Short Term Loans Online
When Life Takes an Unexpected Turn
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Short-Term Borrowing Options
A short-term loan is a type of borrowing arrangement designed to support a temporary credit need. The repayment period is short and generally lasts from several weeks to a year. Payday and installment loans are the two most common types of short-term loans.
A payday loan, also known as a cash advance, is a quick and easy funding solution for when you need a small sum of money to cover a specific emergency need such as medical care for you or your family or overdue rent. This type of high APR loan is meant to last until your next pay date. Typically, you must repay your debt in two to four weeks. There are no multiple payments. A typical feature of these loans is lump-sum repayment.
An installment loan, on the other hand, has lower interest rates, longer repayment periods (minimum 2 months, maximum 24 months), and regular, equal monthly payments. However, the total fees and interest costs often may exceed those of a payday loan because the installment loan amount is larger getting up to $5,000, and there are more monthly payments.
Short Term Online Loans – Financial Help in Emergencies
A payday loan is typically your best credit option when you need immediate cash since you may be able to receive the funds in as little as 24 hours. You are very likely to qualify for it even if your credit score is not ideal.
Maximum and minimum loan amounts may vary depending on your lender and state regulations. Generally, the available amount ranges from $50 to $1,000. The approved amount will be determined based on different factors. Also, there are $10 to $25 in costs and fees per $100 borrowed. These products are often criticized for having high interest rate – anywhere from 300 to 500 percent. But, given their short repayment period, these cash loans are very affordable, if repaid timely.
Short-Term Loans Advantages
Simple Online Application Process
Unlike applying for bank personal loans, you can take out payday loans if available in your state, without wasting your time with tedious forms and long waiting lines. The application process is easy and happens entirely online. No collateral is required.
Quick Loan Decision
Within a few minutes of submitting your form, you will receive a decision. Almost everyone who applies can get approved. Short term loans are ideal for customers with credit difficulties because lending companies use an alternative decision-making process that does not require traditional credit checks. Therefore, you may not have a good credit score.
No Employment Verification
Our lending companies respect your privacy. They don't verify your employment status, so your coworkers will not find out that you are struggling financially.
Fast Money Transfer
Because requests are processed very efficiently, there is virtually no waiting time. After being approved and reaching an agreement with your lender, the cash will be transferred as soon as the next business day.
Short-Term Loans Minimum Requirements
To be approved for a payday loan, you should meet a series of simple eligibility criteria:
- be at least 18 years old;
- be a US citizen;
- meet minimum monthly income requirements;
- have a valid checking account;
- have a valid email address and phone number.
Please note that you may be subject to additional criteria depending on the state where you live.
How Does It Work?
You can apply online for a short-term cash advance in a few simple steps:
1. Specify the cash amount you need.
2. Provide basic personal information as well as a contact number at home or work. Some lenders may require additional information.
3. Provide the bank account information where you want the cash to be deposited.
The approval process is easy and quick; nearly all customers are qualified. As mentioned, bad credit is not an issue because payday companies do not perform hard checks.
You receive a decision almost instantly, along with an offer. In some cases, the product terms and conditions may not be to your liking; you can apply to get an offer from another lender who provides better loan terms and conditions.
After reaching an agreement and e-signing your contract, the lender will transfer the funds as soon as the next business day. Usually, these processes don’t take more than one business day.
Make your loan payment on the due date. Failing to repay your debt will entail different consequences.
Borrow Short Term Loans Wisely
1FirstCashAdvance offers safe financing options for customers with different financial needs in all US states. Our most popular products are “short term loans near me” and installment loans used for covering emergency expenses.
Our objective is to help each customer to choose the right borrowing solution that better fits their unique credit needs and financial circumstance, providing excellent customer service. Using our platform, you will have access to an exclusive network of fully licensed direct lenders, who strictly follow the regulations of their home states.
Best of all, our services are completely free of charge.
Commonly Asked Questions
We connect you with a large network of short term lending companies that offer instant loan decisions. Apply by completing our online application form and get approved for a safe financial product even with a poor credit rating.
To be safe, you should only work with reputable, authorized lending companies. 1FirstCashAdvance helps you get access to the safe loans, with competitive rates at no risk and completely free of charge.
A short term loan is a type of financing designed for temporary funding needs. Payday and installment loans are the most common types of short term loans. Unlike installment loans, payday loans are designed for smaller amounts and shorter repayment terms.