Short term installment loans are popular financing options for people who desperately look for cash in emergency circumstances. These are unsecured loans with small amounts that are also available for people with poor credit scores.
All of us need some extra cash at some point of time in our life. It is not always possible to get a secured loan from a bank or other financial services provider as you may not have any valuable or property ready which you can use as collateral or security. Unexpected events can happen anytime and financial crunch often becomes an embarrassing and uncontrollable situation for you. A short term installment loan can work as an effective solution for you in these circumstances.
Benefits and features of short term installment loans
The salient benefits and features of short term installment loans are given below:
These are unsecured credit that don’t require any collateral or security.
The repayment term of these loans normally range between 14 and 30 days along with the interest charged on the borrowed amount.
These credit products are tailored to fit the financial needs of the borrowers.
Since the amount is small and the repayment term is flexible, it is easy for the borrowers to pay off within the stipulated period of time.
Even people with a not-so-fair credit history are eligible to apply for them.
Borrowers can qualify for an amount which ranges between $100 and $1,500
Usually, there is no application fee, hidden cost, or administrative cost for setting up the loan.
The application procedure is simple and does not take much time. As a result, you get the funds within a short period.
You don’t have to undergo any credit check by any agency.
There is no need to submit any paperwork or fax any documents. The entire procedure is conducted online in a paperless manner which saves considerable time.
Once you become approved, you can use it for varied purposes like clearing an outstanding medical bill, paying tuition fees of your kids, or carrying out some home improvement work.
The accessibility is 24 hours a day so applications can be sent any time over the Internet. Nonetheless, applications sent on Sunday are usually approved on the following working day, i.e., Monday.
Who are eligible for short term installment loans?
Now, the relevant question arises regarding the eligibility criteria for these short term loans. A brief outline is given below:
You need to be a citizen of the United States
You need to have a steady job with a fixed income which is not less than $1,000 per month
Your age should not be less than 18 years
You need to have a valid bank account
Unprecedented medical bills and unpaid credit card debt can often throw you out of the right track. A short term installment finance might help in this scenario to some extent. However, before taking one such credit, you need to prioritize your financial goals and determine whether it is right for you to borrow or you can manage the payments.