Business

Here Is Short Term Loans Explained

A short-term loan is a borrowing of money, usually a greater amount than a payday loan. It is generally repayable in installments over a shorter period.

We can’t always plan for an emergency or accident that will leave us without funds. Although it is recommended that you have a few of your monthly salary as an emergency fund to pay for such things as a car repair, a burst pipe or a dental bill, this is not always possible.

A short-term loan is a common way to borrow money to cover unexpected expenses.

Flexibility With Installment Repayment

An installment loan allows you more freedom than a payday loan. You can choose a repayment term that suits your needs and spreads the cost. You could also borrow more with this loan than with a payday loan. You’ll have to repay more interest and borrow more over a longer period.

Lender to lender terms regarding installment loans can vary widely. While some lenders only allow you to repay the loan over a certain period, others may offer more flexibility. We offer short term loans with real flexibility. The amount you borrow will determine the term of your loan. You don’t have to repay the entire amount at once, and interest charges are charged daily.

While payday loans are a quick way to pay off a debt, they can also increase financial stress if you have the loan and interest allowed in one lump sum. Installment products allow you to spread out your repayments, giving you the extra space and time you need. LoanPig installment payments are less each month, which makes them more affordable. If you feel you need to clear your account quickly, you can do so without paying any additional fees.

What Does A Short-Term Loan With Loanpig Cost?

Most UK short-term lenders divide the repayments into equal monthly installments. However, at LoanPig, our interest rates decrease as the loan term progresses because we only charge interest on the capital remaining. Our loans are more affordable because of this.

LoanPig charges no application fees and will not share your information with any third party without your permission. There are no fees for late-payments or inability to pay your loan repayments on time.

How To Apply?

LoanPig allows you to apply online. You can use your tablet, smartphone, or desktop computer to apply 24 hours a day, as long as you have internet access. The process is as easy as possible. There are no lengthy forms to fill out, no waiting at banks, and you won’t have to wait for a response for days.

Applying for a job requires that you meet the following criteria:

  • UK resident
  • Minimum 18 years old
  • A valid debit card is required to link the account to which you wish us to transfer the loan
  • In the last three years, there has been no bankruptcy, IVA, or CCJ
  • Email address for personal use

Active Mobile Number

The application form takes only a few minutes. You will need to provide some basic information about yourself, including your name, address, gender, occupation, and bank details to help us determine where the funds are to be sent. We use the most stringent data protection laws and our website protects your information.

After your application is submitted, our system will run some initial checks. If you meet our lending criteria, you’ll receive a message saying that you have been provisionally approved.

This agreement will be electronically signed by you after you have read it. The underwriting team might then contact you to confirm some details. This could include asking for proof of income or employment.

We can transfer funds to your bank account if you pass all affordability and creditworthiness checks. Usually, the money reaches your account within an hour after approval.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button