So You Need a Loan? Get a Short-Term One and Enjoy These
Short-term online loans are very popular because they offer a simple and fast way to cover a gap in the household or personal budgets. Whether you’re having a tough month balancing your budget or facing a financial emergency, there are many reasons to think about short-term financing to make ends meet. And while several different options are available—including payday loans, installment loans, and guarantor loans—you’ll enjoy these benefits whichever type of loan you decide on.
Flexible Commitment
There is no long-term commitment with these short-term loans, whether physical or online. You only need to prioritize the immediate future as the loan is paid off within a much shorter period.
What turns many people from borrowing is the long-term commitment to paying off this debt, sometimes as long as 30 years! It’s frightening to consider making payments and managing the loan throughout your working life. This isn’t an issue with short-term loans, as repayment terms can be as short as a month so that you can finish your debt on your own time. But it’s important to remember this next benefit if you want to go with shorter payment terms.
Less Interest in Shorter Payment Periods
Lenders make the most income the longer you hold out a loan’s life because they increase the interest rates. On the other hand, short-term loans offer a simple way to borrow the cash you need and pay less—if you pay it as soon as possible. The earlier you pay it back, the lower your interest rate.
Since you haven’t secured your home or car with short-term borrowing, it is important to remember there is also less risk of losing assets if you cannot make repayments. While you should always make sure you only borrow what you can afford to pay back, avoiding the risk to your home or vehicle, traditional longer-term loans can take the pressure off finishing your debt.
Prompt Availability
Short-term loans are available quickly. One of the defining features of this borrowing is that you can get cash fast—as soon as the same day or the next! This makes financing, like payday loans, appealing if you find yourself in a situation where you need cash on hand quickly.
There Are Different Types of Short-Term Physical or Online Loans
Payday loans have a payment period of a month; installment loans can go as long as a year or more, with the borrowed amount capping at $1,150; doorstep loans offer $150 and above without a bank, as long as you repay the lender’s agent every week.
Unsecured
Since this type of borrowing involves smaller sums and its tenure is over fewer months or years, they tend to be unsecured, meaning you don’t need an asset—such as a house or car—to borrow a short-term physical or online loan.
Instead, what happens is that the borrower decides whether you’re eligible to borrow or not based on factors such as credit score or whether you have someone willing to be your loan guarantor.
Useful for Any Expense
Much like personal loans, borrowers use short-term loans to help bridge a gap in monthly expenses, such as rent or utility bills.
Get Access to the Benefits of Online Loans with the King of Kash
Need cash fast? Contact King of Kash today for online loans that don’t need collateral, traditional credit checks, or loan origination fees, and provide you with quick approval! Visit our website to apply online, or call us at 800-892-3006!
Cary Silverman is a consummate entrepreneur having sold multiple companies during his 20 years of business experience in the financial industry, but for him, it isn’t about the money. His success is rooted in his passion to focus on doing something better today than it was done yesterday. These days, he’s the CEO of Waldo General, Inc. that oversees the operation of King of Kash.