Do you suddenly need cash to pay for your child’s tuition? Are you in dire need of money because a loved one of yours has to seek medical assistance? Or do you need a few thousand pesos to, have a few home repairs?
At some point in your life, you may encounter an unexpected event which can drain your savings or even your daily budget. And it can put a dark cloud over you, but it doesn’t have to.
This is where short-term loans come in, a quick and convenient way to help you get through the day (or days) when you desperately need cash.
But first things first, what is a short-term loan?
Although it’s still a financial obligation, a short-term loan lets you borrow a certain amount of money which you can pay in 30 days or even less. That’s right, it has a shorter repayment period unlike in personal loans where you may be allowed to repay the loan over a longer term of up to 36 months.
So, how does it work? How can it save the day?
Imagine your child running to you with a piece of paper from school that says, “Statement of Account.” You then realize that the money intended for his or her tuition was spent for an emergency. What do you do?
Imagine you feel a drop of water from the ceiling in your living room. You then realize that the water pipes have to be changed but your budget doesn’t cover home repairs. What do you do?
Don’t worry, this is why short-term loans exist. They help save your day without giving you a bigger problem in the long run. While the amount you can borrow varies from one lender to another, you can definitely expect a swift response from the lending provider once you decide to apply for a loan via its website or mobile application.
Why should you take a short-term loan for emergency purposes?
Taking a short-term loan has lower interest rates since it has a short repayment term, and there’s no need for you to present something as collateral. Plus, short-term lending providers don’t really require a credit card for you to borrow money from them.
And applying for a loan has been made easier because of the availability of their website and mobile apps. What’s more important is that you get to boost your credit score since repaying a short-term loan is easier than personal loans.
People Also Read:
Now, you don’t have to worry about your child’s tuition or that tiny cracks on the walls of your humble abode because short-term loans got you covered. Keep in mind, though, that a loan is a financial responsibility, so it’s a must to repay what you have borrowed on time.
Are you ready to take out a loan? Compare the best short-term lending providers via GoBear today!
Ask an Expert