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The U.S. Federal Reserve estimates that around 65% of Americans use credit cards.  Surprisingly, though, only 10% of Americans applied for personal loans. It’s possible that this discrepancy exists due to misconceptions about loans, given that there is a ton of misinformation about this financial product floating around.

This article will clear up some of the confusion surrounding personal loans, not in an effort to convince more consumers that they should take out loans but to make sure that borrowers have a more accurate idea of what their options are.  After all, one of the greatest things about living in the U.S.A. is freedom of choice.

What Are Short Term Loans?

Let’s start with the basics.  Also known as cash advance loans or payday loans, short term loans are a great option for borrowers who need access to a small amount of quick cash and have the ability to pay off their loans quickly, as well.  Borrowers often repay these kinds of loans in one lump sum upon receiving their next paychecks, although some cash advance loan providers will also offer short term installment plans.

This type of financial product is perfect for those who have less-than-perfect credit.  In fact, it’s sometimes possible to take out a short term loan without so much as being subjected to a credit check.

credit-score-report

The Pros of Cash Advance Loans

One of the biggest advantages of taking out a cash advance loan instead of an installment loan is that it typically requires a less lengthy approval process.  Customers can apply for their loans and often receive them in as little as one day. While some lenders require collateral, others are willing to offer short term loans on the basis of borrowers’ proof of employment, alone, as well.

The approval process for more traditional installment loans obtained from banks can wind up taking weeks, while cash advance loans can be obtained in as little as 24 hours.  Since short term loans are geared specifically toward those consumers who have poor credit or no credit, it’s more likely that borrowers will be approved for short term loans, as well, even if they have already been denied bank loans.

The Cons of Short Term Loans

One of the trade-offs for the ease and speed of getting a short term loan is that they often come with larger fees and interest rates. This may be a worthwhile trade-off for borrowers who really need the cash, but they should be extremely careful to pay off their loans on time, as the fees associated with extending the repayment period for short term loans can also be quite high.  Consumers should also make a point of reading through the terms and conditions of their loans carefully as there are many lenders available and each of them offers different interest rates and repayment terms.

financial advisor with applicants

Tips for Choosing the Right Lender

There are three main considerations that should go into choosing whether or not to accept the terms of a personal loan.  The first is the lender, itself. Finding a reputable lender through an online service can help to eliminate predatory lenders and exorbitantly high interest rates or fees, but it’s still important to do some background research.  Before accepting the loan, borrowers should make a point of checking out some reviews of the lender from previous customers to make sure there are no obvious patterns of predatory behavior.

Next, borrowers should carefully evaluate the terms and conditions for the loan.  These will include things like how much money will be disbursed, how much interest will accrue and on what schedule, and when borrowers will have to pay back their loans. Keep in mind that small clauses can wind up dramatically raising interest rates and read through the contract carefully, especially if it looks like anything is amiss.

Finally, consider the loan amount.  It may be tempting to take out as large of a loan as possible, just because the lender is willing to be flexible with how much money its customers can borrow.  Keep in mind, however, that all of that money will need to be paid back, often quite quickly. Resist the temptation to borrow more than necessary.

The U.S. Federal Reserve estimates that around 65% of Americans use credit cards.  Surprisingly, though, only 10% of Americans applied for personal loans. It’s possible that this discrepancy exists due to misconceptions about loans, given that there is a ton of misinformation about this financial product floating around.

This article will clear up some of the confusion surrounding personal loans, not in an effort to convince more consumers that they should take out loans but to make sure that borrowers have a more accurate idea of what their options are.  After all, one of the greatest things about living in the U.S.A. is freedom of choice.

What Are Short Term Loans?

Let’s start with the basics.  Also known as cash advance loans or payday loans, short term loans are a great option for borrowers who need access to a small amount of quick cash and have the ability to pay off their loans quickly, as well.  Borrowers often repay these kinds of loans in one lump sum upon receiving their next paychecks, although some cash advance loan providers will also offer short term installment plans.

This type of financial product is perfect for those who have less-than-perfect credit.  In fact, it’s sometimes possible to take out a short term loan without so much as being subjected to a credit check.

The Pros of Cash Advance Loans

One of the biggest advantages of taking out a cash advance loan instead of an installment loan is that it typically requires a less lengthy approval process.  Customers can apply for their loans and often receive them in as little as one day. While some lenders require collateral, others are willing to offer short term loans on the basis of borrowers’ proof of employment, alone, as well.

The approval process for more traditional installment loans obtained from banks can wind up taking weeks, while cash advance loans can be obtained in as little as 24 hours.  Since short term loans are geared specifically toward those consumers who have poor credit or no credit, it’s more likely that borrowers will be approved for short term loans, as well, even if they have already been denied bank loans.

