Advantages of Short Loans – you may need some financial assistance from time to time. If you don’t have any backup or savings and if you don’t have anyone to help you out, if you cannot delay or deal with the financial commitment or liability in any way, then you need to opt for short loans.
Where can I find short loans?
There are specific types of loans you would consider for specific purchases or debts. When there is no specific purpose, as would be acceptable to banks or private lenders, you need to opt for personal short loans.
You cannot use a mortgage or a car loan for personal purchases of any other nature. Likewise, student loans or any financing option to buy an appliance will be used for the predefined purpose. Personal short loans can be used for any given need of yours.
Representative 277.5% APR - Representative Example: Amount of credit: £750 for 12 months at £119.21 per month. Total repayment of £1430.52. Interest: £680.52. Interest rate: 140% pa (fixed). 277.5% APR Representative.
You may wonder if you should opt for short loans or long term loans. After all, long term loans do have some advantages that you cannot dispute. In most cases, short loans make more sense. Let us talk about the advantages to iterate why.
More often than not, people need just a little financial help. One does not need ten thousand quid or so every now and then. At times, it could be a hundred quid. At times, it may be a thousand.
Specific lenders for short loans
Sporadic financial troubles are a part of life for ordinary people. When such instances become unmanageable, the best solution is to opt for a short loan as that would satiate the need.
You would not have to qualify for five thousand when all you need is five hundred. Short loans can attend to your immediate need. Many people get tempted by larger loan offers but one forgets that it is a debt and even if you get the money right now, you have to repay.
Short loans have a shorter repayment period. If you think about it, you don’t need five years to repay a thousand quid. You don’t even need a year.
If you can repay in just a few months, then it does not make any sense to stretch the repayment period which will lead to you paying much more interest charges. Instead, you can squeeze your budget a little bit and repay sooner and save the extra money in interest and get the loan repaid quicker.
A short loan can be less complicated. Since lenders are not risking the money for a long time, they would be a tad more lenient with their eligibility criteria or approval procedures.