Qualifying for short term loans may be easy by meeting minimum requirements, but how does a short term loan actually work? If you are currently employed with a gross income of at least $1,000 a month, over 18 years old and have a checking account, you are ready to apply for a short term loan. Short Term Loans can help you through the process with online cash loans and more.
Agreements
Between both you and the lender, there will be an agreement on the amount you can afford to borrow, including the interest rate and the total amount you will pay back. You’ll agree on a time frame to pay the loan back, through either one payment or several over the course of a certain amount of time. Lastly, we will decide the best date for when payments will be made.
Background
Before you are given the loan, Short Term Loans will run a credit check on you to look into your financial history and make sure you are eligible to receive a loan. We will always run through your application, and if you meet the requirements, you’ll be approved. After the background check and application process, you will receive the loan.
Payments
Once you have the loan, you will begin the repayments based on the agreed terms as mentioned above. The repayments will continue until the loan is repaid in full. Make sure you only borrow what you can afford to pay back to avoid missing payments.
Short Term Loans offers online cash loans and more, and we are ready to help work with you to make sure you are making the right choices when you apply for a loan. Contact us today to discuss your options in further detail at 1.888.556.2722.
