The Truth About Short Term Bad Credit Loans

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Posted in: Payday Loans For Bad Credit

Find a Short Term Loan via 100DayLoanLenders.com

There is no equality in this world, else everyone will have the same credit scores. However, that is not fair. If you have good credit, you deserve better loan terms because you are less likely to default on payments, whatever the reasons may be. Bad credit however, can happen to good people as well, when the situation spiral beyond their control.

People who have credit problems are actually more likely to face money problems. Their credit score already indicates they have unstable finances. But many lenders do not want anything to do with such clients. So when you need a loan for doing some home improvement projects, study a course, repair your car etc, the path ahead is bumpy.

Try short term loans. These are given by lenders willing to help more people solve their temporary money shortage. Things can get really shitty if you do nothing. Best to deal with it today. But how do these work? And what are the advantages?

How Do Short Term Loans Work?

These are unsecured, so you do not need to pledge any collateral to get a loan. For small amounts under $1000, try payday loans where the payment deadline is set as your next payday. If you need a large sum or cannot pay back so quickly, try installment loans. This can be paid via regular monthly installments.

At 100DayLoanLenders.com, we connect you to a group of lenders based in America. They may have a loan for you. Fill a simple form to find out more.

You should try to pay back as soon as possible and not borrow the money beyond 12 months. Hence, the name short term loans. The reason is due to the high loan fees which is magnified by your loan amount and duration.

To find out the fees for short term loans, please refer to you loan quote or agreement. These may be on par with other loans, credit cards etc. Obviously if you have a cheaper alternative, do choose that.

If you have bad credit, it is difficult to get approved at banks. But choices aplenty on the internet. More than you can imagine. Usually, they are payday loan websites. These have tight deadlines, till you get your next paycheck. Many people complain about this – its a trap to make you pay late fees. They are quite limited in how much you can borrow, but this also serves a safety feature. The rates are high and quite impractical.

Advantages Of Short Term Installment Loans

short term loans And so the new installment loans are thus created with more advantages below:

  • borrow up to $5000 dollars
  • small monthly payments
  • longer deadlines up to 12 months
  • get the funds as soon as following business day
  • collateral is not needed
  • just fill a simple form

Do you like one or more of the features above? These loans can be borrowed even for many people with poor credit. But make sure your lender is legitimate. Check for nonsense such as upfront or hidden fees. Compare the loan interest rates. Are they similar with the rest of the lenders?

Where To Get A Loan?

At 100DayLoanLenders.com, we understand what it is like looking for a short term loan and got declined at banks. We have been through difficult times too. Now, we connect U.S. consumers with respectable lenders. And it does not not cost you a cent, we receive a commission from the lenders.

Our mission is to help you find a loan safely. It is easier compared to approaching lenders one by one. Transparent rates, fast approval, minimal paperwork.

We respect your decision whether to take up the loan offer, there is no hard selling. We hope you can get the loan you need and successfully pay it off. This is the way to nurture our relationship. We are here for the long term, to be your best resource concerning short term online loans.

Do you know that it is taboo to make too many loan requests at the same time? Whenever you ask a lender, they will make a credit check and this is recorded on your file. It is normal to have a few such inquiries. And for people with bad credit, they may try and try many more times because part of the lenders will reject them. But these activities show up on your credit file, and becomes the reason for more lenders to decline.

Warnings About Short Term Loans

Although some loans allow you more time to pay back, taking too long will cost you unnecessary fees. Many think its a great benefit but it cuts both ways.

Before you accept any loan offer, think carefully about the payments and when they are due. A good rule of thumb is to have at least 20% of your income as spare cash. That means the monthly loan payments and your daily expenses should add up to 80% of your income or less. This is a conservative measure, so if you are confident, you can try to pay down your loan aggressively.

We strongly recommend automatic withdrawals from your checking account to pay your lenders. You do not have to remember payments dates, its too much of a hassle. It will be really stupid to get slapped by a late fee because you forget to pay on time even though you really have the money for it.

Benefits Of Being A Responsible Borrower

Asides from handing you the money you wanted, there are also some benefits you may not be aware.

Firstly, you can improve your credit on the condition that you make all scheduled payments timely. Better loan options will open doors for you when you have a decent credit score.

Secondly, you can be allowed a bigger loan limit in future.

Thirdly, you learn the proper way to budget and plan for payments. This is important for your future as you must manage your money wisely. Self discipline and controlling unnecessary spending are very simple methods to build wealth.

Conclusion

Loans are not free, unless it came from a close friend. You need to be careful with loan payments, because they can destroy your credit and finances. But unexpected expenses cannot be ignored either. So short term loans may not be a safe solution.