Short Term Loans
Loans are pretty popular in the modern world. As a matter of fact, you have probably used a loan recently to buy a household item, car, or to take a vacation. The concept of a loan is pretty simple – borrow a particular amount of cash and then repay it with interest over an agreed period of time. Loan terms tend to vary between 1 and 5 years. Regular loans tend to range from as little as $100,000 to $5,000,000 with interest rates varying from as low as 6% to as high as 99%. You are at liberty to use the money for whatever reason, unlike types of loans with stern limitations, but traditional loans tend to take longer to get approved.
But what if you need some money urgently? Maybe there is a new business venture you can afford to pass up or a personal or business project that requires immediate attention. For this case, you want to enjoy the benefits of a loan but on a reduced timeline. In the aforementioned circumstances, you need a short-term loan.
What Are Short Term Loans?
A short-term loan is basically a type of bad credit loan that is designed to support a temporary business or personal need. Just like other forms of credit, it also includes paying back the principal amount along with interest by an agreed date, which as the name suggests, is usually a short period of time.
Another feature of a short-term loan is that it is often given with little to no security. Most short-term loan direct lenders will ask for proof of employment, a driver's license of any other type of national ID, and a bank checking account.
But because there is no to little collateral and lower credit requirement, short-term loans with no credit check tend to carry comparatively high-interest rates and may also include other penalties and fees.
A most short-term loans can be applied for, approved, and received instantly and there is a deep pool of lenders to choose from. All you need to do is send your application online as well as proof of employment. Then the lender will review and give you multiple loans offers with different amounts and terms. You can choose an offer you like, then sign a contract and receive the funds within 24 hours.
Unlike traditional loans, most short-term loans tend to be below $2,000 2ith repayment period due in just weeks.
Short-term loans also tend to come in a variety of forms, including payday loans, car title loans, and bank overdrafts among others.
What Are The Advantages Of Short-Term Loans?
There are plenty of reasons to go for a short-term loan, but we are going to discuss a selected few of them.
Quick Payout
One of the biggest benefits of short-term loans is that they have a quick payout. If you are on the market seeking a short-term loan, you probably need the cash fast.
Short-term loans can be approved in just hours, which can come in handy in case of an emergency. For this type of loan, there are no extended periods of approval process like other kinds of loans.
In fact, most short-term loans can be applied online or even over the phone, and depending on your lender or bank, you can receive your funds the same day or the next business day.
The funds are sent directly into your bank account, where you can immediately access them.
Flexibility
Most short-term loans provide flexibility, which can be useful when cash is tight but expect things to get better in the near future finance-wise.
Before signing on the dotted line, you and the loan provider will make a schedule for the repayment and agree upon the interest rates.
Another benefit of the short-term loan is that the lender offers it on a short-term basis.
Provided you can repay the loan on time, which is usually within 1 to 6 months, you don’t have to worry about having a massive loan under your name for years.
No Credit No Problem
Short-term loan lenders don't put too much fuss on your credit score to determine whether or not to approve your loan application. What is important is proof of employment, your bank account details, as well as whether you have an outstanding loan.
When it comes to unexpected expenses, bad credit should not prevent you from getting the fast cash needed to cover them.
In fact, short-term loans can help you improve your credit rating provided you repay the loan on time.
Real Time Loan Comparison
When searching for a short-term loan lender, there is flexibility in terms of the option and you can compare in real-time different lenders before deciding who to work with.
You can shop around on the internet for the best rates as well as favorable terms. However, make sure you don't negatively affect your credit score.
What you want to do is build a relationship with just a single lender to develop a sustainable lending collaboration in the future.
Why Choose Us For Short Term Loans
At Micro Enterprise Works, we are focused on getting you that short-term loan you need urgently. What makes us stand out from the rest is our seamless, efficient, and professional approach. Here are some of the reasons you should choose us for your short-term loan needs.
Low Rates. Micro-Enterprise Works is accredited with the best financial institutions in the United States. Instead of asking you to filter through and contrast rates, we do the heavy lifting for you.
Our team of professional financial experts will lease with different lenders to find the best loans for your financial emergency.
Apply Anywhere, Anytime. Our innovative, few clicks application process allows you to apply for a loan easily and quickly. Regardless of what loan you want, our easy-to-understand quote form ensures you can access cash anywhere and anytime.
We Understand Your Needs. Whether you need to buy a new car or increase your business cash flow, we fully understand that applying for a loan can be a tedious process. And that is why we restrict the application process to just a few clicks.
Conclusion. Short-term loans can be very important for both individuals and businesses. Regardless of the type of loan you are looking for, we at Micro Enterprise Works are ready to work with you to ensure you get your cash.