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Online Short Term Loans

admin | 22 Nov 2021

Many direct lenders offer short-term loans in Australia. Designed to provide an amount of money as fast as possible, these loans are helpful for when you suddenly find yourself needing extra funds. Ideal for emergencies like a car or home repairs, short-term loans allow you to quickly borrow the money you need. Because such loans are often needed suddenly and quickly, many direct lenders now offer short-term loans online. These loans enable you to use your smartphone, tablet or laptop to apply. They are available almost anywhere and anytime.

1. Explained

Instant online loans are similar to traditional methods of getting loans in asking for the same information. Likewise, your application will also involve a credit check to gauge the affordability of the loan. However, unlike traditional applications, everything is done online. Meaning there is minimal form filling and your application will be processed much quicker. You can often get the money you need the same day; often within minutes of you applying.

A short-term loan is what it says, with the money you borrow is usually required to be paid back quickly. This repayment period is often around three months. However, because these loans are specifically designed to be repaid over a much shorter period, they often feature a higher APR. As such, we recommend that you only use a short-term loan to fix short-term financial problems and not to solve longer-term issues.

Short term loans also do not require a guarantor.

2. Short term loans with no credit check – How do they work?

The short answer is they do not work. Because of concerns regarding credit scores and the growing demand for short term loans, many lenders claim to offer short term loans with no credit checks and no fees. However, there is one problem with this. A short term loan cannot be issued with no credit check. The law stipulates that all direct lenders carry out a credit check on all loan applications. Therefore, if a direct lender claims to offer short term loans with no credit check, they are not telling you the truth.

3. What are instalment loans?

An instalment loan is simply a type of loan in which you repay the money you borrow over a set number of repayments. These repayments are agreed upon before the loan is taken out and can be paid both weekly and monthly depending on the type of instalment loans you are looking for.

These loans have traditionally been for larger amounts of money, such as mortgages or car loans. However, they are now becoming increasingly popular with people who need Short term loans quickly yet require lower and longer monthly repayments than those offered by traditional weekly payday loans. As such, many direct lenders now offer instalment loans for small amounts and which can be repaid over periods longer than the traditional one month.

 

If you are really in need of a short term loan for personal expenses, apply with My Cash Online today.