Doesn’t it bother you that every time you end up with cash you have to borrow it from your friends or relatives? This often happens right at the end of the month when you are still due on your salary and run out of cash to run the errands. Or, maybe you are in need of quick cash because of a sudden car repair or pay medical bills. Instead of having to borrow money from friends and relatives, it would be so much easier to borrow the same money from a reputed short-term money lender. There are numerous online money lenders who do not check your credit score and the money gets transferred almost within a day after the loan is approved.
Often termed as payday loans, these short-term loans can be obtained quite easily with minimal documentation. Here are few more benefits of short-term loans that will make you want to opt for it instead of borrowing from somewhere else:
- Easy to obtain: one of the reasons why payday loans are so popular is because they are easy to get. The loan requestor does not have to provide any credit history. All you need to do is fill out a basic application form with details of the amount of money you want to borrow, your name and address details and the period within which the money will be repaid. That’s all about it!
- Flexible repayment options: the time within which the loaned money will be repaid is decided at the time of application of the loan. You can work out the details with the loan provider. But, what if you are not able to repay the loan back within that time? Well, your loan repayment will be rescheduled. There are no penalties or anything on this kind of loan.
- No restrictions on what you spend on: short-term loans are not some kind of car or education loan that you will have to spend the loaned amount on a specific cause. Once the loan is approved and the money is transferred to your bank you can spend it on anything you want.
- Pay early to avoid monthly charges: these loans are 0% interest loans. You don’t have to pay a penny as interest. However, there are establishment fees and monthly fees that you need to pay back along with the principal amount. If you have made an arrange of 12 months to repay the loan back, but think that you can do it in 9 or 10 months, you can return the money immediately. This will save the monthly fees of a couple of months.
- Borrow up to $2000: depending on the expense you have in hand, you can borrow up to $2000 from the online loan providers like CashSmart Payday Advances (cashsmart.net). You will get to know about the loan limit, the establishment fees and monthly fees and the total repayable amount immediately when you request for the loan.
Obtaining short-term loans have become easier than ever. If you chalk out a plan to repay the amount, you can easily take a loan after every few months whenever you need some extra cash.