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Short Term Loans

Apr 30, 2008
When you are struggling to make ends meet for one reason or another, whether this is due to illness or a financial emergency, then you may find that a short term loan will be able to help you out and provide you with cover until you are paid. If you wish to obtain a short term loan then it is important to remember that there are some minimum requirements that you must meet to qualify. These include being 18 years old or over and having regular employment and a regular income for at least 6 months. You will also be required to have a valid bank account. If you have a bad credit history then you are still able to apply for a short term cash loan and you will often find that they offer the same terms to all borrowers regardless of their credit status. Applying for a short term loan can be as easy and simple as filling in an application form online which will then be submitted. The timeframe in which you are expected to repay the loan is between 10-14 days but you may find that some lenders will extend this.

One type of short term loan available is a payday loan which is essentially a cash advance ranging between 50 and 500 which is usually needed to meet a temporary cash shortfall and you will be required to repay the loan when you are next paid. A payday loan is normally needed to meet an unexpected financial emergency, such as sudden work being needed on your house or car and to meet any direct debits that require payment during this time.

Another type of short term loan available is a bridging loan, whereby a loan is taken out to meet payments whilst your money may be tied up elsewhere. This is often the case if you buy a property or commercial property and are paying the costs of renovation. Bridging loans tend to involve much higher sums of money than a payday loan. Interest rates on the former loan tend to be higher then for most since it is believed that the lender is undertaking a greater risk. A bridging loan is again a short term measure only and will generally be repaid between 1month and a year, depending on whether you get an open or a closed bridging loan.

One problem with these types of short term loan is that the interest rates can be very high so you will often be paying much more back. Trying to get an interest free loan is the best way of trying to borrow money and a number of lenders can now offer a short term interest-free period, so you may find that a simple overdraft with this may be the best option for you if you only need a small sum of money for a short period of time.

If you require a larger amount then getting a credit card may be an option as some cards can now place the balance of the card into your bank instead of by balance transfer. In this way, as long as you make sure that you make all of the repayments before the end of the 0% timeframe then the amount you are borrowing will be interest free. You do have to make sure that you keep up the repayments as required on your short term loans otherwise your borrowing will not be interest free.
About the Author
Sean Horton is a Director of Enhanced Wealth, a whole of market mortgage broker and IFA specialising in mortgage advice and the associated areas of income protection, mortgage protection, and short term loans.
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