A short-term loan is a type of instant payday loan and is available when a cash shortage occurs. Loans can be obtained for periods that range from 1 day up to 3 months. Most lenders for a short-term loan do not require a credit check. Individuals will only need to promise to repay the loan within the repayment period. The amount of money that is borrowed will need to be paid back within a period of one week to 90 days.
Amounts for a loan can vary from a low of 100 pounds to a maximum of 2,000 pounds. The amount of this loan can be used to make a payment or to cover other types of expenses. Many websites online that offer short-term loans are willing to offer a 1,000-pound loan with a 25 percent interest rate. This means that a 100-pound loan will require a repayment of 125 pounds. Some lenders may offer a rate of interest that may be lower based on the amount of the loan.
Most traditional lenders do not offer these types of loans to the customers as the need to paperwork will slow down the process. Individuals typically have responsibilities that do not have the time to wait for a lender to approve their paperwork. You can avoid this process by applying for a loan using the internet.
Individuals of all types are able to obtain a short-term loan. This includes individuals who are receiving benefits, individuals who are unemployed and students. Applying for a loan is done online anywhere an individual is an able access the internet. A loan application may include the loan amount, personal details, address details and bank details. All of this information is entered online and will not need to be mailed or faxed to the lender to approve.