When an unexpected bill lands in your lap, you may need a short term loan to pay it off. With short term loans, you can cover unexpected bills in full and move on with your life.
Short Term Loans
Short term loans are quick loans that are paid off within a short period of time, typically a year. You can choose an even shorter period to pay them off if you want. Like long term loans, short term loans come with interest. These loans are primarily designed to cater to the urgent needs of the borrower i.e. expenses you have not budgeted for e.g. boiler breakdowns, sudden health problems, car repairs and servicing, etc.
People who are in a delicate financial situation often need short term loans to cover these expenses. These loans cut through the red tape to provide you quick cash in the face of emergency. At times, people who are not in a sticky financial situation may need a short term loan when several big costs have to be covered at once. When it comes to such situations, there are plenty of direct lenders in the market that can be turned to for short term loans. Short term loans provide you with flexible repayment options and hence, more manageability than loans paid over a longer period of time.
Short Term Loans v.s. Payday Loans
Short term loans are often compared with payday loans that are also a type of short-term borrowing characterized by high-interest rates. Short term loans are a better option than payday loans as the latter normally comes with extortionate interest rates and requires the entire loan to be paid in one instalment. Payday loans make your financial situation stickier by bumping your debt with high interest amounts.
Direct Lenders for Short Term Loans
When it comes to short term loans, it’s better to use a direct lender to make things simple and convenient. Here’s why using direct lender for short term loans is better than other lending options:
Receive Your Money Immediately
If you use a direct lender for a short term loan, you can get the amount online in minutes. Unlike other loan options, direct lending transfers money in your bank account on the day you apply. Short term direct loans are designed to cut through excessive administrative procedure that causes unnecessary delays.
Short term direct loans come with a variety of repayment options i.e. various timelines and customizable instalment amounts. Short term loans are mostly paid within a year. You can customize the repayment timeline according to what suits you e.g. six month or nine months.
Moderate Interest Rates
Using direct lenders for short term loans saves you from high interest amounts that may pile up due to indirect lending. There are many reputable direct lenders in the market that provide short term loans with moderate interest rates.
Using a direct lender makes the entire money-borrowing process simple, clear and convenient. Most companies that offer short term direct loans merely require you to fill an online form.