SHORT LOANS: Fast Cash for Financial Emergencies

2007-03-28 16:27:23

( Financial )



Short loans are loans that were created to meet immediate financial needs and emergencies. The repayment period for short loans varies depending on the type of loan you acquire but rarely go more than one year.

Some businesses with poor credit histories or companies that fail to qualify for credit lines from banks opt for short loans to temporarily finance their business working capital until more permanent financing schemes become available to them. Short term loans for such companies are usually given less-than-one-year repayment periods.

Short term payday loans on the other hand, are intended to help employees bridge their cash flow gap between paydays. Payday short loans usually consist of smaller amounts and usually do not go higher than a thousand bucks with repayment terms of 14 to 45 days only. Short term payday loans are also referred to as cash advances.

With short term payday loans, you are normally asked to issue a post-dated check for the full loaned amount plus interest. Normally, the loan’s maturity date coincides with your next payday.

Many universities also offer short term loans to their enrolled students provided that they have no other outstanding short loans and have good repayment records. Students applying for short term cash loans should also have a means of repayment for the next quarter.

Applying for a short loan is a simple process and normally only takes minutes to be approved. A lender verifies the information on your application form and after determining that you’re qualified will immediately released the funds to you. For online short loan applications, the funds are usually wired to your bank account.

While short loans are handy for your financial emergencies, keep in mind that these loans come with hefty interest rates. As such, they should not be treated as a supplement to your income but a financial aid during times when quick cash is what you really need.


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