Why Do You Need a Short-Term Online Loan?

There are a variety of reasons you might need a short term online loan. You could be a small business owner who needs to cover payroll that month, or you may have had a unique opportunity fall into your lap that you just can’t miss out on. Either way, short term online loans are meant to assist you in a variety of situations and be the ideal solution for whatever financial circumstance you find yourself in.

Two Types of Loans

In the world of personal short-term loans, there are two types of loans from which you can choose. They differ in two important ways, which are:

  • The amount of money you can borrow upfront
  • The schedule on which the loan must be paid back

The first is a payday loan, which is the type of loan most people take out when they need a cash advance. Though the upfront maximums vary from state to state, the maximum you are allowed to take out at one time in Illinois is either is $850 or 25 percent of your monthly gross income. For these types of loans, you will have to pay back the required balance in between the next 13 to 30 days.

The other type of personal short-term loan is an installment loan. With this type of loan, you can take out up to $3500 at one time. However, your month-to-month payments can’t be larger than $1,000 or 22.5 percent of your monthly gross income. If you take out an installment loan, you will be required to pay back the required balance on your bi-weekly paydays.

How Can I Get Short Term Cash Loans Online?

It is relatively easy to get a short-term cash loan online, and you often only need to meet the following requirements:

  • Receive some form of regular monthly income
  • Have more than $1,000 coming in each month
  • Be 18-years-old or older
  • Have a checking account in good standing

Most short-term cash loan online applications are designed to be easy to complete, and it is rare they take longer than 10 minutes to do so. Once you are approved for your loan, you can pick up your cash the same day from any Western Union location or wait until the next day to have the funds deposited in your checking account.

Where Can I Find the Best Short-Term Loans Online?

If you’re looking for friendly customer service, an easy application process, and fast turnaround times for getting your cash, there is no better place to turn than Short Term Loans. We’re here to serve you in your time of need, no matter what your financial situation is.