Short Term Lending Offers Emergency Cash for Qualified Applicants
Ever been in a financial jam and have no idea where you’re going to turn for help? Everyone has been there once or twice in their lives, and quite frankly, the feeling isn’t fun. Financial emergencies can be enough to switch your entire mood and more importantly, throw your finances out of whack. Luckily, there are short term solutions that can provide relief to consumers who otherwise would not have the opportunity to borrow cash.
If you’ve tried applying for a bank or private personal loan before, you know the eligibility requirements can be insane. You need to have collateral, a picture-perfect credit score, and a ton of money to assure traditional lenders that you have what it takes to pay them back – not to mention, the long wait for approval.
Short term solutions such as installments loans are a fast payday loan alternatives. Installment loan companies will provide consumers with less than stellar credit an opportunity to borrow cash and pay it back in convenient increments. So, what does it take to qualify?
- Age – As with any form of loan, all borrowers are required to be at least 18 years of age.
- Citizenship – All applicants must be residents of the United States
- Income – All applicants are required to have verifiable income of a qualifying amount that’s directly deposited into their checking or savings account
- Bank account – Applicants must have a checking or savings account
- Credit – Perfect credit is not required to be approved. Applicants can’t however, have filed for bankruptcy or plan to file bankruptcy soon.
As you can see, there is no need to own a home or some sort of asset that can be used as collateral and you don’t have to have a six-figure income. The above-mentioned eligibility requirements are also for your protection as well.
Short term lenders want to make sure that when they’re approving applications, that these applicants have the means to repay the loan back before it too becomes a financial emergency. When not repaid on time, short term loans have higher interest rates which can cause the debt to increase. Lenders ask for this criterion to discern how much you can reasonably afford.
Getting Out of a Jam Properly
It is important to point out that short term loans are not meant for those who are dealing with an enormous amount of debt. They are specifically designed for those who may not have the best credit standing, but are in a short term financial jam that they need to get out of.
Take the funds and use them to get yourself straight and then do your due diligence to repay the lender what you agreed to. By staying on point with the pay increments set up for you, you will pay down the loan in a short period and increase your chances of being approved for more should you need it in the future.
When you’re in a bind financially, that you can’t get out of without help, consider the option of using a short-term loan. Such loans are easy to qualify for and are approved in a matter of minutes, allowing you to handle your financial emergency in a matter of days. As long as you practice responsible borrowing, you’ll always have a financial resource you can depend on when life throws you for another loop.