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Your Guide to Short Term Loans

  • December 1, 2019
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moneyShort term loans are in the most basic sense, a financial tool which you can use to meet financial crises head-on; most people are aware of this. What most people don’t know is that short term loans online and considerations come in many different forms. This is why you should always do your research before choosing a finance provider. Luckily enough for you, however, we have done the research for you; all you need to do is consider the facts before making your decision.

Your Guide to Short Term Loans

Generally speaking, there are four kinds of short term loans readily available to the average consumer.

• Payday Loans.

• Credit Union Loans.

• Doorstep Loans.

• Installment Loans.

Each of these four types of short term loan options has pros and cons that should be considered, but they all share a few basic factors that make them different from the traditional bank loan. Firstly, short-term loans tend to come in smaller amounts, and they are also paid off over a shorter period of time. Whereas a long term bank loan will generally be paid off over 5 years, a short term loan should be paid off over a matter of months (or even weeks). Other differences include:

• A higher rate of interest.

• A lower lending threshold (though this varies from lender to lender).

• The application process tends to be less rigorous.

• You receive your money quickly (usually within a day or two).

Types of Short Term Loan

Each of the four types of short term loan is suitable for people in different situations, so before you choose one you should consider all of the available options

Payday Loans

As the name suggests, a payday loan is a type of short term loan which is supposed to be paid back on your next payday, however, the name is a little deceptive. Many lenders allow you to pay back your loan over the course of a few months, but this means incurring more interest and charges.

Pros:

• You can borrow as little as $100.

• Quick

• Convenient

Cons:

• One of the highest rates of interest.

• Late fees pile up quickly.

• You may have to pay an extension fee if you cannot pay your debt within the given time.

Credit Union Loans

Credit unions are unique organizations, which means that no two credit union loans are the same. However, generally speaking credit union loans are repaid over a slightly longer period, and have a lower rate of interest than payday loans and most other short term loans. However, credit union loans are typically only open to members of the union, so you should research which unions operate in your area.

Pros:

• Lower rate of interest.

• Larger amounts available.

• Repayments are made over a longer period of time.

Cons:

  • You have to be a member of the credit union.
  • The application process is longer.

Doorstep Loans

Traditional short term loans from a doorstep finance company generally have less interest than a payday or instalment loan, but they tend to be paid out in cash and will need to be repaid in the same way. This makes them less convenient, but generally more manageable.

Pros:

• Lower rate of interest.

• Manageable weekly payments.

• Repayments made over a longer period of time.

Con:

• Less convenient than other short term loans.

• Longer application process

• Affordability assessment may be required

Installment Loans

Installment loans are perfect for those with bad credit as they are taken out in manageable sums and repaid over the course of a year. Payments are taken in weekly or monthly installments, but the borrowing threshold tends to be lower than it would be with doorstep or credit union loans.

Pros:

• Longer repayment period.

• Convenient and quick.

• Suitable for those with bad credit

Cons:

• Lower lending threshold.

• Slightly higher rate of interest.

Choosing the Right Short Term Loan for You

When seeking short term loans you should consider three main points: your credit score, how much you need to borrow, and how long you would like to repay it over. With this in mind, you will be able to identify the best type of short term loan for your situation. If in doubt shop around to find the best interest rates for you, and remember to only borrow what you know you can pay back to avoid unmanageable debt.

When used responsibly, short term loans are an effective way to deal with life’s little crisis..

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Carolyn Scott-Hamilton

The Healthy Voyager, aka Carolyn Scott-Hamilton, is the creator and host of The Healthy Voyager web series, site, and overall brand. An award winning healthy, special diet and green living and travel expert, holistic nutritionist, plant based vegan chef, best-selling cookbook author, media spokesperson, sought after speaker, consultant and television personality, Carolyn Scott-Hamilton is a respected figure in the world of healthy lifestyle and travel as well as special diet cooking and nutrition. The Healthy Voyager aims to help people live well, one veggie at a time!

5 comments
  1. Nika says:
    June 28, 2021 at 7:45 am

    It is unlikely that you choose a car for yourself on the principle of “what I saw first, I bought it”. You study the technical characteristics of the machine and see many options. It is also worth doing with a car loan, you can learn more about it here https://mediaonemarketing.com.sg/top-car-loan-providers-in-singapore/

  2. Emma says:
    January 8, 2022 at 3:37 am

    I think everyone understands that the higher the credit rating, the greater the chances of getting a loan. In addition, clients with a high credit rating can expect more favorable credit terms. I advise you to study this video https://youtu.be/RlxsMw7t2QA in more detail in order to understand how to avoid mistakes.

  3. Benjamin says:
    January 19, 2022 at 1:29 am

    Good guide, thank you! In fact, the most important thing is to use clear guidelines and good terms when taking out your first loan. Study all the nuances before making a deal. Also, you can find tips about online loans here.

  4. Evan says:
    January 21, 2022 at 3:47 am

    Guys, I had a pretty poor credit history, and I would like to say that I really need to get catalogs where can I find something useful for me. I hope someone will advise something

  5. Arnold Lopez says:
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Welcome! I’m Carolyn Scott aka The Healthy Voyager! I’m a super adventurous, Latina, award winning travel show host, media personality, holistic nutritionist, plant based foods chef, best selling author, speaker, consultant and serial entrepreneur 💖 I love to help people live happier, healthier, greener and more meaningful and balanced lives at every age so welcome to my page! For more information, be sure to click the link in my bio as well as visit HealthyVoyager.com 🥰  #HvonTour #whereintheworldisthehealthyvoyager #travelshow #worldnomads #topdecker #instatravel #instashare #travelzoo #wanderlust #instahub #topdeck #instagood #instago #travel #followme #ladiesgoneglobal #gItlove #skyscannerambassadors #femmetravel #luxuryworldtraveler #gtl #femaletravelcollective #vegantravel #solotravel #vegan #plantbased
Welcome! I’m Carolyn Scott aka The Healthy Voyager! I’m a super adventurous, Latina, award winning travel show host, media personality, holistic nutritionist, plant based foods chef, best selling author, speaker, consultant and serial entrepreneur 💖 I love to help people live happier, healthier, greener and more meaningful and balanced lives at every age so welcome to my page! For more information, be sure to click the link in my bio as well as visit HealthyVoyager.com 🥰  #HvonTour #whereintheworldisthehealthyvoyager #travelshow #worldnomads #topdecker #instatravel #instashare #travelzoo #wanderlust #instahub #topdeck #instagood #instago #travel #followme #ladiesgoneglobal #gItlove #skyscannerambassadors #femmetravel #luxuryworldtraveler #gtl #femaletravelcollective #vegantravel #solotravel #vegan #plantbased
Welcome! I’m Carolyn Scott aka The Healthy Voyager! I’m a super adventurous, Latina, award winning travel show host, media personality, holistic nutritionist, plant based foods chef, best selling author, speaker, consultant and serial entrepreneur 💖 I love to help people live happier, healthier, greener and more meaningful and balanced lives at every age so welcome to my page! For more information, be sure to click the link in my bio as well as visit HealthyVoyager.com 🥰  #HvonTour #whereintheworldisthehealthyvoyager #travelshow #worldnomads #topdecker #instatravel #instashare #travelzoo #wanderlust #instahub #topdeck #instagood #instago #travel #followme #ladiesgoneglobal #gItlove #skyscannerambassadors #femmetravel #luxuryworldtraveler #gtl #femaletravelcollective #vegantravel #solotravel #vegan #plantbased
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