A sum borrowed from a period of less than one year is termed as a short term loan. This kind of loan is perfect to satisfy your monetary need of the hour. Though, the interest rate is a bit on the higher side, a short term loan can be your ally during that financial tight phase of a month between paydays. As, the name goes, short term loans from Loan Pig enable you to get instant cash in a very short time- sometimes it a matter of some hours or up to a day to get this kind of loan approved.
Typically, the basic eligibility to get short term loan, you should be employed with the same organization for more than three months. Your potential money lender will inquire the detail you presented from your employer. Plus, you need to submit proof of your earning, and a bank statement is also obligatory.
Repayment
You will have to repay the borrowed money back in a few days, weeks, or months. The lender may break up the total you borrow into payments. The amount you repay with each repayment depends on the loan amount and the interest rate. It is indispensable; you should review this information, and ink the deal before you accept the loan offer. If you think you can’t repay the loan in a specified time, then you should give the high-interest loan a miss.
Short Loan and Credit Score Are Correlated
Borrowing money is a decisive decision in your life, especially when you are struggling through financial urgencies. Short term loans from Loan Pig is quick and convenient cash credit alternatives to ameliorate your current monetary needs. Since this kind of loan can make or break your credit score; you need to be judgmental before applying for the same. Furthermore, all repayments made towards short time loan will reflect in your credit profile. You, therefore, make the repayments on time not only to attain peace of mind but also to get your next loan approved without any hassles.
No long Term Commitment
With small time loan, you only have to focus on the near future as the loan is repaid off within a very short frame of time. It is perfect for those, who find it a bit risky to commit to borrowing over a period of years, worrying about the repayment and managing the loan throughout their life. In the case of a short-term loan, there isn’t an issue as repayments terms can be as short a few days, weeks, or months, leaving you free and move on.
Unsecured Loan
Since they are usually for borrowed over fewer months, they tend to be unsecured; you don’t need an asset- such as a car or house to be able to get a short-term loan. Instead, a decision on your loan application based on facets such as credit score or bank statement.
At last, read all terms and condition carefully is the rule of thumb before taking up any loan. Plus, inquire about the credibility of the money lender.