Short Term Loans - What Options Are Available to Me?

As household bills and food and petrol prices rocket, many people are finding their monthly wage just doesn't stretch far enough. If an unexpected bill or expensive car repair has left you feeling the pinch; never fear. There are a number of short term loan options available to you that should help ease your money worries in the short term:

Overdrafts

Depending on your bank and the type of account you have, you may be eligible for an overdraft. If you have found yourself overdrawn, a prior agreement with your bank will enable you to use a certain amount of funds.

Your overdraft limit is agreed with the bank, and will act as an extra income in the short term. Interest is normally charged at an agreed rate. If you exceed your agreed terms however, an additional fee may be charged and higher interest rates applied.

Selling Possessions

Websites such as eBay and Gumtree are booming in popularity, and have replaced the traditional pawn shop. If you're finding yourself a little short for cash this month, it can be a good idea to sell unwanted belongings.

If you have old mobile phones, there are plenty of sites that will give you money for them - whether they are working or not. There are also websites where you can sell unwanted books, DVDs, and CDs. Many companies will also pay for unwanted gold so it is worth looking around for things to sell.

This way, the money is all yours and you don't have to pay fees, or pay anyone back. You are unlikely to get the amount you originally paid for the items however, so it is worth shopping around before selling.

Payday Loans

Figures have shown that by 2011 nearly 2 million people had taken out a short term short term payday loan. This increase in popularity is down to how easy they are to apply for. By filling out a short form online, the money is often in your account in minutes - regardless of your credit rating.

You can use the money for anything you like and simply pay it back on your next payday. The only downside to these loans is the high interest rates, especially if you miss your deadline to pay them back. As with any loan, you need to be sure you can pay the money back in the agreed time to avoid a large fee.

Other options available to people looking for an extra injection of cash include bank loans for particularly large sums of money and borrowing from friends and family. Before committing to any loan, all of the above options need to be considered fully.

Read more »

Faxless Loans Not Closed To Those Who Have Suffered Bankruptcy

The idea that a low credit rating might not ruin the chances for an individual getting a loan once seemed ridiculous, but in the modern world of finance, it is certainly not out of the question. However, what might still seem surprising is the idea that, even after bankruptcy, an individual is able to benefit through fast-cash faxless loans.

The reason such a thing is not thought of as possible is that bankruptcy is a serious matter, and one that is generally accompanied by some severe penalties. For the most part, this means applying very high interest rates to those loans that are available. But getting fax-less loans after bankruptcy tends to mean that such restrictive measures do not apply.

In fact, for the most part, this type of loan means that the issue of credit rating, for example, is simply ignored. This means that regardless of the credit history of an applicant, it is highly probable to secure faxless loan approval despite bankruptcy. For this reason, this option is one of the most popular amongst those who are recovering from financial difficulties.

How These Loans Work

The faxless loan is, in essence, a payday loan. As the name suggests, this kind of loan is granted on the basis that the borrower will repay the loan, plus interest, when their next pay check come through - on their next payday. The idea is that cash given as a loan is simply an advance on the monthly salary that the borrower is going to receive.

With this in mind, getting fax-less loans after bankruptcy can hardly be considered a surprise. Since the application is dependent on the upcoming pay check only, it is rather isolated from the general understanding of a loan. And as long as it can be proven that the salary check will be sufficient to repay the loan, a lender can have little complaint.

For this reason, faxless loan approval despite bankruptcy is not such a strange thing. However, it is important to understand that there is criteria that must be met also.

The Necessary Criteria

A loan, no matter what its terms, or what special promotional concessions are being made, will only be approved if the applicant meets a set of specific criteria. It is the same for faxless loans, though they boast some of the biggest concessions from lenders.

The three most essential criteria are proof that the applicant is over the age of 18 (as stipulated by law), that there is proof of employment and income, and finally that the applicant owns an active bank account. The chances of getting fax-less loans after bankruptcy remain high if the applicant meets all three.

Because these loans are offered by online lenders, getting this information to the lender can be done easily through an electronic application form - so there is no longer a need to fax the information. Once that information is confirmed via internet databases, faxless loan approval despite bankruptcy is practically assured.

The Long-Term Advantages

Speed is the most obvious advantage that comes with faxless loans, with many online lenders providing an approval within an hour, and depositing the loan cash into the account of the borrower within a few hours of that.

However, getting fax-less loans after bankruptcy also provides the borrower with a chance to rebuild their credit rating. This is because the loan is repaid in one go on pay day. With each loan repaid, the credit score increases, thereby improving the credit rating.

While securing faxless loan approval despite bankruptcy is not just available, but the faxless loan is also the first step towards financial recovery.

Read more »