England Finance

Jan 14 2018

Short Term Loans

#busness #loans


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Short Term Loans Fast Approval

Promoting the Responsible use of Short Term Loans!

Short term loans on your terms

Getting short term loans means getting money fast and solving an immediate financial problem. Borrowers pay back short term loans within a few weeks, so there s no long-term debt. Short term borrowers can simply fix the problem and move on. When it comes to keeping up with payments or handling expenses, sometimes timing is the most important factor. Short term loans help borrowers stay financially on schedule because they arrive in the borrowers bank account via direct deposit very quickly.

Types of short term loans

Short term lenders generally offer two types of loans: payday loans and installment loans. Payday loans, also known as cash advances, are repaid when the borrower receives his or her next paycheck. Installment loans allow the borrower to make several payments over a few weeks or months. For both cash advances and installment loans, the lender charges a fee that is paid along with the loan repayment. No cash or collateral is needed up front.

Short term loans made simple

Requesting a short term loan online is similar to asking for a traditional loan in that the borrower provides some basic information and requests a loan amount in writing. Once the lender and borrower agree on the short term loan amount, the fee and the repayment date, the money is directly deposited in the borrowers checking account. Most short term lenders accept bad credit; they base the amount they are willing to lend on the borrowers income.

The average short term loan

Short term loans are generally between $100 and $1,000. Borrowers should carefully consider the loan amount and only take what they absolutely need. Some lenders may extend the term of the loan up to four weeks, but many require that the loan be repaid within two weeks, except in the case of installment loans. We can find lenders who can accommodate various borrowers terms, but we recommend that borrowers keep their short term loans as short term as possible. Lenders generally must charge at least 15 percent of the loan amount to stay in business. A fair price for a short term loan is between $15 and $30 per $100 borrowed.

Borrowing responsibly

Short term loans should only be used for budget shortfalls and necessities. In many cases, short term loans can save borrowers money especially for borrowers who are facing the possibility of overdraft charges. The average overdraft fee is $35 per occurrence, and the amount by which a customers overdraws the account is not a factor. A bank customer could pay $15 for a $100 short term loan and avoid being charged multiple overdraft charges for negligible amounts. Short term loans can also help borrowers avoid late fees and protect their credit ratings.

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Terminology

APR: The equivalent annualized percentage rate for payday loans and other short-term installment loans can have a very wide range and can vary based on the amount of the money borrowed and length of the loan. Make sure you understand all your terms and rates fully before every accepting any loans. If you were to annualize other fees in the same manner such as a returned check fee or a credit card late fee, your annual percentage could be astronomical.

Financial Implications: Short term payday loans are meant to be just that: Short term. Typical fees range from $15 to $35 1 for every $100 borrowed up to $500.00. (While these are typical fees, some lenders may charge more, and fees may be in addition to APR.) Fees per $100 begin dropping on loans larger than $500.00. Fees can sometimes be less than what borrowers can expect to pay for bouncing a check, having a utility disconnected, or paying a credit card bill late.

Collection Practices: Collection practices will vary from State to State and Lender to Lender. Some common methods if a loan becomes delinquent include, attempts at collections internally, primarily through telephone, an attempt to work out a pay-off arrangement that takes into strong consideration the financial condition of the borrower, and other internal attempts. Often, after all attempts at internal collections have failed, the lending agency may send the loan to a third party collection agency in an attempt to recover the funds lent in good faith, or may take other action within their legal rights. Check with your lender and your State regulations to be informed of the collection practices used by your lender.

Credit Score Impacts: Short term, payday loan lenders may rely on a credit reporting agency, and is not limited to any of the three (3) major rating agencies – Equifax, Experian, or Transunion. Generally, lenders will undertake some form of a credit check on a potential borrower, which may impact the borrower’s credit score. It may also impact the lender’s decision to extend credit. However, some lenders rely on information in addition to what is found in credit reports. The factors a lender considers when approving or denying a loan are solely in the lenders’ discretion. Moreover, the lenders decide what, if anything, to report to the credit reporting agencies. Short term lenders may also rely on their own scoring criteria, which is generally based on income and ability to repay, as well as the borrower’s payment history of any previous payday loans that have been made with the lender in question, or with other payday lenders.

Payday Loan Comparison Fees and APRs

  • [1]https://www.consumerfinance.gov/askcfpb/1567/what-payday-loan.html
  • [2]http://www.bankrate.com/banking/checking/2016-bankrate-checking-account-survey/
  • [3]https://www.forbes.com/sites/clairetsosie/2016/12/21/look-for-credit-card-late-fees-to-rise-in-2017/#47041edd5c7e

Legal Disclaimer

Your use of this website is not an offer or solicitation to lend you money. Personal Money Store, and Adworkz, Inc. the owner of this website is not a lender and does not make loans or credit decisions. Personal Money Store, and Adworkz, Inc. may sell all or part of your information to lenders and other persons and you may be contacted by lenders and other persons. Contact the appropriate institution in your state to file a complaint by clicking here. Personal Money Store, and Adworkz, Inc. cannot guarantee any loan or credit approval or any loan or credit amount, and everything on this site should be considered a commercial advertisement.

Information is submitted to multiple lenders and financial connecting services in order to provide consumers the best chance for approval. There is no fee to use our services, and Personal Money Store, and Adworkz, Inc. is not an agent or representative of any lender or service provider and does not endorse any service or product. Any compensation Adworkz receives is paid directly from the lender or third party connecting service should they accept your information. There may be various fees with a connected lender. Potential lenders may include both state licensed lenders and tribal lenders who may not be subject to state regulations and laws. Loans are not available in all states or jurisdictions and although bad credit is acceptable, the lender may at its discretion perform a credit check in making any credit decisions. Cash transfer times, loan amounts, and lender terms may vary between lenders and among states, and in some circumstances faxing may be required. Completion of this form in no way guarantees that you will be approved for any offer. Short term lending is intended for short-term financial needs and is not a long-term financial solution. Short term, installment, and payday loans should be used with caution.

*Most of our lenders do not do traditional credit checks, however, they may query various consumer databases, such as CL Verify, TeleTrack or DataX in order to verify your identity and review your past personal loan history.


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