What is a short term loan?
A temporary cash flow issue leaves you on your toes, and sudden support is always required. Short-term loans are considered the most suitable funding option in such circumstances. You can borrow from £1000 to £10,000 for a minimum and maximum tenure of 6 months to 18 months. Besides using money for varied purposes, these loans have several other features. You can borrow it online through instant approval decisions, and the deals are always customised.
These days, alternative lending methods allow you to attain funds without much chaos of stringent conditions. If you get short term loans by direct lender, the approval chances are always high, unlike traditional lending. There is no need to be afraid of multiple checks because you may get approval from the first online lender you reach out to. Easyadvanceloan is one such platform where you can find your financial relief through immediate short-term funding.
To qualify for the loans, you need to have stable finances, especially in the past six months. Also, the lowest age requirement is 18 years. The great thing is that no guarantor is required to borrow funds. Apply and attain funds self-reliantly. This is why the loans are also available as personal short term loans. No matter whatever term you use, as long as you can find such facilities, your experience as a borrower will always be great.
How does a short term loan work?
Short-term loans work like any other loan type with a shorter tenure. The Creditworthiness of the applicant is the most important thing, even if the borrower is taking funds for a tenure of only 6 months. Still, the process goes smoothly, which is specifically speedy in the case of direct lending. A few steps are sufficient to get money in as short as 24 hours.
- Applicant needs to apply online and provide all the necessary details and documents online only.
- The lender does a credit check and financial history scrutiny
- Once the verification is completed from the lender’s side, approval is given on an amount the borrower qualifies for. It is an offer that needs approval from the applicant.
- Once the applicant accepts the approved loan amount and terms and conditions, fund disbursal happens.
All this happens within 24 hours and sometimes even in a shorter time. This is why small short-term loans are so popular; individuals and businesses obtain funds through this loan option. If you are also looking forward to satisfying any urgent need, let us know. At Easyadvanceloan, we make sure you get an affordable repayment deal. Due to the personalised approach, you can expect a favourable tenure, rate of interest and instalment.
What are the different types of short term loans?
Several types of loans that serve various purposes are available. You will be happy to know that for temporary financial requirements, so many options are there. Read below these types, and if you need funds now, contact us, and we will ensure you get funds within one day.
Payday loans - Payday loans are specially designed financial products that offer funds immediately and the borrower pays back the loan on his pay day or salary day. This is why they are called short-term payday loans. Some lending companies provide this loan for a tenure of as short as one month. But in that case, the repayment can be big due to the added interest rate.
Unsecured loans – A loan that is not secured by any collateral is an unsecured loan, and it is always short-term. You can borrow money not only without pledging any of your assets but also without any guarantor. Isn’t this a double benefit? As long as you have stable recent finances you can make it happen.
Instalment loans – The loans that are paid through easy instalments come in this category. Here again, you will get a decent deal with customised repayments and rates of interest. The more stable your recent credit history is, the higher the loan amount will be.
Quick loans – As you can understand by the term, these are short-term quick loans. Before you imagine, money is in your account. Unlike payday loans, you can get any repayment data depending upon your approval date. Depending upon the borrower, the loan tenure, amount and rate differs.
Line of credit – It is an overdraft facility extended by a lender to a borrower. The lender approves a certain amount on the applicant’s eligibility. The borrower can take out funds depending on the requirement. He is entitled to repay only for the amount he has used.
What advantages do short term loans bring for you?
Yes, there are several reasons for you to depend on the loans for short-term tenure. After all, this option is so popular worldwide. Whenever they feel stuck in a money crisis or have any urgent need, they know which loan choice they can rely on. Read below to find more purposes to obtain funds through small duration funding.
- Lower APR - You will always get short-term loans at low APR due to one big fact. People need funds for temporary requirements in a recurring manner. If the rates of APR are high, this financial product will never be inviting for people in need. It is why direct lenders always offer funds at a reasonable price. As long as the APR is in control and is affordable, your overall loan cost will always be under the limit.
- No restriction on the use of funds - The loans are for shorter tenure is sometimes used as the personal loans. It is because; you never have to specify the purpose of the loan. It means, you can borrow and use the money in the way you want. Whether you want to invest in your wedding, need some renovation in the house, or any purpose is possible. In any aspect of life, freedom is a great facility.
- Speedy process and timely disbursal - When a funding option is destined to serve instant needs, it has to be speedy in process. If this is what you are looking for, you are at the right place. The loan process and fund disbursal all take a maximum of 24 hours. It is certainly a great fact to know for the borrowers who need funds now and then. If you feel another financial issue is coming toward you, worry not because speedy funds are right here for you.
- Easy approval - when it comes to obtaining funds through a loan, approval decision is always important. Every borrower wants instant and smooth approval decisions. Short-term loans on easy approval are a reality today. Once you fill in the details and click on the enter button, your approval decision will be displayed on your screen. Don’t you think it is a great facility for modern-era humans? Direct lending always makes efforts to follow the latest ways of funding to ensure customer’s comfort.
You can expect so many things as advantages of these loans. Whether it is about getting funds on time or repaying them through affordable installments, everything is possible. The most important thing that borrowers seek is short-term loans with low-interest rates. You are at the right spot if you are reading this. Why wait for more? Just fill in your details here and apply for a loan that offers you instant financial relief.
What will happen after the rejection of my short term loan application?
If your loan application is rejected, firstly, you will get to know the reason for the rejection. We suggest that you should work on that cause as soon as possible. For example – if the denial happened due to missed or delayed repayments of other obligations, you need to work on this cause. When your recent finances improve a bit, you can apply for funds again. We understand that financial issues happen with everyone. Technically, there cannot be a permanent ‘No’ as an answer for any borrower.
Another possibility in case of rejection is that you can choose to get a smaller amount. It is because loan application rejection happens for an amount beyond your eligibility. It may not mean to reject you totally. So, in that case, borrow a smaller amount if your requirement can be fulfilled with it. Many of our borrowers use the same method and easily qualify for funds. As the saying says, ‘Something is always better than nothing’. You should try it in this case as well.
A rejection is never an ending for any borrower. We always suggest several ways to our borrowers to obtain funds. In fact, we have approved funds for the borrowers who some other lenders rejected. Of course, if traditional lending is your choice, it is fine, but its stringent rules will always scrutinise your finances. It is not bad, but direct lending studies your finances to approve funds and not reject a loan.
Why choose Easyadvanceloan’s short-term loans?
As a direct lender, we follow customer-centric policies. However, we are also rational because the borrowers should know everything clearly about the possibilities. There are several reasons out of many to convince why you can choose for the next financial need.
- Commitment of speedy fund disbursal - 24 hours is the maximum time we take to send money to your bank account. From application procedure to verification and fund disbursal everything happens faster.
- Customised deals - Every borrower gets a deal according to his individual financial conditions. We don’t follow a ‘one size fits for all’ policy because every applicant has a different repayment capacity.
- Live tracking - Yes, you can live track your application status because we know the urgency of funds keeps you restless. However, maximum time we take to deposit money is 24 hours. But it’s your right to know everything.
- No hidden fee chaos - Transparency is the most important part of our lending policies. Whatever you pay as a fee is always in your knowledge before the process. You can call us anytime to know more about loan costing.
Short-term loans are popular due to their diversity and flexibility. You can use the money for any purpose; a fund deposit happens instantly after a quick approval decision. In today's fast-paced life, it is certainly not possible to afford delay. Borrowers always have something to look forward to with this loan option.