If only it was raining money. If only the world was perfect and no one ever needed to resort to financing to make it through a financial difficulty. But alas, we live in the real world where unexpected economic pains and financial pinches are bound to occur, sooner or later, in the lives of most of us.
Short Term Loans
When you need some cash fast, you need to be aware of what are your best short term loan options. You might prefer a simple payday loan, for example, or maybe a personal installment loan. It all depends on your situation.
Can I get approved for a short term loan? Chances are you can. Online loan-matching services, run by industry experts (who aren’t beholden to any particular lender) can locate your best offer in seconds through powerful search engines.
While credit rating, debt to income ratio, age of borrower (over 18), and having an active UK bank account may be factors for approval or influence how much you can borrow and at what rate – almost everyone can find a lender for a fast cash loan with a 1 to 12 month term if they look for it.
4 Situations Where Short Term Loans Make Sense
Why would anyone opt for a short term loan? In general, financial pressures are obviously behind it, but what about more specific examples of when these types of loans may make sense? Here are four scenarios to consider:
1. Emergency Home Repair
Suddenly, a major storm rips a hole in your roof and you don’t have the funds on hand to repair it. What then? Or, maybe your plumbing or electric wiring in your house has finally seen its age and needs to be replaced or undergo major upgrades.
Whatever the exact calamity, the fact is there are home repairs that just can’t wait – but banks may not be willing to loan you out the money when you need it and for what you need it. A quick cash loan, however, can solve the problem quite nicely.
2. Vehicle Expenses
If you live in a major metro zone, you may be able to walk or utilize public transport to get to/from work each day. But for many, that’s not at all practical. If your car suddenly breaks down on you and requires large sums to fix, which you don’t have available, you can’t rely on friends and relatives to give you a ride forever. And taxis get expensive fast.
For minor repairs, a payday loan might suffice; and for major repairs, a personal loan could do the trick. So as long as you have a verifiable source of sufficient income to repay the loan on time, you’re almost guaranteed to be approved. And without a loan, you could lose your job and only source of income!
3. Medical Bills
Not everything, unfortunately, is covered by health insurance; and out of pocket expenses for medically necessary treatments and prescription drugs can become overwhelming. In a pinch, if you know you can repay the loan and are only having temporary problems affording to pay your medical bills – a short term loan from a private lender can get you through.
4. Student Loans
Some student expenses are not covered by student loans, and college and grad school students are notoriously short on cash. But they may have a good job lined up and be ready to graduate in a matter of months. Using a short term loan for housing, food, and other miscellaneous expenses to get you to the graduation finish line is sometimes wise.
Here are four good reasons why you might want a short term loan, such as a payday or personal loan. There are others too, like loan consolidation to simplify repayment. But the point is clear: when you can’t get help anywhere else, a quick cash loan can be a viable solution.