You work hard for your money, but if you’re like most people today, it seems like you’re still just barely managing to make ends meet, let along put money into savings. What do you do when you don’t have a nest egg and an emergency strikes? Your car breaks down and it needs a pretty big repair, you have a medical emergency and you leave the ER with a massive bill, or any other emergency arises. Is there a way that you can get the money you need? – Yes! With short term loans, you can virtually instantly access to the money you need, when you need it.
There are several types of short term loans, and the following are some of the most popular.
Lines of Credit
Lines of credit are backed by banks and credit unions. They work similar to a credit card in that a credit limit is established and you can use the credit as you need it. Also like a credit card, you make installment payments to pay back whatever money you have borrowed against a line of credit. The major advantage is that they usually have a lower annual percentage rate than a traditional credit card, so you pay back less over time. When you pay back the amount you borrowed, that amount is available to again to borrow from your line of credit.
Merchant Cash Advances
Merchant cash advances aren’t really loans. With this type of financing option, a financing company offers you a cash advance in a specific amount of money. To make payments, the borrower gives the lender access to the credit. To pay back the money you borrowed, every time you make a purchase with your credit or debit card, the lender takes a percentage of it, plus a fee. A merchant cash advance can be a great way to gain access to fast money when you need it, even if you have a bad credit or no credit.
A payday loan is another great way to get the money you need when you need it. These loans are pretty easy to acquire, as credit isn’t a determining qualification factor; rather, your work history and whether or not you have access to a stable income will determine if you are eligible. As long as you have a steady paycheck, you should qualify for a payday loan. Essentially, these loans offer you an advance on your paycheck. You give the lender access to your bank account, and when the term ends, the lender withdraws the money you borrowed – plus a fee- directly from your bank account. The only drawback is that generally, payday loans have to be paid back in their entirety when the term limit is reached.; however, if you need fast money, it’s definitely an option worth considering.
There are a lot of companies that offer payday loans, such as Personal Money Network. This payday loan provider is regarded as one of the most reputable sources in the country. They grant short term loans in a super short period of time, everything is done online, and borrowers can have access to as much as $1,000 in a matter of just a few hours.
Summing It Up
When you need money fast, there are options available to you. The short-term financing options mentioned above are some of the most popular options. What makes them so ideal is that credit isn’t a factor, so whether you have bad credit or no credit, you can access the money you need with one of these financing options.