People tend to get short term loans when they needs cash quickly but can pay it back over a short period of time, usually before 12 months. People tend to opt for short term loans due to them being easier to get than personal long term loans. You have more options available due to more and more companies becoming involved in short term lending. There seems to be more options when deciding upon a loan so you are guaranteed to find the one that suits you.
When it comes to apply for a loan some people ask themselves “am I eligible for a short term loan”? The good news is most short term loans are relatively easy to get accepted for due to a number of things and your personal circumstances.
Who can get a short term loans?
The eligibility criteria are usually the same for most if not all short term loan companies. You must be over the age of 18, be in employment or in receipt of benefit allowance, have a valid bank account and pass your chosen companies credit criteria. A lot of people shy away from applying due to bad credit history but some companies work with people who have bad credit.
Why get a short term loan?
Hundreds of people every day find themselves apply for short term loans for many reasons.
- Emergencies - Life takes drastic turns and sometimes it happens when you least expect it to. Many people find themselves in a financial situation they simply cannot afford for example a medical bill, funeral costs and vet bills. Taking out a short term loan will help cover your finances when emergencies knock you back.
- Bills - in today's society it is hard to have enough funds to save so sometimes you may fall behind on certain bills like gas, electric, food shopping. People never plan on falling behind but sometimes it does happen. The freezer could break; your car could need new parts. Quick short term loans will help keep you above waters and help you relax when it comes to bills you would find difficult to pay at that particular moment.
Short term loans are more flexible than long term loans giving you more freedom a quick way of getting you out of those tight situations when it comes to money and affordability.
How can you apply?
Over the years technology has evolved more and more, giving you the easiest and quickest way to apply online. You fill your details out on an application form online and in some cases you will find out within 30 minutes if you have been successful or not. You can also use websites to compare different loan companies to help you find the right one. All that will be asked of you is to meet certain requirements and have a few of your personal details at hand.
Company lenders:
- Cash Carrot Loans - Are a broker not a lender with 305.9% APR and interest rate of 161.9% variable. You can borrow anything from £100 to £5000. The rates differ for example if you were to borrow £400 over a period of 90 days the interest would be £161.92, in total you would pay back £561.92. The application is fairly simple all you have to do is fill out the online application form that takes around 2 minutes to complete so there is no paperwork and it is hassle free. Payments are made usually on your next payday, when it comes to Cash Carrot Finance this is a great option to help you work out your financial situation.
- Money Boat - You can borrow between £200 and £1500 with money boat, choosing to pay it back between 2 and 6 installments, keep in mind the longer it takes to pay back the higher the interest will be. For example if you borrowed £200 and decided you wanted to pay back in 3 installments you would be paying £91.49 x3. There is a flat rate of 0.7% each day with a representative 939.5% APR.
No matter what website or loan company you use it is vital to read the small print and make sure you understand every inch before submitting your application. Each borrower differs from the next meaning a new set of rules you must comply with. Make sure you can keep up with payments and afford the interest that will go on to of what you borrow.