Though it should by no means be a first choice, there is rarely a person who lives his or her full life without needing to take out come sort of loan. Making large purchases such as vehicles and homes requires lines of credit above and beyond many people's means and that is understandable. However, there are also some times in life when a loan is needed for a more personal matter. Unfortunately, not everyone can qualify for personal loans as easily as others due to past experiences, low income or other factors, leading to a lot of uncertainty.
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Loans of the Past
If you are one of those people, chances are you have thought that the only option available to you were questionable places like pawn shops. Without collateral such as a home to put up against a personal loan, finding a traditional lender was nearly impossible because banks would consider those with bad credit or low incomes too risky to lend to.
The Internet Changed It All
However, over the past two decades, as the internet has taken a hold on more and more of our lives, many American lenders were able to branch out beyond the brick-and-mortar scene and take their business online. In the process, many of these lenders have been able to extend loans to those traditionally unable to attain them in the form of unsecured loans. For those in especially tight situations, the short term version of these loans has proven especially helpful.
Unsecured Loans for Short Terms
Also known as payday loans, this type of lending is done as a means to help you pay bills between paychecks when you get into a bad way. Generally, these loans are extended for $100-$1500 and the terms are 5-31 days. This basically allows you to get the money you need for the short term and pay it back with your next paycheck.
The Details of Short Term Loans
The short payback period on these loans generally means that interest rates will be slightly higher than those offered for longer term, and larger amount loans. On average, you can find these loans for as little as 5% interest, up to 14%. This is still significantly lower than many credit cards, especially for those with bad credit.
Because these loans are small and only offered for short periods they generally require no credit check, but merely verification, through pay stubs, of reliable and acceptable income. It is important that you make sure you have the ability to pay the loan back within the short term if you plan on taking it, since not doing so can adversely affect your credit even further.
The Benefits of Unsecured Loans
Though these loans are certainly not a long term solution, their reasonable interest rates and high availability over the internet make them an excellent choice when you are in a situation that requires fast cash for a short period. Generally, online short term loans will be deposited in your checking account within 24 hours of approval, allowing for a suck turn around in terms of your ability to pay your debts. If your only other choice is a high interest credit card or a pawn broker, these short term loans can really be a great help in a tight situation.
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