Repair Your Credit | The Personal Loans Touch (Pt. 2)

Short-Term Personal Loans

“Repair Your Credit” continues with this look at short-term personal loans. If you missed the beginning of this article, CLICK HERE.

Short-term personal loans are all around us. You can typically apply for one at your local bank or credit union, but for 24/7 convenience, online portals are an attractive option. Why are these called short-term personal loans? It’s really quite simple: they’re paid off in a short period of time.

Interest rates are higher on short-term personal loans because of the brief funding cycle. This enables lenders to generate some profit from the use of their money. The maximum dollar amount on these loans is typically within the $15,000 to $20,000 range.

Personal Payday Loans

Personal payday loans are popular for a variety of reasons. Convenience and speed are chief among them. If you need a small amount of money before your next paycheck, personal payday loans are the way to go. They can be acquired within just two hours, the approval criteria is less stringent than larger loans, and they are directly deposited into a bank account.

Personal payday loans usually need to be repaid within two weeks. The interest rate is usually between 15 and 30 percent of the loan amount, which ranges from $100 to as much as $1,500.

Which Personal Loan Works Best For You?

Assess your situation and consider the advantages before you apply. For that information, KEEP READING. I’m going to take a closer look at some of the advantages, facts and fallacies that I’ve hinted at here. If after reading this material, you come to the decision that a payday loan isn’t something you need to “Repair Your Credit,” skip the upcoming segment on payday loan borrower demographics. There are still plenty of money-saving tips, credit repair and debt consolidation tactics to come in this E-book that will help you.