Can I get a short-term loan online?
LOS ANGELES – October 5, 2021 – (Newswire.com)
iQuanti: Online loans can be convenient if you need cash quickly. You can apply from the comfort of your home, and you can get the funds the same day you apply. But since there are so many options to choose from, you may be wondering which loan is right for you. Here are three short term loans you may consider and what they are best used for.
Three Short Term Loans You Can Get Online
With installment loans, you will get a sum of money that you can repay in fixed monthly payments or in installments. These unsecured loans have repayment terms that can last from a few months to a few years, depending on the lender and the terms of the loan. You can apply for and get approved for these loans online, and you may not need an excellent credit score to qualify.
Installment loans are a great short-term loan option if you need a larger sum of money, whether you need to pay for a home repair or want to go on vacation. If approved, you can receive your funds as soon as the same day you apply or within 24 hours.
Cash advances are small, short-term loans that can provide you with cash to cover expenses before you receive your next paycheck. Then you can repay this loan in two to four weeks, on your next payday. Many cash advance lenders consider factors other than your credit score when deciding whether to approve you, such as your income and work history. Because of this, you may be approved with poor or fair credit.
Cash advances are good when you need quick cash, but remember that these types of loans can have higher interest rates. Make sure you can repay this loan before applying for it.
Title loans are fairly common online and a great way to get some extra cash without the pressure of immediate repayment. These secured loans allow you to use your car title as collateral to receive funds. After completing an application, the lender will appraise your car to determine how much it is worth. Then you can receive a loan for 25 to 50% of the value of your vehicle.
Before applying for a title loan, make sure you can pay it back. If you don’t comply, you can lose your car title and the lender can repossess the vehicle.
What you will need to apply for a short-term loan online
Before applying for a short-term loan, be sure to do the following:
- Have your photo ID ready: You will need to upload your photo ID electronically for many loan applications. You may be able to scan it to PDF on your computer or use your phone’s camera.
- Have your pay stubs and W2 forms ready: These are documents that you can upload electronically when the lender requests proof of income. Have them ready before you apply.
- Have a valid email address and phone number: The lender may want to be able to contact you and will likely need to provide an email address when you sign up on their website.
Once you have all of these items in place, you are ready to apply for a loan online.
Get a short-term online loan today
You don’t necessarily need good credit to get one online loan. There are many online lenders who will approve you with a low or fair credit rating. Research and compare lenders to find the right loan option for you.
Many short-term online loans come with quick application processes, so you may be able to apply in just a few minutes from the comfort of your home. If approved, you can receive the funds the same day you apply so you can cover expenses quickly.
Notice: The information provided in this article is for informational purposes only. Consult your financial advisor about your financial circumstances.
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Can I get a short-term loan online?