Everyone knows about payday loans, and they’re everywhere. You get the money you need before payday, and when you get your wages you pay it back. We definitely think that this is a good solution if you’re in a jam and you absolutely need to pursue it. Emergencies require speed, and payday loans are quick. But there are usually multiple avenues to a solution, and short term loans fit the bill as well.
Before you resort to a payday loan, it’s wise to get all of the facts so you can make the decision that’s truly right for you. One of the top features that distinguish a short term loan from a payday-oriented one is that you can get a much longer term to pay. If you need to take six months to pay back the amount, you can find lenders out there that will honour this request. What about if you need to get more money than just what you bring home in a single cheque? Since you’re paying it off in multiple months, most instalment loans allow you to borrow quite a bit of money. If you have to make some repairs on the car, this wouldn’t be a bad loan to look into.
What about taking the holiday that you’ve dreamed of but kept pushing off because of lack of funds? A short term loan doesn’t care what it’s used for. The only thing that you have to pay close attention to is when the payments are due. Failure to pay on time will hurt your credit rating, which in turn will make it harder to get credit in the future.
The speed of these instalment loans shouldn’t be overlooked either. If you can fill out a short form, you will have lenders fighting for your business. The rates are going to be more decent than you think. If you have modest credit, you could get a better rate than what you’re expecting. What about if you have terrible credit? There are lenders that specialise in short term loans for people with bad credit. You just have to go online and keep applying. Verifying that you make enough income is also easy; just follow the lender’s instructions.
Overall, if you have the ability to pay back a loan, you can get a short term one to meet your needs. It gives you much more flexibility than a payday loan, and a lot more money to boot!