Short Term Loans – The Best Choice For People Seeking Emergency Cash

1. SHORT TERM LOANS – THE BEST CHOICE FOR PEOPLE SEEKING EMERGENCY CASH Many people face the problem of cash shortage to cover unprecedented emergency expenses such as medical treatment, an unplanned family event, or even house repair expenses, etc. In such circumstances, getting the required amount of money within the specified time can prove to be extremely stressful and difficult. While some people might choose to break into their savings to cover such expenses, others might try to seek financial assistance from their friends and acquaintances. However, many others consider the option of seeking short-term loans online, as they offer a more discreet solution to people seeking additional funds. An Overview Of Short-Term Loans Short-term loans are the right choice for getting the necessary funds to support urgent credit needs in a simple and timely manner. Whether the loan applicants need the money to buy a new smart gadget to pay their balance debts, a short-term loan can help them to cover these expenses without disturbing their stable financial status. Moreover, these loans are offered for a short period, generally a year or two. This minimizes the burden of payments lingering over several years and hence makes them a more feasible and stress-free option to get that extra cash. These days, various financial institutions offer fast cash loans through their credit websites, instant loan apps, customer care assistance, or even the traditional method of personally visiting the branch. Key Benefits Offered By Short Term Loans Short-term loans are gaining much popularity as the go-to solution for people facing a wide range of financial emergencies. This is because they offer the below-discussed benefits that make them a more feasible option as compared to most other regular loan options. Flexible End Use Short-term loans do not come with the precondition of using the funds for a specific purpose. This means that these loans are multipurpose in nature and the amount disbursed can be utilized by the applicants in any way they deem fit. Thus short-term loans may be availed by individuals not only in times of distress but also for covering the expenses of fun and enjoyment with family and friends. No Collateral Needed Most short-term loans are unsecured, which means that the applicants do not need to provide any collateral as security for the loan amount. This is the most beneficial aspect of these loans as it ensures

2. that people with a small income and minimum assets can also apply for them. It also minimizes the stress level of the applicants as they do not have to constantly worry about the risk of losing the asset they have put up as collateral due to their inability to repay the loan. Minimal Documentation Required The paperwork and documentation that the applicants need to submit while applying for short-term loans is absolutely minimal. Moreover, these documents are quite easy to acquire and in most cases can be obtained without the need for the applicants to step outside their homes. This, in turn, helps in simplifying the loan application process besides reducing the overall time required for the same. Fast Disbursal Of Funds The disbursal of funds for short-term loans is extremely fast as compared to other personal loans. The disbursal of funds for the majority of online payday loans is completed within just a few hours after the application has been approved by the lenders. This is mainly because the documentation required for the process is limited and hence the time taken for their processing and verification is relatively lesser, which ensures a faster disbursal of the amount. Loan Amount Available The amount that can be provided to the applicants of short-term loans often ranges between Rs.5,000 and Rs.3,00,000 or even beyond. Even though the exact amount offered may vary from one lender to another, this flexibility in amount enables the applicants to choose the loan amount that best matches their needs and their repayment capacity. Moreover, the repayment tenure for these loans also ranges between 1-2 years which further helps to reduce its financial burden on the applicants. Regulated Market Minimizes Risk Contrary to the popular belief, the market for short-term loans in India has become highly regulated over the past several years. This means that market watchdogs like SEBI and RBI monitor the activities of the lenders quite closely and ensure that they do not indulge in any malpractices. This minimizes the risk for the applicants when they borrow from renowned lenders. Original Source: https://blog.moneyinminutes.in/short-term-loans-the-best-choice-for-people-seeking-emergency-cash/