If you are planning to go for a holiday, then don’t be panic and take a deep breath all your dreams will be fulfilled you will definitely enjoy and remember all the sweet memories. But for that you need money because without that you can’t go for the desired trip. In order to fulfill all your short term needs these loans have been created by the lenders.
Short term loans are available in both secured and unsecured forms. For the secured ones, you need to place collateral against the loan amount but for the unsecured ones it’s not necessary to place the collateral. People suffering from bad credit history due to arrears, bankruptcy, defaulters, and county court judgments can avail this loan facility. The loan amount can be taken within the range of £1000 to £2500 and the repayment tenure is 1-10 years. The interest rate will depend on the type of loan you want to avail. The secured option carries lower rate of interest as compared to the unsecured ones.
These are not meant for all the borrowers but certain norms should be fulfilled before approving:-
a) Applicant must be the permanent citizen of UK.
b) An age limit should be 18 years or above.
c) A valid bank account in a firm is necessary.
d) Applicant should earn a regular income.
Essentially, short term personal loans are mainly associated with small usage so it doesn’t focus upon your past background or corrupted records like arrears, foreclosures, missed payments and some other illegal things, they just give a quick glance at your income and how capable are you to repay the loan amount. These are some factors which are considered by the lender.
For the safety of borrowers, online facility is available to cater the demands of busy persons who can’t wait for the lengthy documents to be verified. Thus you go through the various sites of online lenders and choose the best negotiable deal according to the viable terms and conditions. Not only acquiring cash is important but saving time, money and cost is equally important. With the assistance of these loans you will naturally meet all your short term needs like credit card dues, pending payments, medical bills and school fees of children etc.