What are Short Term Personal Loans?
What does an emergency look like to you? Would a flat tire make it impossible for you to get to work for the week? Would fixing a leaky pipe in your basement set you back more than you could afford? Or maybe all of the above?
Whatever the case may be, emergencies like these can derail a lot of things in your life, and your budget may be the first victim. If your savings are at a low point, how can you be expected to handle the expenses that come along with an emergency situation?
One of the most important things to remember when you’re facing an emergency expense is that the sooner you take care of it, the better. Firstly, most emergencies require immediate attention anyways, so you often don’t have any choice but to deal with it asap. Secondly, even in certain cases where you have a little more breathing room, if you wait too long to deal with it, the problem may worsen along with the associated costs.
So, if you’re dealing with an emergency expense and your savings are low (or non-existent), short term personal loans may help you deal with it in the immediate future. But how can they potentially help you and what types of small short term loans may be available to you? Keep reading to learn more!
Defining Short Term Loans
In a lot of cases, the main use for short term cash loans is to help people who are dealing with an unexpected expense and don’t have money saved up to deal with it. Why? Well, one important factor is that the process of applying for one – particularly for an online loan – is often fairly quick. When you need fast funds to help you with an emergency expense, this is an important thing to consider.
It’s also important to keep in mind that quick short term loans are meant for short term cash flow issues. They aren’t meant to help you with your long term financial goals, or even for things like recurring bills. If it’s not an emergency expense, then you should think twice before applying for one.
Benefits of Small Short Term Loans Online
When it comes to short term loans, it’s important to consider the entire spectrum of what might be available to you before you submit an application. With that in mind, it’s worth exploring the world of online loans to see if they may be a good fit for your situation. What are some of the potential advantages of short term loans online? Let’s take a look.
1. Quick Application Process
Like we mentioned earlier, time is of the essence when it comes to dealing with an emergency expense, which makes the speed of the application process an important aspect to evaluate. With online loans, you can usually rely on this process to be relatively quick. In a lot of instances, you’ll be able to fill out an application in just a few minutes. This can fluctuate depending on the organization that you’re applying for a loan with.
What makes this different from submitting an application for a loan in person? Well, for starters, you won’t need to worry about travel time with online loans. On top of that, all the other things that may slow down the in-person process, like wait times and speaking to a store associate, can be skipped. When you’re in need of fast funds, being able to bypass some of these hurdles can be a huge boon.
On top of their speedy nature, one of the other advantages of short term loans online is that they’re convenient. Like we mentioned in the previous section, there are some things that can slow down the borrowing process when you opt to do it in person. These things, like travel time, finding time in your schedule to go to a storefront, and more, can pose some problems for people with packed schedules. When you apply for a loan online, a lot of these potential issues disappear. You can apply from anywhere as long as you can access the internet, and in certain cases, you can even choose to submit your application 24/7.
3. Simple Research Process
Applying for a loan requires more than just filling out an application and waiting to hear if you’re approved or not. There’s a lot that comes before that, namely the research portion of the equation. Before you decide to submit an application, it’s important that you take the time to assess what potential options may be out there for you. This way, you can put your best foot forward when it comes to finding short term loans that suit your situation.
When it comes to online loans, researching potential loan options is easy. Financial institutions that offer or service short term loans online should have the relevant loan information clearly displayed on their website. This means that you simply need to do a quick online search for loans that are available to people who live in your state, get all of your potential choices in front of you, and compare what’s there to find something that’s suited to your situation.
Benefits of Personal Short Term Personal Loans Through MoneyKey
- Work your way through your application for a short term loan in just minutes.
- It’s a simple and straightforward borrowing option.
- As long as you’re able to access the internet, you’ll be able to apply for short term personal loans through MoneyKey.
- Verify your info with our Customer Care team and you may be approved in minutes♦.
- Our Customer Care agents are friendly and helpful.
- We’re here for you 7 days a week to guide you through any part of the application process.
Quick Funds for Emergencies*
- If you need financial help in an emergency situation, you can get the funds you need quickly.
- If approved, you may be able to get the funds as soon as the same business day*.
- A fast and simple way to get the cash you need, when you need it.
Different Types of Short Term Loans
Like we mentioned earlier, research is an important factor when it comes to quick short term loans. Part of this is understanding the different types of personal loans that you may qualify for. Some common types of short term loans include:
- Short term installment loans: These loans provide you with a lump sum which you’ll then need to repay, along with interest and/or fees, over a series of scheduled and equal payments. These could span anywhere from several months to several years.
- Payday loans: Payday loans also provide you with a lump sum, but instead of paying it off in installments, you’ll need to repay what you owe by your next pay date.
- Lines of credit: With a personal line of credit, you’ll be given a credit limit from which you can draw funds from, as long as you have available credit and your account is in good standing. You can continue to draw funds from your line of credit on a revolving basis as you pay it down.
Submitting an application for a loan can have big implications on your financial standing, so it’s important you approach the process carefully.
Consider Short Term Loans in Emergency Situations
No one said emergency expenses were going to be easy to deal with, but having said that, there are steps you can take to help you handle them both in the moment and ahead of time.
The first thing you should consider doing is contributing to an emergency fund as much as you can. While it’s a long road to saving up six months’ worth of living expenses, every little bit counts. Even if you only put aside a few hundred dollars, that can go a long way the next time you run into an emergency expense.
If you don’t have an emergency fund, small short term loans could be a useful alternative in times of need. But before you apply for a loan, make sure you take the time to find something that works well with your specific situation. And remember, never apply for a loan when you can’t afford to pay it back.