Short Term Loans: The Fast-Cash Solution for Empty Pockets
Life has a way of throwing us curveballs when we least expect it. Let’s say you’re a week away from your next paycheck, you’ve budgeted to pay for your upcoming bills and everything is going accordingly until you’ve hit a bump in the road, literally. You take your car to get serviced and the maintenance bill is higher than planned. You’re stuck in a dilemma because you cashed in your savings to put a down payment on a house. You need to pay your maintenance bill but payday is still a week away.
Lucky for you, short term loans can help get you unstuck from this dilemma. Short term loans are an easy way to get additional money without the hassle of having to go through a lengthy loan process from the bank. Short term lenders, like Quest Cash, can deposit the money into your bank the same day you apply for a loan. It’s a simple and convenient as it sounds. However, there are a few important facts to know before purchasing a short term loan. These include:
- Short term loans are meant for small amounts of money; as the payback plans operate on a short-term basis, the amount for these type of loans typically doesn’t exceed $500.
- Short term loans are high-interest loans. Given the nature of short term loans (quick deposit, no bank application), interest rate fees can add another $10-15 dollars to your loan.
- Short term loans have an average payback policy of two weeks. The purchaser of the loan can provide the lender with a cheque to be cashed or direct withdrawal from the purchaser’s bank account.
- If a purchaser cannot pay the loan back within two weeks, default charges can increase the cost of your loan significantly.
Short term loans are an effective way to get you out of an unexpected dilemma. However, make sure that you have a plan in place for repaying your loan before your purchase it. You wouldn’t want to get yourself stuck in another dilemma, especially an expected one.
For more questions about our services, contact a Quest Cash Representative.