Category

Loans

Category

Short Term Loans

Short term loans are loans that are designed to be paid back in a relatively short amount of time in comparison to the traditional bank loans.  Usually a short term loan would last no longer than 12 months; however you can obtain other types of short term loan that require settling within 1 or 2 months.

Some of the different types of short term loan you can obtain are:

  • Payday Loans
  • Payday Loans for Bad Credit
  • Short Term Loans
  • Short Term Loans for Bad Credit
  • Short Term and / or Payday Loans with no Credit Check,

They are all slightly different in their offering.  As it states above, some short term loans are suitable for people who have bad credit ratings and wouldn’t pass a credit check elsewhere, whereas others are more tailored towards people who will pass a credit check.  They all have one thing in common though, and that is that they are all there to provide help and assistance when you require it most.

A short term loan will give you some security whilst at the same time not leaving you worried that you have 4 or 5 years left of repayments.  This can help considerably to ease any worries you may have about the loan in the first place as you will have settled the account in a maximum, usually, of 12 months, so you can then get on with your life without having to worry about further repayments.

Short Term Loans

What Would You Need A Short Term Loan For?

There are plenty of reasons a short term loan may appeal to you.  It could be for anything from home improvements through to preventing bank charges and unexpected costs one month.  The situation you find yourself needing the loan for would depend on the type of short term loan you require too.  For example, if you wanted a short term loan for home improvements you wouldn’t look to take out a payday loan as you would need to be paying back the borrowed amount in full within a month or two.  On the other hand, if you had unexpected costs one month, or needed emergency funds to stave off a bank charge or bad credit mark etc. you would be better off using a payday loan as they are designed to help in the immediate short term and are expected to be repaid within a maximum of 2 months.

Why take a short term loan over a traditional bank loan of 4 + years?

A short term loan allows you to borrow funds but also get them paid off in a relatively quick space of time which means you are effectively ‘debt free’ in a shorter space of time.

You can apply for them online using a quick and easy application process, meaning that instead of having to organise a meeting with an employee at your local banking branch, you can sit in the comfort of your own home whilst completing an online application and have a decision back with you within a matter of minutes.  Not only that but in most instances, you can have funds in your account in as little as 45 minutes.

Now, as previously mentioned, you can have a short term loan lasting up to 12 months, but you can also have a short term loan lasting a maximum of 2 months.  Such loans as these are known as payday loans, with the idea being that you borrow an amount of money that is paid back on your next payday (or potentially the one after).  Payday loans are designed to assist people with short term emergencies and this could be instances where there has been an unexpected emergency that requires additional costs to be paid, or maybe there is a bank charge looming and you need to pay it off to prevent any further negative marks going on to your credit file.

Payday loans are provided by many companies, most of whom you will find with a quick search using an internet search engine, and they all have different offers to give.  With that in mind, it is worth using a comparison tool to aid you with deciding which payday loan would be best for you to take out, as you can contrast and compare multiple offers at the same time.

Payday loans, along with any type of short term, are your responsibility.  This means that before deciding to proceed with taking one of them out, you need to establish if it is something you can afford to take on and pay back responsibly, otherwise you will be held accountable for any negative actions regarding the paying back of the loan.

To summarise:

  • Short term loans come in a variety of different guises (e.g. payday loan, short term loan) and have different stipulations (need to pass a credit check, no credit check required, etc.);
  • Short term loans can be more advantageous than standard bank loans depending on your circumstances and reasoning for taking one out;
  • Short term loans are available for people in most situations (unemployed people may find it harder) and can help to get you back on track;
  • You are accountable for ensuring the loan is paid back correctly and on time.

If there is anything further you wish to know about short term loans then please feel free to contact us, or alternatively conduct your own further research using the internet and other media outlets available to you, and remember, if you are in need of funds for a genuine reason, then a short term loan might be your best bet if you aren’t looking to pay a loan off over more than 12 months.

A Guarantor Can Help You Get the Loan You Need

There is no getting around that sometimes in life you need some extra cash. Unexpected changes in your life could easily come into play for needing a few thousand dollars. Perhaps your relationship status changes and you have to find a new place to live or your car needs a major repair. You might also be having somewhat of an entrepreneurial spirit and want to launch your own business. If you have little to no savings or access to credit cards, finding the funds to cover these expenses might seem next to impossible. If you have applied for bank loans and had your application denied, chances are you do not care to use that method to get access to the cash you need.

