Showing posts with label short term loans. Show all posts
Showing posts with label short term loans. Show all posts

Monday, April 3, 2017

The Truth Behind the Myths of Short Term Loans

The Truth Behind the Myths of Short Term Loans


Some people call payday loans predatory lending; some say that short term loans get poor people into cycles of debt; others say that only desperate people choose to use these loans. We have an alternative view that is much more positive. The people who perpetuate these myths are the people who never need to rely on these loans. Let’s get behind the popular myths about short term loans and get to the truth.

Myth #1 – Short Term Loans Are Only for the Desperate


Anyone who has used short term loans would resent this characterization. People who take advantage of this kind of loan know what they are doing. They are as capable as anyone else of making informed decisions about money and borrowing. They know that they have multiple options when it comes to borrowing money and that they are not all one-size-fits-all. Some loans work better for some people and sometimes just for a particular situation. For instance, short term loans are great for those times you need just a small amount of cash, but you need it quickly.

Myth #2 – Short Term Loans Are Not Affordable


The interest rates on short term loans are higher in general than the rates on other loans. This fact has led a number of critics to say that no one can realistically afford the loans. There are very good reasons for the higher rates, though. These loans have short terms. This means borrowers have the debt for only a week or two. The result is that they pay just a little bit in interest, maybe $20 or $30 per loan, a reasonable fee that gets them quicker cash than other, longer term loans.

Myth #3 – Lenders Offering Short Term Loans Prey on Poor People


Lenders that offer short term loans are not evil people out to make only a buck. And they certainly aren’t out to trap poor people. What kind of money can be made from people who have none, after all? If you apply for these loans you’ll see that there are few requirements, but one important requirement is that you have a job and a certain income level. These lenders will not give loans to you if you do not have the income to be able to repay the loan. It just doesn’t make sense to do so.

Myth #4 – Short Term Loans Lead to Unending Debt Cycle


Another big myth about short term loans and payday loans is that once you get into them you never get out. This is more of a reality for credit card debt than for these loans. Our lenders actually want you to repay your loan. This is why they consider income and job history such important factors for getting approved. They want you to be able to take advantage of the quick cash, use it to improve your circumstances, and then repay it with your next paycheck. These loans were not designed to be a cycle of debt, but to be a one-time deal. Now that you know the truth behind these myths, apply for short term loans whenever you could use the extra cash.

Monday, March 28, 2016

5 Secrets To Getting Approved for Cash Loans!

5 Secrets To Getting Approved for Cash Loans!

Learn the common mistakes people make when applying for short term cash loans – and increase your chances of getting approved right out of the gate. 1. Be sure your current income is high enough to qualify. The minimum income for short term cash loans is $1000 per month. If your main job doesn’t bring in that much, be sure to include any other income you might have – perhaps a second job or a spouse’s income. Meeting the minimum required income is one of the first things that will be considered and too little income is an automatic disqualification, so be sure to include all your income! 2. Don’t apply for more than you can afford. It’s important to keep in mind that the standard arrangement for a short term cash loan is for it to be repaid out of the next paycheck. If you take home $1000 each paycheck and borrow $1000 (even discounting fees and interest) – you’ll have zero to live on. If you use the loan to pay for all the bills your next paycheck would have gone toward and don’t need any more than that, that’s great – but for most of us that’s not usually going to be the case. So keep your personal budget in mind when you consider how much money you can or should borrow. There is the option to extend the payment terms for an additional fee, so you can of course take that into account as well. 3. Complete all sections of the application completely. Leaving information off of your application can damage your chances of approval irreparably. In order to make the application short and speedy, it’s been pared down to the bare minimum, so any information omitted is likely to be an item that’s required in order for the lender to give you the “yes” on that cash loan. The various sections request your personal identification info like your address, driver’s license number, employer and income, payday dates – because that’s when payment are drafted from your bank account – and bank routing and account numbers. Leaving any of those out can cause your application to be rejected and put you back to square one.
4. Fill out all information accurately – especially numbers! This item is related to the previous one. Inaccurate information is effectively equal to missing data – if your pay date or bank account number is not accurate, the lender will not be able to process your funding or repayment, which prevents them from approving a loan. Some of the most common errors on loan applications of all kinds are leaving digits off of long numbers or unfamiliar numbers you don’t use often, and transposing numbers – switching their order. It’s a great idea to double check before you hit submit! 5. Make sure all IDs and bank account numbers are valid. Expired or inactive bank account or drivers license, for example, will disqualify your application even if your income, employment, and other factors all point to approval. Don't let that happen for your cash loan!

Wednesday, October 15, 2014

Obtaining Short Term Loans Online

Obtaining Short Term Loans Online

Short Term Loans
Short term loans can rescue
you when an emergency arises

Sometimes an emergency or unexpected expense arises that just doesn't fit into your monthly budget. What options do you have? Go to a friend or family member to ask for money? That is just never a good idea. Maybe you can go to your boss and ask for some additional hours, but you won't get the extra cash until your next paycheck two weeks from now. Your bank certainly won't be any help because it will be a long and agonizing process if you request a loan from them. In times like these, a short term loan may be the answer.

Short term loans don't require collateral or credit checks.


If you borrow from traditional lenders, you will generally need three things: good credit, collateral, and plenty of time. Most traditional lenders such as banks and credit unions require a credit check, and unfortunately, many people have less-than-perfect credit due to past mistakes or unfortunate circumstances. Traditional lenders also usually require collateral, such as a vehicle, to back up the loan, but that is not always possible. By obtaining short term loans online from websites such as NationalCashCredit.com, you can avoid these obstacles, and still get the short term loan that you need.

You can get short term loans quickly.


The third thing that you need for a traditional bank loan is plenty of time. You have to fill out tons of paperwork and wait for a decision on your loan worthiness from the powers-that-be. We all expect that level of hassle for a large, long term loan such as a home mortgage, but why go through all that for a simple short term loan that you plan to repay within a month or so? Through online lending sites, you can apply online with a simple application, receive a reply from multiple lenders in minutes. If you accept the terms of the loan, you can receive your money direct to your bank account in less than a day in most cases. In some cases, you can get the cash even faster.

Expect short term loans to cost more than traditional loans.


All this convenience and speed comes with a price however, and short term loans cost comparatively more in fees and interest than traditional loans. Many direct lenders charge from $20-$30 for every $100 borrowed to secure a short term loan to be repaid with your next paycheck. So be sure that you really need a short term loan. For instance, if you need cash for a car repair so you can get to work and keep your job, that would be a good reason for a short term loan. On the other hand, if you have a want that can be postponed, such as a desire to buy a new television set, it would be best to save up the funds you need rather than pay those extra fees for a short term loan.

Get your short term loan right now.


Applying for a short term loan is quick and easy. Click here to complete your application. You will be asked to complete some basic information about yourself, your job, and the bank account where the lender can deposit your cash. It couldn't be simpler, so apply now to get the cash you need.

#ShortTermLoans #NationalCashCredit