7 April 2008
Short term loan providers come in many varieties, from payday loan lenders to banking institutes with personal loans. Sometimes it can be hard deciding which you should apply for, but it really comes down which of two factors takes priority: amount of money, or time until you have the funds. Deciding which of these is of most importance will dictate whether you should begin by applying for a personal loan or a payday loan.
If you need a somewhat significant amount of money, at least in excess of $3000, then you may wish to begin applying for a personal loan with a short term. Different lenders have different minimum periods for loans, and you will probably find that those offering a short term loan of only a year will likely charge more in fees and have a higher interest rate than the first year of a lender that only offers longer terms of at least three years. If you were to take the longer term, however, you would still probably end up paying more over the three years than in that single year short term loan.
When time is of the essence in securing a loan, and you only need a few hundred dollars, then a payday loan can be an excellent option for getting finances fast. Payday loans from Cash Doctors are especially quick, as up to $600 can be made available to qualifying parties in as little as 60 minutes after application. A short term loan of this kind also has very few requirements compared to a bank loan. You must have been employed for at least three months and not be self-employed. Also, you must have a net weekly income of a minimum of $400 after rent and mortgage expenses in order to qualify. If you can meet those standards, then you will likely be approved for a payday loan from Cash Doctors.
Obviously, if your financial needs fall between what can be provided by a payday loan service and a personal loan, you will have trouble finding an appropriate short term loan. You may wish to consult with some lending institutions in that instance to discuss the possibility of a small loan to cover your particular needs.
Please visit our personal loans and payday loans pages for lenders who may provide you with a short term loan.
Short Term Loan