Loan

Options for You

Even if you are unable to meet credit standards need for traditional lending, there are still options that are available to you. One possibility is loans with a guarantor. If you are not familiar with these types of loans, they give people with bad credit or no credit history a way to be issued a loan. In order to qualify, the person that needs the loan must have someone else sign the loan papers to qualify for it. A guarantor can be anyone you know and who trusts you to repay the loan balance with interest. This could be anyone that you know and trusts you. Likely candidates might be your parents, a good friend, or even a co-worker. If they are willing to be a guarantor, the chances are good that you can qualify for the loan.

Anyone that has the capacity to repay the balance and the interest of the loan is considered, so even if you have a spotty or non-existent payment history, your chances of getting approved are pretty high. This type of loan can be very helpful when you are in a bind and do not have a lot of time talking to lenders that are not likely to fast-track your loan application and approve it in a relatively short period of time. While most traditional style banks also offer loans to people who have a loan guarantor, they must still follow the traditional style loan application method that can add days or weeks to the review and approval process. When you apply for a typical bank loan, it can take as long as a week or two to get your answer. If the lending institution requires more information from you or your guarantor, it could take even longer than that.

The Process

Like all other loan products, there is a process to getting the loan. In order to get your application started, the first thing you will need is some information about yourself. This includes basic things like your name, contact information, your work details, your bank account details, and your payroll schedule. Your guarantor will also need to be available to speak on the phone with a loan representative and be willing to give that same information either online or with the lender on the phone.

All of the information collected online and over the phone is used to decide your eligibility for the loan amount that you requested. These types of loans allow borrowers to greater amounts of cash than short-term loans and have a longer repayment plan schedule. Loans are available in amounts of 1,000 to 12,000 with repayment terms of 24 to 84 months, depending on how much money you originally took out. Smaller loans typically have a shorter repayment time period than larger loans, but either way if you are approved, it gives you the money you need today to do with it as you wish.

Your Loan Has Been Approved!

After you and your guarantor have submitted all of your loan information, the lending company will make their decision on whether to grant the loan pretty quickly. There are no setup fees associated with this type of loan. If your application is approved, the funds will be deposited directly into the bank account of the guarantor typically within the next business day. He or she will be responsible for giving the funds to you for you to use as you see fit. People who are approved also have the option of repaying the loan back early, so should your situation change for the better, or you use the money to start a business that becomes wildly successful, you always have to option to pay off the loan sooner than the original terms dictated.

Align Yourself for Success

Once your loan has been approved and you have access to your funds, it is time to align yourself for success. If you took out a substantial amount of money, now is your chance to align yoursaelf for success. You can use those funds to launch a dream business that can change your entire future. If you do not have big business dreams to speak of, you can use this money for other things like buying a new car or paying for repairs for the one you have. If you need to move, you can use the money to help pay for deposits or new furniture for your new home. If you have wanted to attend university, the money can be used to help cover tuition or boarding costs at the school you want to attend. Perhaps you have children that have pressing medical bills that need to be paid.

There are a million reasons why you might need to have a quick infusion of cash to get you set straight. A loan can help you get back on your feet or establish yourself so you can make the moves and conduct the business that you need to. How you spend the funds is entirely up to you, so you really do have a lot of options for your future at this moment in time.

When you work with a company that specialises in fast track loans you will get your answer without delay, so you can take care of the business you have in your mind.

Financial Help Available with Online Debt Consolidation Loans

Applying for an Online Consolidation Loan

Online consolidation loans are done completely online. They are easy, confidential and fast in most cases. As long as nothing has to be verified by faxing paperwork to the lender, your application could go through in just a few hours or less. Your credit score will be checked without impacting your score in just a couple of minutes.

If you qualify for a loan, multiple loan offers will be presented to you instantly. You now get to choose the offer that fits your financial situation. The online loan company would then review and verify the application for the lender. The team verifying your application may need you to fax more documentation on your recent employment such as pay check stubs or ask for recent bank statements to be faxed, in order to support your application.

