long as the lender wishes. The great thing about short term loans is that they can be taken for personal as well as professional needs. Even better is the fact that unlike long term loans, short term loans are easy to acquire because the amount borrowed is a lot less than long term loans. Another reason is that since the amount is not too high, there is no collateral needed.

In simple words, if it’s a loan you are looking for, then short term payday loans are the ones that you should consider. Here are some more benefits of short term loans:

Why are they Better?

As mentioned above, getting long term loans can become a real pain if you don’t have any proper collateral. When you apply for long term loans, your credit scores are checked. This means that things like student loans, mortgage payment history and other credit payments are observed. This can become difficult if there is even a slight discrepancy in your records.

Short term or payday loans on the other hand are much easier to get approved. The lender is not as strict when scrutinizing your loan history. This means that even if you need to pay off a holiday, you won’t have much difficulty getting the loan approved. What’s more, the process of getting the money in your hand is also a lot quicker compared to long term loans. It only takes about 24-48 hours to get the loan. Life really couldn’t get any easier!

Are You Eligible?

This is one question that bugs most people who need loans. Am I eligible? What if I don’t have a job and need to pay off a debt? So long as you have a regular stream of money coming in through some source, you are eligible for short term or payday loans. Below is the list:

  • You get alimony from your spouse
  • Any kind of child support that you may have
  • If you are an elderly and have a proper pension
  • Some support income from the government
  • Royalty money from kind of published work
  • Dividends or share from a cooperation

So long as you can pay off the money, you are eligible for short term loans, even if you are currently unemployed. The only thing you need to have is a suitable credit score. If you have that, you are eligible for the loan.

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