Short term unsecured loans and their benefits:
Short term unsecured loans are loans given without any security and must be repaid in a short period of time. Individuals can get such loans from finance companies or some banks. Typically, as these loans are given without any collateral they must be paid back in a short period of time. This type of loan is beneficial in many ways including paying less rate of interest, less burden on the individual as the repayment time is short. These type of loans are usually taken when there is quick need of money, to pay bills or make some wedding purchase or any other reason for which you need quick cash. The processing time on these loans is also very less. It takes 24 hours or less for banks or other finance companies to process such loans.
Another type in this unsecured short term loan is pay day advance or cash advance loan. There are many independent finance companies operated locally that offer this kind of loan. However, the lender needs some information about the borrower like pay stub, next pay day time and other information, based on these a cash advance is given. The main benefits involved in short term unsecured loans is their quick processing. It normally would not take more than 24 hours to get such loan. So, when you are in quick need of money and think you satisfy the lending criteria you can go for such loan. I
f you approach a bank or a big financial institution for such loan they may look at your credit history and background before they offer you such loan. But, most of the locally owned private finance companies don’t look at your credit score. This is a plus for people who have low credit score but are in need of fast cash. But these companies may charge you high interest rates. So, go for such loans only when you end up on all your funding sources and are really in need of fast cash and can repay in a short period of time.
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*This product is not regulated by the New York State Department of Financial Services