Short term loans get approved fast and you receive funds quickly, so that you can deal urgent financial needs without any stress. Short term it loans can be repaid in few months installment without any need for paying delayed penalty. If you like you can even pay the dues quickly in single installment. Short term loan helps to fix financial emergency quickly.
Such types of short-term loans are also known as installment loans. They come under the same categories like cash advance loans or bad credit loans. Such loans can be customized according to your need. If you need more money then you can borrow more and vice versa. You can check your repaying capability and based upon that decide your loan amount. In addition, you can negotiate the term for repaying the full amount with interest and how much monthly installments that you can pay per month.
Interest for any short term loan by Pret911 usually remains fixed and you can either pay back in single installment or number of installments. More time you take to repay the loan, more interest amount will be needed to repay.
Few types of short-term loans
- Payday loans
This kind of loans are more popularly knowns as cash advance loans or simply as cash advance. You can obtain such loan before your actual payday arrives. You can return the full amount after receiving your next pay. It is almost like borrowing from your friends however the main difference is that its period is tied up with your next pay day check. If the amount is too small then it is better to clear it with single payment after receiving your next pay check and remain out of any debt cycle.
- Installment loans
In case of installment loan, it is not tied up with your monthly pay check periods. Here you can repay your loan in smaller installment, you can afford and decide your time period. You have a choice here to repay back your loan in single instalment like above payday loan after receiving your pay check. However, you must understand longer you take to clear your loan, the longer you have to pay interest.
For both these types of loans, you are required to pay certain amount as processing fees which needs to be paid when you are repaying the borrowed money to the lender. Some lenders may charge few additional charges too.