Woman looking out from the car window Short Term Loans

Advantages of Short Term Personal Loans

Posted on 29 October 2015

The majority of people find themselves in need of a personal loan at some point in their lives.

There are many options when it comes to personal loans. However, if you are between pay cycles and have an unexpected emergency that means you need cash fast, a short- term personal loan may be your best option.

The following are a few advantages of short term personal loans:

Faster Than Banks

Many people need short-term loans for emergencies like medical accidents or car repairs. This type of loan usually doesn’t require a long and drawn-out approval process. If approved, in most cases you can receive the funds within the same day allowing you to take care of your needs.

Defaulted Before?

A responsible lender will always require more than simply proof of a steady income before approving a loan. At Credit24 we want to make sure the amount you are applying for, will not put you in a worse position than before. While we do check your credit history, we assess your application based on your current circumstances.

This isn’t to say that if you’ve previously defaulted on a loan, that you’ll never be allowed to have another. This just means the loan provider may take a closer look at your circumstances to assure you can afford the repayments, and the loan will put you in a better financial position that you previously were.

No Collateral Needed!

Many loan companies require a form of collateral before giving a loan. This can put you at risk of losing a possession. Credit24’s short-term personal loans do not require collateral as security. Using collateral can put extra stress and pressure on the borrower. As we mentioned above, we just want to make sure you can afford the repayments and the loan will improve your financial position.

No Long-Term Commitment

Having a long-term loan can be overwhelming. Knowing that the debt can last years, it may cause stress. Short-term loans offer a very short commitment. Simply repay the amount within the timeframe you choose.

Short-term personal loans are a great alternative to typical long-term loans from the banks. Avoid the hassle of a long application process and receive your money quickly. Apply today for your fast cash, short-term personal loan. If you have any questions feel free to contact us.