Bad Credit Short Term Loans for Quick Money
When we have to buy a gift for a loved one, need funds for repairs, face an unforeseen emergency, or maybe we just want to celebrate a special occasion, most of us will need quick cash long before our next paycheck. This is a very problematic situation that all of us face regularly. Short term loans for bad credit may serve the purpose of getting a cash advance immediately without all the hassles of traditional lending.
Short Term Loan for Bad Credit is Collateral-Free
A short term loan for bad credit is hassle free because it is totally confidential and easy to obtain. Typically they do not require credit checks. So even if you have a bad credit history, you may secure an easy loan with no collateral required.
Short Duration Loan with a Low Fee
You may apply for a short term loan for bad credit for amounts ranging from $100 to $1,500. The industry average for lenders when charging a fee is $15 for every $100 borrowed. The industry average loan duration is 14 days. Due to increasing competition amongst lenders, you may research and find a lower fee without much effort. In some cases, just inquiring about lower interest rates or longer payment periods can get you what you want.
Faxless Application for the Short Term Loan
You’ll have to apply for a short term loan online if you want quick cash. You’ll fill out an application form giving details like your name, address, phone, E-mail and details about your job. Once this information is verified and approved, the loan amount will be electronically deposited into your bank account usually on the same day and sometimes in a just matter of hours.
No Fax Means Saving of Time and Money
For a no fax short term loan for bad credit, you won’t have to go out to a loan store where everyone in town may see that you are short on cash. You will be happy to know the application process is totally private and confidential. You do not even need to fax any documents to the lender. That saves on fax fees, which are usually charged per page. You needn’t hunt for a fax store either.
Fax stores can easily charge you up to $1 per page. So if you have to fax 10 pages, it’s a $10 savings for you. Because the loan process is completely online, you may even sign your application form online. This is called an E-signature.
Plan and Repay Your Short Term Loan on Time
It can be easier to repay the loan on time if you authorize the lender to withdraw funds electronically from your bank account after your next pay date. You may have the loan rolled-over for a little extra fee, but by delaying the deadline you deliberately allow interest to add up. Since it’s a short term loan and the fee is usually high, the situation may easily get worse than it was before you opted for the loan. Realize that this loan is a temporary solution and not a long-term solution for your financial troubles.
So if you are in need of some extra cash and you are caught between paychecks, a short term loan for bad credit is the fastest and easiest way to obtain a quick loan. Most lenders have customer service representatives and loan advocates there to assist you with your online short term loan application process.