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Online Short term loans are designed to be small in size & repayment length. Ideal if you need money fast and not be tied down for a long period of time.
Online Short term loans are designed to be small in size & repayment length. Ideal if you need money fast and not be tied down for a long period of time.
Online short term loans are a source of emergency funding to help tide you over as you wait for your next paycheck to come in or for cash flow to balance out. This form of finance is designed for both personal and business use.
The great thing about short term loans is that they don’t come with enormous repayment lengths where you’re tied down paying interest and fees for years. Instead, they are usually paid off between 6 – 12 months, but sometimes even sooner!
Short term loans naturally do come with higher interest rates, however, the repayment period is far shorter than many other types of loans, usually making them more cost-efficient.
It’s also worth noting that you’re less likely to be able to borrow large sums of money with an online short term loan because the more you borrow, the more unrealistic it is that you’ll be able to keep up with repayments, unlike a loan with a repayment period of 10 years which can be paid back in smaller instalments.
9 times out of 10 medical costs are unplanned, but unlike a piece of jewellery or a holiday, medical help isn't something that you can just push back. Short term loans give you access to fast finance to cover you for these times.
Whether you are facing a cashflow problem or need to market a new product or service, an online short term loan can help your business along without being tied down to years of repayments.
A wedding is an incredible time in a person's life, so facing debt stress for the remainder of your marriage is never ideal. Short term loans help you afford your dream marriage without the burden of long-term debt.
Online short term loans typically have a repayment length of between 6 months to 1 year, however it can be shorter or longer depending on yours and / or the lenders needs.
While short term loans do generally come with higher interest rates and fees, over the course of your loan you’ll end up paying far less than you would compared to a loan with a longer repayment length.
For example:
With this in mind, if you keep taking out short term loan after short term loan, you will end up paying far more than if you simply took one, larger loan with a longer repayment period at the start.
