Whether you’ve fallen on hard times or just turned 18, you are likely to have short term loans for bad credit or no credit at all. These situations can make you feel like you’ve got nowhere to turn when you need cash fast. While you might consider asking a well-to-do friend or family member, you may want to consider short term loans instead. These loan options come from non-traditional lending facilities. They include unsecured loans, such as flex and payday loans, as well as secured loans in many instances, such as pawn loans or vehicle title loans. Of course, each lender is different and is likely to offer a variety of loan options to meet your needs.
What is It?
A short-term loan is usually a smaller amount of money that is lent to you at a higher interest rate. The goal is to repay it when you get your next paycheck. While some lenders do allow for longer repayment terms, remember that the interest rate is likely to affect how much you repay. It’s best to pay it off with your next check if possible.
Quick Cash
Because you don’t need to go through a credit check, the process is much faster. Many times, you can get your loan money that same day or the next. However, you still have an approval process, which usually includes showing proof of address, proof that you work, and proof that you can pay the debt in the time allotted to you.
When They Work
Of course, you can choose a short-term loan anytime, but they work really well when you have an urgent need for money with no funds, such as your car breaking down or a medical emergency.
