What are Short Term Loans?
Short term loans are financing options that come with a repayment term maximum of up to 3 months, or in rare cases, longer depending upon the lender. These loans are provided to help you get through temporary financial emergencies. You can avail them through direct lenders at an outlet or online. In most cases, debtors can have short term loans online with no credit check which makes it a good option for those who are looking for short term loans online with bad credit scores.
Short Term Loans for Bad Credit
When you're desperately in need of a finance but cannot acquire a loan from a traditional financing source, it is a short term loan from an affordable alternative lender that will come to your rescue! Apply for short term loans for bad credit online and get approved instantly without letting an imperfect credit score and high rates of interest bother you.
In What Way is a Short Term Loan Better than a Long Term Loan?
If you need to be lightly funded, opting for easy short term loans is a good idea. That's because, apart from helping you be debt-free as soon as possible and offering you a fair chance to improve your creditworthiness, they provide you with many more perks. These temporary loans require minimal documentation and serve you with quick transfers, which are much needed during financial emergencies. Guarantors and collaterals aren't required either. Therefore, as long as you meet the very basic eligibility criteria to be funded with short term loans by direct lenders, these loans are definitely a good option.
How Long Do Short Term Loans Stay On Credit Reports?
Timely, late, and no reimbursements will all stay on your credit report for 7 years. The best you can do is pay back on time in order to improve or maintain it. However, in a situation wherein you are unable to repay on your due date, it is suggested that you inform your lender about the same, so that the two of you can work on extending your repayment term. This will help you create an image of a trusted borrower which would help you get all types of loans rather easily in the future.
What are the Types of Short Term Loans Offered by the Direct Lenders Online?
- Payday Loans: A short term loan that is recovered on your pay date, these loans have to be paid back in wholesome and are one of the most common types of short term loans with no credit check.
- Installment Loans: These quick short term loans can be repaid in installments over time. Also, short term installment loans for bad credit are one of the most preferred options for those possessing a bad credit score.
- Car Title Loans: This kind of short term loan demands that the borrower issues his/her car as a collateral. However, the majority of online funding firms do not offer such loans since they requires a bit of paperwork.
Do Short Term Loans Hurt Credit?
As mentioned above, small short term loans also affect credit scores, depending on when you pay back your loan. It is also essential to know that, unlike long term loans, you get a better chance to improve your creditworthiness and prove that you're a sincere borrower in a fairly short period.
Why are the APRs High in Short Term Loans?
The Rates of interest and additional charges demanded by short term cash loans are relatively high when compared to those of long term loans. Also, they provide you with various advantages including instant approvals, quick transfers and minimal documentation which long term loans don't. Apart from that, it is possible to avail of short term loans for poor credit which is a leverage that cannot be taken if you opt for a long term loan.
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If you require short term loans with no credit check from a direct lender, choose us! We provide you with instant guaranteed approvals, irrespective of your credit score. While keeping your best interests in mind, CashTodayExpress's no collateral policy serves the purpose of making lives easier which makes us one of the most preferred direct loan lenders. Avail our low rates of interest, secure fast transfers, and apply now to get your short term loan even for bad credit!