Whether it’s a higher-than-normal water bill, a medical emergency or an unexpected car repair, financial shortfalls never happen at a convenient time. However, with a short-term loan, a borrower can get fast access to the cash they need. When someone is caught between paychecks, a short-term loan could be just what’s needed to get things back on track. Below are several benefits of these short-term cash loans.
Quick Access to Cash
After filling out and submitting a brief application that documents their income and employment information, a borrower can get fast access to the money they need. In many cases, the loan can go through within a few hours. This makes cash loans an ideal way to handle emergencies and unexpected needs.
The way these loans work is that the borrower gets the money they need with an agreement to pay it back. Typically, repayment is made through an automatic bank draft when the borrower gets his or her next paycheck.
Unrestricted Usage of Funds
A borrower can use the loan funds for anything they choose. Whether someone needs a bit of extra money to pay a child’s tuition or to pay for an out-of-pocket medical bill, a short-term loan can bridge the funding gap between now and the borrower’s next payday.
Loan Amount Limitations
To help a borrower manage debt, the loan amount is based on his or her income. This is done to keep a recipient from taking out a larger loan than he or she can afford to repay. The income-based loan amount limitation is just one of the things that makes these loans such a great idea.
Simple Eligibility Requirements
As long as the borrower has a job with a steady income, it is fairly simple to qualify for a short-term loan. Some lenders have other requirements, such as no past loan defaults.
As one of the area’s premier loan companies, we understand that life happens—and sometimes those events can leave a person without the cash they need. The team is fully committed to treating every borrower with respect and dignity. To get more information on short-term cash loans, call today or visit the website.