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Published 2017-10-16 08:00:00

3 Common Misconceptions About Short Term Loans

Many people nowadays are applying for short term loans. This is so because they are very easy to obtain and provide you with money even before the day ends. Also, these loans can easily be applied via online and thus offer you a qucik finacial fix. However, people need to get facts right about short term loans before applying for them. Below are three major misconceptions about short term loans;

1) They Have Very High Interest Rates

A significant percentage of the population assume that short term loans have outrageous interest rates and because of this they are not worth applying for. Of course the interest rates and the extra charges are high because you are taken as a risky customer and that is why these short term loan lenders need to charge high interests. However, there are affordable rates if one searches around and compared the lenders. You pay higher interest rates because short term loans are quite easy to obtain compared to traditional loans. To qualify for these loans, one must be 18 years or older and posses a valid bank account. Some lenders also require one to provide proof of steady income. When short term loans were first introduced, lenders used to charge very high rates; however they are now being regulated and they now have limits on the interest rates to charge customers.

2) All Short Term Loan Lenders Are The Same

Don’t make a mistake and assume that just because you happened to be lucky and found a lender whose interest rate is low means he/she is safe. There are bad lenders out there who will try to scam you if you are not careful. Before applying for a short term loan, make sure that the lender is trustworthy and reputatble. Dishonest lenders take advantage of people who are in dire need for money, they know this and they’ll do anything to take your money. Read reviews about what other customers are saying about the lender first.

3) Short Term Loans Are Meant For People Who Desperately Want Money

Since this is quick money, many individuals think that short term loans are meant for people who really have financial problems and desperately need money. This might be true in some cases but not all. There are people out there with excellent jobs and have no problem repaying back money. It is a misconception to think that people with good jobs do not need short term loans. They too are people like the rest and unexpected expenses might come up and they rather have solid cash to push them until the next payday rather than putting these expenses on their credit cards.

At cash carrot, they are aware of all these misconceptions and they understand them very well. And that is why they are honest and upfront about their loan terms. Cash Carrot will connect you with reputable and legit lenders hence you will be safe and secure. Moreover, their terms are very simple, all they require of you is proof of steady income, valid bank account, be a legal citizen of the United Kingdom, valid UK address and be 18 years or older.

Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk