What is a Short Term Online Loan?
A Short-Term Online Loan is a popular type of financing that enables people to quickly get money to cope with a financial emergency. People often apply for a Short-Term Online Loan to deal with an emergency, pay medical bills, utility bills, or make a major purchase. These loans are often unsecured so you do not have to provide collateral to be approved.
Now more and more lenders provide the opportunity to apply online so that borrowers do not waste time getting to the office and waiting for hours for approval. With the online application, you can fill out the online form while sitting at home at any time convenient for you.
Short-Term Online Loan amounts and repayment terms
Since there are several types of Short-Term Loans, you can choose the option that suits your wishes and needs. Short-Term Online Loan gives you the opportunity to get from $ 100 to $ 5000. Moreover, you can find a lender who will offer you a larger amount. This way you have enough money to cover any expenses.
The repayment terms also vary depending on the type of loan. In some cases, you will have to repay the loan within 30 days; the repayment terms also vary up to several years. In some cases, loans are repaid for up to 5 years.
What are the types of Short-Term Online Loans?
There are many types of Short-Term Online Loans that suit the needs and wants of the borrowers. However, the most common are Payday Loans and Installment Loans.
Payday Loan. Payday Loans are also called Cash Advances. This is a type of financing that helps borrowers get extra money before payday. If you want to get a Payday Loan, you must know that you will have to pay off the debt within 30 days. Also, payday lenders usually provide small loans from $ 100 to $ 1000.
Installment Loan. An Installment Loan is also a good financing option for those who urgently need money. Unlike a Payday Loan, an Installment Loan has longer repayment terms, which can vary up to 3 years. Also, an Installment Loan will be a good option for you if you want to get a large amount from 1000 to 5000 dollars.
What are the benefits of Short-Term Online Loans?
Online Short Term Loans are becoming more and more popular among borrowers. However, before applying, it is important to study the advantages of this type of loan:
- Online application. You no longer need to go to the lender's store as you can fill out the form while sitting at home! Now you can save a lot of time and get approval much faster.
- Simple application. No matter what type of Short-Term Online Loan you choose, the funding application is as simple as possible. This usually shouldn't take you more than 5 minutes.
- Fast approval. Your Short-Term Online Loan application is guaranteed to be approved the same day it is submitted. This way, you can avoid long hours of waiting.
- Convenient financing. After your application is approved, the money will be transferred directly to your bank account!
- Bad credit approval. Even if you have had problems repaying your loan before, you can still apply and get approved as bad credit is not a problem!
How do Short-Term Online Loans work?
In order to get funding you just need to follow 3 simple steps. Study them and get paid as quickly as possible:
- Find a lender and apply. Take your time, compare the offers of different lenders and choose the one that offers the most favorable lending terms and interest rates. After visiting his website, fill out a simple online form where you need to provide basic information about yourself, such as name, residential address, income information, and so on. Make sure that all data is entered correctly, otherwise you may be disqualified.
- Wait for the reply from the lender. You are guaranteed to receive a response to your application on the same day as it was submitted. Also, about 80 percent of applications for Short-Term Online Loans are approved, so your chances are quite high. If you are approved, the lender will contact you to discuss the terms of the loan and its repayment.
- Get paid. If you are satisfied with the loan offer, you can sign a contract and get financing. The money will be transferred to your bank account within one business day.
What are the eligibility criteria for obtaining a Short-Term Online Loan?
Of course, each lender has its own eligibility criteria that must be met in order for your application to be approved. It is also important to check state laws to make sure loans are available where you live. So study the list of basic criteria and make sure you meet:
- You must be a US citizen or official resident who is 18 years of age or older
- Regular source of income is a must
- You must also provide a government issued ID, social security number, and an active bank account.
- The lender will also ask for the residential address and contact details such as telephone and email.
Can you get a Short-Term Online Loan with bad credit?
Many people think that they will not be able to get a Short-Term Online Loan with bad credit, however it is possible. Lenders look at many other factors besides your credit. The main one is a regular monthly source of income. What's more, many short term online lenders don't even require a traditional credit check! Review the eligibility criteria and state laws. If you qualify, you can get a short term online loan even with bad credit.