Short term loan: Term length compared to loan amount
Thursday May 15, 2008
A short term loan can be provided for different amounts, but you will often find that you can only borrow a small amount if the loan term is particularly short. For a personal loan, often the minimum term length is a year or more. The amount you may be able to borrow is often significantly larger than with shorter payday loans, however. Depending on how brief the short term loan you ask for is you may also be required to secure a personal loan with a major asset. This can mean a more difficult loan process, but it will also often save you on interest.
Please visit our personal loans page for more information on short term personal loan options.
A payday loan is much faster than the average personal loan and is more fitting of being described a short term loan. Often you must repay your debt within less than a month, but you may only borrow a small amount, less than $1000. The interest charged on these loans and the service fees are routinely high, but the speed with which they can be acquired and make them excellent for emergency funds.
A lender like Cash Doctors can supply a short term loan within an hour of up to $600. This is achieved with a simple online application form and the organisation of communication between your paymaster and Cash Doctors. Once your details are confirmed you simply wait for approval and for the funds to be transferred to your bank account within the hour.
Rather than credit checks for payday loans there are various requirements you must satisfy. You must have been employed for at least the past three months. You must also earn a minimum net weekly income of $400 after rent and mortgage expenses have been considered. If you are self-employed you are not eligible for a payday loan due to your unpredictable financial situation.
Please visit our payday loans page to apply with Cash Doctors for a short term loan.
