What are short term loans?
Short term loans are a form of finance that enables you to borrow money for a relatively
short period of time, rather than having to take out a longer term loan for 12 months
or more.
Short term loans for short term credit needs
Short term loans are ideal if you’re strapped for cash now, but will not be in the
long term.
Payday loans fit neatly into this category. They
are short term cash loans designed to be
repaid on your payday and are, therefore, often known as
loans till payday or payday advance loans.
If you need extra cash for a relatively short period of time it makes sense to get
a short term loan, rather than be tied into a long term loan contract, often for
more money than you may need.
Fast cash when you need it
Another advantage of the payday loan category
of short term loans is the speed with which you can access the required cash. At
Payday Express we offer online short term loans, where you can apply for a
cash advance in minutes, receive an instant approval decision, and get your
cash that same day, generally within an hour of applying subject to status.
Most often, when you need the money now and you’re waiting for payday to arrive,
it is not the length of time you can borrow the cash for that is as important as
the speed with which you can get hold of the cash you need.
Get cash now and repay it when you’re paid
With short term payday loans, you can get your cash as soon as you need it and pay it back as soon as you have the funds back in your bank account from your wages.
Representative Example
If you borrowed £200 for 28 days you would repay a single payment of £258, with an interest rate of 378% variable per annum. 2670.8% APR representative.
If your credit needs are more long term than between now and payday, then short
terms loans are not likely to be for you, and you should look at alternative forms
of finance. However, if you need fast cash to
give you some month end money to bridge the gap
between now and payday, a short term cash loan may be your answer.