Short Term Personal Loans Explained

If you need an instant loan because your limited cash flow just isn't covering the bills, consider short term personal loans. A short term loan offers emergency cash for people in a bind who need quick financial assistance.

The Pros

There are many good reasons to seek short term personal loans.

  • They offer a quick, no-hassle way to get emergency cash (often within 24 hours).
  • They have short repayment terms, so you won't be drowning in debt for years to come.
  • You can find, apply, and become approved all online.
  • They have fewer eligibility requirements than other loans (no credit check, co-signer, or collateral required).
  • You can get a short term loan regardless of your credit score.

The Cons

Getting emergency cash can have its pitfalls, however. Since you don't have to put up any possessions as collateral to back the loan, and because the loan term is shorter than most, short term personal loans have significantly higher interest rates than traditional loans. Banks must protect themselves when issuing these loans, so they often assign more fees and penalties, too.

If you have trouble repaying the loan on time, you could find yourself drowning in short term loan debt. Only consider this type of loan if it is necessary and you are certain you can fulfill repayment conditions.

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