College can be tough, especially if you’re juggling academics, extracurricular, finances, and your own interests. In the face of these challenges, a well-timed short-term personal loan can be a blessing. If you’re creative enough, you can use your loan for a side hustle or invest it to something worthwhile. But why should you pick a short-term loan over a long-term one that offers higher amount?
Here are the reasons why:
Short-Term Loans Can Be Paid Easily
Paying off a short-term personal or payday loan is almost a breeze. Since the interest is not that huge, you can pay in full immediately and re-apply for a new loan. Re-application is also easy because the moneylender won’t bother you too much regarding your credit status. As long as you’re credible enough and a good payer, the lender will loan you money. This is totally beneficial especially if your college budget is running low. Just get a side hustle or a part-time job to pay off your loan.
Banks have confusing and varying interest rates and terms. Additionally, it takes a long time to apply for a bank-issued loan. You need to overcome different hurdles like requirements, credit checks, and even background checks. With short-term loans, the improved term is a real gravy. The improved terms can be used to your advantage and will help you manage the loan accordingly. This is even better if you have a long-term, viable financial plan.
Flexibility & Convenience
Nothing beats the flexibility and convenience of a short-term loan. During the application process, you only need to fill up a form and send it to the lender. If you’re pre-approved, the lender will invite you to the office and ask several questions. The approval chance is high, especially if you answer the questions honestly. You can also get your money within the day – few hours at its best. You don’t have to worry about credit investigation processes, as long as you have the complete documents and IDs. On top of that, you’re free to choose the amounts that you want to apply for.
While short-term personal loans are great solutions for your college expenses and dilemmas, you should be careful. What’s meant to be a solution may turn into a nightmare if you failed to repay! Once you’ve applied for a short-term personal loan, do your best to repay it. Your moneylender will totally appreciate the gesture.