Short Term Cash Loans

2007-04-17 10:41:55

( Financial )



Are you in a sudden unexpected cash emergency? Consider availing of a short term loan. A short term cash loan allows you to borrow money from a lender, such as a bank, which you will have to pay back in a few weeks. Short term cash loans are also known as payday loans or cash advance loans.

Short term cash loans are generally associated with higher interest rates than those for long term loans. However, this kind of loan only takes about a day to get approved, making it appropriate for emergency situations, such as payment of medical bills, rent and utilities, or holiday shopping.

To avail of a short term cash loan, lenders require you to have a job with a regular income, and have an active credit account. Your income will determine the amount that you can borrow.

At the end of the specified time, you have to pay the entire loan amount and the interest. If, however, you are unable to do that, you can ask for an extension. Some lenders allow you to either pay the interest alone or pay the interest and a portion of the loan first. You can then pay the rest of the amount at a later time. However, asking for an extension may require you to pay an additional fee. Because of this, short term cash loans can result in expensive debts for people who are unable to budget their money efficiently.

If you decide to avail of a short term cash loan, you can opt to go to your local bank or look for an online lender. You will then have to fill in the loan application form, which will be reviewed in a few minutes. Once you are approved, your loan amount will be transferred to your checking account. You can then use your loan for any purpose.


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