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Unfortunately, we can neither predict nor prevent financial difficulties, since they happen to us at the most inopportune moment. The car breaks down, the child gets sick, and the bills keep piling up every day. Most Americans have no extra savings to cover unexpected expenses, so they have to seek help from friends and family. However, they are not always able to borrow the required amount. Is there a way out of this situation? Of course yes, and this is a Short-Term Loan.
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What is a Short-Term Loan?
A Short-Term Loan is a type of loan that can quickly help you cover unforeseen emergencies and needs. Typically, people use this type of loans for emergencies such as medical assistance, car repairs and unexpected large bills. There are many different types of Short-Term Loans, such as Payday Loans, Insurance Loans, Personal Loans, and so on. The most profitable and affordable is a quick same day Payday Loan, as it helps those people who cannot take a loan from the bank because of a low credit rating.
Can you get a Short-Term Payday Loan with bad credit?
Of course, yes. The advantage of this loan is its affordability. Even people with bad credit history can apply for a loan and be approved.
Most lenders do not run the risk of working with unreliable borrowers. Typically, banks check credit history and do not approve loans to people with low credit. With a bad credit history, almost any bank will turn you down, but if you apply for a Short-Term Payday Loan from an online lender, then you will most likely be approved.
What are the basic requirements for getting a Short-Term Payday Loan?
To get a loan, you need to meet certain requirements. They may vary depending on the state of residence and the lender, but all the criteria from this list are required everywhere:
- You must be at least 18 years old
- You must have a government issued ID.
- You must have an income of at least $ 1000 after taxes
- You must be in your current job for 3 months or more
- You must be a US citizen or official resident
- You must provide a permanent residence address
- You must provide a phone number and email
- You must provide an active bank account
What are the benefits of a Short-Term Payday Loan?
- Almost anyone can apply for it and get a loan since you don’t have to meet a lot of criteria.
- Bad credit is not a problem. Even a person with a low credit rating can get a loan and solve all financial problems.
- Fast approval. Typically, the loan is approved within a few minutes after the application is submitted, so you don’t have to waste time waiting.
- Fast payouts. If approved, the money will be transferred into your bank account the next business day.