Short term loans are a great solution for the unexpected life events that you may face, but did you know that there are many different options for you to choose from, even if you have bad credit? As a company that helps with cash loans online, we wanted to lay out all the options for you when you need to take out your next short-term loan.
Cash Advance Loans
These loans are smaller-sized loans and average a week or two, with the ability to extend up to three months. The loan amounts and lengths are small, which means there is less built-in interest profit, but also tend to charge higher interest rates, like the flat fee you pay when repaying your loan.
Installment Loans
These are loans that last longer than three months come in the form of installment loans, which are repaid through a series of smaller monthly payments over the course of your loan. Installment loans charge lower interest rates than the cash advance loans, making them affordable and you can have financing for larger amounts, repaid over longer time frames.
Did you know that the longer your loan terms are, the more that loan may cost overall, meaning that every additional month you add to your loan, more interest will be added? When looking for a short-term loan that works for you, always consider the idea of balancing an affordable payment with a reasonable loan length.
Short Term Loans offers cash loans online, among other loans, so reach out today if you are ready to discuss your options.
