The Different Types of Short Term Loans  

Thinking of applying for short term loans? Here are your best options:

 

1. Title loans. This type of loan is a cash advance that uses his vehicle as basis for approval. To qualify, you must have complete ownership of the car. You must possess the title and will agree to let the lender to put a lien on your vehicle. Title loans are excellent options because you may be approved for a bigger loan amount. However, you risk losing your vehicle if you miss payments.

 

2. Personal loans. This is another type of short-term loan. These are offered by large lending institutions and to qualify you must have a good credit rating. This is recommended for someone with high credit standing. Most lenders will deny a person with bad/poor credit.

 

3. Payday loans. These are Short term loans that will approve anywhere from $100 to $600 initially. If the borrower pays the loan faithfully, the lender will consider granting bigger loan amounts in the future.

 

Most short term loan lenders will require you to pay back the loan in 14 days or your next payday. This is where the term “payday loan” originated from.

 

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