The Cons of Short Term Loans

One of the trade-offs for the ease and speed of getting a short term loan is that they often come with larger fees and interest rates. This may be a worthwhile trade-off for borrowers who really need the cash, but they should be extremely careful to pay off their loans on time, as the fees associated with extending the repayment period for short term loans can also be quite high.  Consumers should also make a point of reading through the terms and conditions of their loans carefully as there are many lenders available and each of them offers different interest rates and repayment terms.

Tips for Choosing the Right Lender

There are three main considerations that should go into choosing whether or not to accept the terms of a personal loan.  The first is the lender, itself. Finding a reputable lender through an online service can help to eliminate predatory lenders and exorbitantly high interest rates or fees, but it’s still important to do some background research.  Before accepting the loan, borrowers should make a point of checking out some reviews of the lender from previous customers to make sure there are no obvious patterns of predatory behavior.

Next, borrowers should carefully evaluate the terms and conditions for the loan.  These will include things like how much money will be disbursed, how much interest will accrue and on what schedule, and when borrowers will have to pay back their loans. Keep in mind that small clauses can wind up dramatically raising interest rates and read through the contract carefully, especially if it looks like anything is amiss.

Finally, consider the loan amount.  It may be tempting to take out as large of a loan as possible, just because the lender is willing to be flexible with how much money its customers can borrow.  Keep in mind, however, that all of that money will need to be paid back, often quite quickly. Resist the temptation to borrow more than necessary.

The Best Places to Find Short Term Loans

Now that borrowers have a better idea of what short term loans are and whether they will be the best option to meet their unique financial needs, let’s take a look at some good options.  Below are several of the best places to find a cash advance loan online with less-than-perfect credit.

For the sake of transparency, it should be noted that these platforms are ideal tools for finding the right loan, rather than lenders in their own right.  The primary advantage of using an online lending platform instead of seeking out cash advance loans independently is that they do all of the work of finding the right lenders for their customers.  Their safe and secure online application process makes it much easier to find the right short term loan.

MoneyMutual Short Term Loans

MoneyMutual offers short term loans of as much as $2,500 to borrowers who need some quick cash.  They have over 2,000,000 customers, the vast majority of whom give this popular financial product an enthusiastic thumbs up.  There’s a reason that MoneyMutual remains one of the leading online lending marketplaces in the U.S.

The short term loans offered by MoneyMutual can be applied for online by completing a simple form.  Upon application, borrowers will often receive their funds within 24 hours.

Borrowers who are approved by a lender will typically pay their loans off in one lump sum, often at the end of their next pay periods, but some lenders working with MoneyMutual also offer installment plans.

Personal Loans From CashAdvance.com

Those looking for a true cash advance loan can find it at CashAdvance.com.  Customers with bad credit are perfectly welcome, which is a huge advantage for many Americans.  However, applicants will need to be able to prove that they have at least $1,000 per month of income and that they have been working the same job for at least 90 days.

Like MoneyMutual, CashAdvance.com is designed to link borrowers up with the right lenders.  They don’t act as a direct lender, themselves. Once loan applicants have received an offer through CashAdvance.com, they can simply check the terms, which usually include a repayment period of up to three months and a pre-determined loan fee, and decide whether or not they want to accept.  At that point, customers will be working directly with their lenders.

Loans from BadCreditLoans.com

BadCreditLoans.com specializes in working with borrowers who don’t have perfect credit.  This platform operates much like the two sites described above but offers a wider variety of loans.  Some of the lenders that work with BadCreditLoans.com offer traditional payday loans, while others offer installment loans that are specifically designed to cater to the needs of consumers with bad credit.

Varying in amount from $500 to $5,000, the personal loans available through BadCreditLoans.com can sometimes be paid off over longer periods of time, which may make this site a better option for those who are concerned about their ability to make lump sum payments.  Head over and fill out a quick form to get access to necessary funding in as little as 24 hours.

Installment Loans from PersonalLoans.com

Technically, the financial products available through PersonalLoans.com are not cash advance loans.  They are installment loans. That means borrowers will typically have between 3 and 72 months to pay them back instead of having to make one lump-sum payment in 30 days.

The reason this platform makes the list is that it welcomes customers with all credit types.  Those with poor or no credit who need access to larger amounts of money may want to look into this platform in addition to checking out the online resources listed above for cash advances.

PersonalLoans.com offers access to a range of financial products from $500 short term loans to $35,000 installment loans, offered by an equally wide range of lenders.  Like the other platforms already discussed, this website offers fast decisions and funding, often allowing borrowers to get access to their cash in just 24 hours.

The Take-Away

Short term loans have developed a bad reputation in recent years, which is a shame because they often constitute the best option for consumers with poor credit that need access to quick cash.  While it’s important to recognize that there are some bad actors out there, just as there are in any field, the majority of personal lenders are reputable companies.

Don’t be put off by all the negative hype surrounding cash advances and other forms of short term personal loans.  These products can be a real life-saver for consumers who need quick cash to deal with financial emergencies. As long as they find a reputable lender, which is easy enough to do these days given the proliferation of online services like those discussed above, and make their payments on time, most borrowers will be happy with their cash advance loans.

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