3 Facts about Short Term Loans

It is never a desired situation, but sometimes, it happens, anyway. If you find yourself in a situation where you are short on income for a necessary expense, there are alternatives that can help you get to your next paycheck and take care of your payment. A Short Term Installment Loan is a popular option that is readily available and simple to acquire.

Here are three facts about short term installment loans.

Best Use

Getting from one paycheck to another is the best use for a short term loan. The terms and rates for this financial instrument are designed to maximize value within a small window of time. It is meant to be used for unexpected expenses in between pay periods. In the best case scenario, you will be able to pay off the necessary bill, loan and fees when you receive your wages without feeling a strapped for more cash. Some individuals have found themselves short of cash for more than one payment cycle. A short term loan works for a few cycles, but not many.

Requirements

To apply for an installment loan that will be paid off quickly, you must prove you are currently employed, or at least, receiving steady income. You must be at least 18 years old and possess a checking account. You also may be asked to meet a minimum income threshold.

Rates and Terms

Each issuing institution of short term loans that are meant to be are paid in installments may have different rates and terms. When you apply for one, before accepting the funds, be sure to have the representative explain them to you. You should be comfortable with the payback period and the interest rate.

Short Term Installment Loans can be procured at Short Term Loans, LLC. Simply fill out the application, today.