You might have heard the phrase “short-term loan” before and wondered what it actually means. In this article, we want to explain exactly what this type of loan means, how they work, and where you can find them. Having a bit of a tricky month and need a bit of quick cash to get you through? Have a read through and see this type of instant payout loan is right for you.
Short-term loans in a nutshell
A short-term loan is essentially a loan that is paid out to you very quickly and is meant to be paid back as soon as possible. They are also known as “payday loans” because the idea behind them is for you to being provided the cash you need to make it to your next payday before paying back what you owe. As you can imagine, these quick loans are a handy solution when your having a tough month and need a little boost in funds to cover some urgent costs.
Speed plays a huge role because the loans are often needed for emergencies. Where any other type of borrowing might take you several days or weeks to arrange, payday loans can be applied for online and received within hours of your application being accepted.
Where can you get them?
At Quickle, this is exactly the kind of loan we offer. We appreciate that all applicants will have different circumstances which is why we have a very open minded approach. Following a simple money budget is often much easier said than done. We offer loans to people based on their income level rather than paying too much attention to your credit score. Have a bad credit history and finding it hard to get a loan from anywhere else? You’re not alone. Our only concern is that you borrow only what you can afford to pay back, which is why we assess your most recent bank statements as part of your application.
What are the main things to consider when taking a payday loan?
First, you have to be absolutely sure that you NEED the funds that you’re asking for. It’s never a good idea to take a short-term loan for personal purchases. Need a new TV? Then it’s best to save up for one. Need to repair your fridge within the next couple of days? Then a payday loan could be just the right kind of help you need.
It’s always best to take as little as you can. If you have other funds and just need a top-up, then only apply for the exact amount you can’t live without. Take more than you need and you risk putting yourself in more trouble than you should be. The most important thing you should be aiming to do when you take a short-term loan is to pay it back as soon as you can.
How do they actually work?
Once we have received your application through our website, we’ll get on with processing the information as quickly as we can. We’ll aim to get back to you with an offer within hours. If you accept the terms, you can sign the agreement and once we have that, we’ll arrange for the money to be paid into your bank account within 24 hours. Once you have the money, you can use it to sort out whatever situation you’re facing. We keep you informed by text to notify you of our progress in getting the funds paid out and to remind you when your payments are coming up.
What happens if you can’t make a repayment?
If you don’t contact us at all and avoid paying, we’ll be forced to apply dishonour fees to your account. That said, if you contact us as soon as you think you might struggle, we’ll always do our best to make other arrangements that suit your circumstances better. Contact us early enough and we might be able to rearrange the repayments without having to apply further fees to your account. We know that things can go wrong from time to time and like to keep an open mind in our approach to all our loans services. Communication is key to a smooth and stress free short-term loan experience.Short-Term Loans - How They Work And Where To Get Them Click To Tweet
Read more about short-term loans here, or in our previous blog post: 4 Things You Should Never Do With A Fast Cash Loan