There is never an application fee for filling out an online application. The lending company would charge an origination fee once the borrower has accepted the loan from the investor. The fee, of one to five percent of the loan would be deducted from the loan proceeds and the balance will be deposited into the borrowers account. Some lenders do not cover all states in the United States. Check with the lender to make sure they cover your state before filling out the application.

Debt Consolidation Loans

Effects on Credit Rating
Paying back your loan on time is extremely important. If you are late, miss a payment or default on the loan, it is reported to all the credit agencies. This will give you a negative mark on your credit report. Most lending companies will give the borrower a 10 grace period and charge interest after that time. Borrowers who are always late will be reported to the credit bureaus.

Investors
The investors will never see your information that identifies you personally. They see your application for your needs, credit score and how you can pay back the loan. The investors will be going over your application so they can decide if they want to invest. Your online application will be done in complete confidence.

Qualifications
Investors will want to know that you qualify for a loan. Basic requirements usually include;

  • Must be a United States Citizen
  • be at least 18 years of age
  • Have a bank account that is verifiable
  • Completed application
  • Credit Bureau check

Most investors will also want to know your debt-to income ratio, credit history, number of accounts you have open, and your payment history. Investors may also want to know how many times in the last six months you have applied for loans.

Not all investors will give you the same terms and conditions for the loan you are requesting. You will need to read each offer over completely and evaluate your options from each investor. Some investors will give you a better interest rate, or a longer repayment time and some investors may not fund your whole loan amount.

Avoiding Delays
If you have problems with any questions you can ask the lending company for some help before it is sent to the investors. The lending company will need to verify your name, address, phone numbers, employment, and email and bank information.

Your bank account will be verified by initiating an electronic debit and credit amount of a dollar or less. This will accurately inform the lender and investor that the loan can be funded into your account and payments can be taken out automatically.

Once approved for the loan, you can expect the funds to be in your account within four days. Some loans may take up to 14 days to be approved due to more information having to be faxed to the lending company for verification. The end results for the borrower would be a loan which could be used for consolidating credit cards, smaller loans owed or for anything needed to help the borrower to get out of financial distress.

The Ins And Outs Of Loan Comparisons

The four most often overlooked, and perhaps the four most crucial, are the terms of the loan, the credit insurance youll need to take out for the loan, and whether there is a balloon payment and / or prepayment penalty included. What credit insurance does is ensure that if you should die, become disabled, lose your job or in any other way become unable to pay your loan the lender will be paid.Lets take a look at each of these four and see how they can impact your loan comparison. Credit insurance is much like taking out life insurance with your creditor as beneficiary. When doing a loan comparison for the best buy there are several features to compare. You might consider credit life insurance, credit disability insurance, credit property insurance or credit unemployment insurance, or a combination of one or more of these options.

Loan

The credit insurance might pay your loan for its whole term or it might be designed as a short term recovery option. A loan comparison should not only include the cost of credit insurance but the type of insurance included and required. You can buy credit insurance from your lending institution as a fee that is added on to each of your monthly loan payments, as a lump sum fee that is added to the total amount of the loan. In any loan comparison keep in mind that that lump sum fee will incur additional interest charges as well. This is especially true if you talk to the carrier that is now insuring you for life, insurance, auto or any other type. Often when you package the various type of insurance your carrier discounts heavily. Most of the time, however, the insured can cancel any of these credit insurance options at any point during the life of the loan.

.The term of your loan is a crucial point when doing a loan comparison. The longer the time period you spend paying back your loan the more interest you will pay. Of course, no matter whom you pay the cost ultimately must be considered in any loan comparison. Just because it doesn’t get paid to the lender or as part of your monthly loan payment doesn’t mean that the coverage added elsewhere isn’t the result of the loan  The flip side of that is that if you take on a higher monthly payment to reduce the term of the loan you could end up unable to make the payments on a timely basis. If this happens the late fees could eat up the savings involved in signing for a shorter term. You might already have some of this protection in place with other policies or you just might find a better deal elsewhere.

The determination that you need any of these insurance options, however, doesn’t necessarily mean that you should include them in your loan. No loan comparison should exclude a study of credit insurance. While lower payments are great, there are plenty of folks who find that, despite their best efforts, they cant come up with the money for the balloon payment. When you do a loan comparison  its best to avoid a balloon payment. In a balloon payment you generally make smaller monthly payments up until the end of the loan when you make one huge payment to finalize.