Short term loans are omnipresent but difficult to single out, due to the rich, ever-expanding offer. Here at Glimp we always make sure to provide you with comprehensive insights as to help you select the optimum solution.
Compare short term loans and interest rates now!
Getting a loan to help you make ends meet is as easy as it gets. You only need apply online and the money will be yours in a matter of hours, sometimes even less. Nationwide testimonials have constantly confirmed that the procedure is painless and a happy ending guaranteed. So, why fuss over it?
For many reasons, and not least because a short term loan stipulates quite high interest rates. In case of emergencies, borrowers often fail to take into consideration the variety of rates, but don't make that mistake yourself. Make sure to compare short term loan interest rates before deciding on a single option. You can do so with ease at Glimp.
There are many types of loans and even more lenders out there. That is to say, you will get to choose away. You need not consider only banks. If you are a union member, it might be more convenient to get a loan through them, as these usually have lower interests and better conditions. If not, compare banks' and finance institutions' offers. Loan shops and peer-to-peer lenders are also abundant.
By law, all lenders must provide a disclosure statement to the borrower. These outline fees and charges, interest rates, and repayment terms. In case of short term loans, repayments may be made weekly, fortnightly, or monthly.
A short term loan implies fast application, fast approval, and fast money. Fast repayments go without saying. The usual approval time is up to several hours, but it can often be far shorter, namely only a matter of minutes.
Short term loans are a booming market with many lenders being internationally run. Hence, you need not consider national banks and finance companies alone. Options are indeed many and there is a good reason why they should be. Namely, daily interest rates vary from 1% and 1.7%, in most cases. E.g., an average $200 loan to help you out with your daily needs until the next payday may cost you $250. Being approved within hours at the latest, it seems as a convenient helping tool. Still, if you do some calculation, you will easily see that, on an annual basis, this percentage skyrockets.
The usual short term loans include payday loans, wedding and holiday loans, and emergency loans. If you are into renovating your house, better consider other loan types.
Similarly, if you can opt for an overdraft, that would save you loads of money in the end. The amounts differ and as for the interest rates, you get to pay them only on the money you use. This means, in plain English, that you won't pay any rates on the maximum amount approved by the lender. For that very reason, overdraft interest rates are higher than personal loan rates.
Finally, if you need money fast to pay off some other outstanding debt, considering a debt consolidation loan might do the trick (and provide for a far cheaper option!). Debt consolidation is a loan type designed to help you repay an existing debt sooner by combining all your debts into a single loan. The rates are due to be repaid through one regular payment, unlike with short term loans.
No matter how you look at it, short term loans remain the most expensive option. Still, they may come in handy in emergency situations and most borrowers are more than happy with high interest rates if the loan can help them solve the issue immediately.
If possible, and especially if you need higher amounts of money, try considering other personal loan types first. For these there are far more options, both in terms of rates and assets. E.g., personal loans can be secured or unsecured, with the first ones having lower interest rates, as the lender gets to keep the asset if you default. The asset can be a car, house, a boat, and similar. Depending on the lender, sometimes you can even offer jewellery. Unsecured loans are more difficult to qualify for, and the paperwork is voluminous indeed. Previous loan records do help, and so do bank statements and your credit score.
Credit score, now, is the most important thing when it comes to any type of loan - by far. To you it may appear to be just a figure, but the lender sees it in a different light altogether. In actual fact, credit score is a measure of how likely you are to repay a loan in the future. A better credit score means a larger personal loan at a lower interest rate.
Even if your credit score is low, there is still hope for a larger personal loan. Remember that this is but a single determiner in a far larger assessment process, so if you have a good salary, the offer will be positively affected by it. A good salary and the length of employment, i.e., play an important part in determining the amount and the interest rate alike.
Checking your credit score is as simple as it gets. Many online business offer the service for free. Simply pick one, create an account, and look your credit score up. If you'd rather not deal with such serious issues online, you can opt for ordering a free copy from any credit reporting company. At the moment, there are three of them, as follows: Centrix, Dun & Bradstreet, and Veda Advantage.
Everything considered, make use of short term loans only in times of need and look at the bigger picture at all other times. Compare short term loans and interest rates now!
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