Different Types Of Short-Term Loans You May Be Eligible For : Payday LV

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For many, taking out a loan may seem like a daunting task. Trips to the bank, countless documentation, background and credit checks, back and forth negotiations and much more can be involved in acquiring a loan. However, that doesn’t have to be the case, especially, when it comes to short-term loans.

Yes, if you were looking to secure a large business loan it is likely going to take a lot longer for you to be approved and granted those funds. However, for short-term business or personal loans, the processes involved are less stringent and a lot faster.

Those of us looking to secure quick cash to pay off unforeseen expenses in the short run don’t have to go through the hassle of traditional banks to get the money we need. There are plenty of options available that allow for quick access to funds if and when you need them.

Types of short term loans Payday LV

So, let’s take a look at what these options are and whether you are eligible for these loans in the US.

What Are Short-Term Loans?

Any loan obtained to pay for a temporary personal or capital need (that requires to be paid back within a max. period of one year) falls under the category of a short-term loan.

Short-term loans offer a much faster, easier, and more convenient method to obtain loans of smaller amounts as you need them. Loan amounts can range from $50 – $100,000 depending upon the type of short-term loan you may be interested in.

Short-term loans are ideal for individuals and businesses that find themselves in an unexpected temporary cash flow problem.

5 Types Of Short-Term Loans You May Be Eligible For

1.    Payday Loans

The most common and popular form of a short-term loan is a payday loan. Payday loan services are offered by cash advance stores and online lenders, depending upon the state you live in. These loans are the quickest and easiest short-term loans one can apply for if they are in need of cash urgently.

Payday loans allow you to get the money you need directly deposited into your bank account within a few hours of applying. The fast processing times are largely due to the fact that these loans don’t require credit checks or background checks. Many payday lenders only do internal checks which means even those with bad credit or criminal records can be approved for these loans.

The fast loan application processing times, the easy application process, and quick access to funds, however, come at a price. Payday loans are often associated with high fees and interest rates. The payback period is also very short. The entire lump sum payment along with any fees and interest charges has to be paid back on your next paycheck.

To be eligible for a payday loan one needs to be of legal age, have a valid ID, an active bank account, and proof of steady income. If you meet these basic requirements you should have no issues being approved for a payday loan.

Remember, it is always best to first check up on your state laws governing payday loans. In some states, payday loans are illegal, while in others there might be restrictions imposed on borrowing amounts and the max. fees a lender is able to charge.

Knowing what your state laws are can be highly beneficial in securing the lowest cost loan possible to meet your personal needs.

2.    Online Installment Loans

These loans are similar to payday loans, except the principal loan amount doesn’t have to be paid back in a lump sum. The amount is divided up into installments which can last for a span of 3 months, 6 months, or a year. The longer the payback period the higher the interest charges are likely to be.

These loans are also very easy to secure and are available from several trusted online lenders such Payday LV. The fast application process means that the funds are generally made accessible to you on the same day.

3.    Merchant Cash Advance

This type of loan also works much like a cash advance. However, the difference arises in the way the loan amount is to be paid back. This form of short-term loan is only available to businesses that have merchant accounts.

The lender loans the amount needed by the borrower who in turn provides the lender access to their business’s credit facility. Any time a customer buys anything from the business a certain agreed-upon percentage is deducted from that amount by the lender until the loan amount and interest is paid in full.

This form of short-term loan is ideal for small businesses that may find themselves in a short-term cash flow deficit.

4.    Line Of Credit

This short-term loan is much like using a credit card. The lender sets a limit on how much money can be made available to a business at any given time. The borrower can then use this money as they deem fit and make monthly payments on any amounts borrowed (much like you do when using a credit card). They can either choose to pay the min. amount or pay the full amount of what was borrowed to avoid interest fees.

Getting approved for a line of credit can take time but once done it can be a lifeblood for your business providing access to money at low APRs as you need it.

5.    Invoice Financing

If you run a business that relies heavily on credit you may find yourself in a constant cash flow problem. Unpaid invoices and accounts receivables can eat up a large portion of the cash that you should have access to but don’t.

As such, an invoice financing service allows you to secure a loan for invoices yet unpaid by customers or clients. The lender borrows the required amount you need. The fees and interest charges for the loan amount depend upon how long the invoice remains unpaid.

If it is paid back fairly quickly you only pay a nominal amount in terms of interest. However, if the invoice isn’t paid for a long-time this interest amount can accrue considerably.

When the invoice is paid, the lender will deduct the money lent in exchange along with the interest charges and fees. Any amount remaining is then credited back to the business.

Final Thoughts

Payday loans are by far the easiest and most convenient way to secure cash quickly in the US. These types of short-term loans are used by over 12 million American households and can be greatly beneficial for paying off short-term cash expenses. However, if you are looking to secure a short-term loan for your business or start-up, applying for a line of credit or an online installment loan might prove to be a better idea.

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