Sometimes no matter how much money you save or curb your spending, nothing can stop an emergency or unexpected bill from cropping up and putting all our best efforts to disrepair, causing us to fall into the red. If you’re in need of a little extra cash quickly, a short term loan could be the best solution for you to help to tide you over until pay day. If you’re wondering what a payday loan could do to help you and your family, then check out our helpful guide…
What is a short term loan?
Short term loans (also commonly referred to as payday loans) are cash advances that allow you to take out a loan over a defined and short period of time. These low balance loans are designed to allow you to borrow funds to tide you over until you next upcoming payday. Short term loans are created to be attained quickly and easily, with require very little qualification to receive. The qualification and application process for a short term loan can take as little as 15 minutes to process and, if you meet all necessary requirements, you could have the amount of money you requested in your account the very same day! LoanPig one of the best short term loan websites as it allows you to be matched with the best lender for your requirements.
How do they work?
Firstly you need to input your chosen loan amount and then how long you wish your repayment period to be, after which your estimated repayment amount will be calculated. Following on from this you simply have to fill in your personal details, income, expenditure and bank details and will then be contacted with a decision within minutes. You will then be matched with a lender that matches your information and the process will be completed and the money will be added to your account. It really is that easy!
How do I pay the short term loan back?
Short term loan companies such as LoanPig are among the best of their competitors when it comes to ensuring you aren’t left paying back a vast sum of money after being tricked with a massive, hidden interest rate. LoanPig ensures that interest rates are made to be as transparent as possible and you will be able to assess the amount of money you will be repaying to make sure you are not caught out. Payday loan companies now also offer capped interest rates so you can rest assured there will be no hidden fees. In fact, you are more likely to end up paying more should you go into your overdraft as opposed to applying for a short term payday loan!
What can I use the money from a short term loan for?
A short term payday loan is the perfect solution when it comes to dealing with a cash flow emergency. The beauty of short terms loans are that the money can be used entirely as you desire, allowing totally flexibility in that respect.