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Sometimes all you need to settle that pending financial challenge is a short term loan.
Online short term loans are loans taken for the short term or period of time to meet an immediate financial requirement. For instance, may choose to get a short term loan in Louisiana to finance your grocery shopping for the month and pay back on your next pay date. This also applies to financing business expenses for the short term.
Short term loan lenders offer a type of credit to borrowers for an agreed term, and the principal loan amount is paid back alongside additional interest on the day the loan should be settled.
Types of Short Term Loans Online
The following are the types of short term loans online:
- Payday loans
- Line of credit
- Installment loans
- Invoice financing
These can be broken down thus:
#1: Payday Loans
A payday loan is a type of short term loan online in Louisiana given out to anyone looking to cover up their expenses for the month. This could also help to cover up for emergency expenses or financial situations that were never budgeted for.
Short term payday loans are one of the easiest short term loans online to get; the only lapse to getting a short term loans for bad credit is that your borrowing amount is determined by your current earnings, most especially by a certain percentage of your income. But asides from all that, short term payday loans are one of the best alternatives when stuck in a financial bubble.
#2: Line of Credit
A line of credit is one of the common short term loans online that’s quite similar to using a business credit card.
You can choose to get a line of credit that comes with a credit limit that you are able to tap into when needed; thus, you get a specific maximum amount of money that you can borrow from, giving you the liberty to withdraw the funds either as a single lump of cash or as installments.
But, with a line of credit, you won’t be allowed to withdraw more than the allowed limit of funds assigned to you.
And when it comes to your debt settlement for a line of credit taken, funds are deducted with respect to how many lines of credit you accessed.
Lines of credit are best for their really low APR (Annual Percentage Rate).
#3: Installment Loans
Short term installment loans are one of the most common, affordable, and easy loan options in Louisiana for anyone looking to borrow some money from a lender; and in some cases, they are a better alternative to your everyday-normal credit cards.
Installment loans may come in any of the following forms:
- Car loans
- Mortgage loans
- Personal loans
Whether you realize it or not, short term installment loans can come in really handy when you’re in urgent need of funds to cover the purchase of any item.
#4: Invoice Financing
Invoice financing is a common business practice where businesses, especially small businesses take up a loan for their accounts receivables to cover up for invoices that are yet to be paid for by customers.
As a small business owner, taking a short term invoice financing loan can be really helpful for your business to maintain a steady small business cash flow.
When a customer buys something or orders a service from you and fails to pay back when due, this limits the total amount of money your business currently has to carry out its daily operations.
Getting financing for that unpaid finance will keep your business going even when there’s a lag in time of payments from customers.
What to Consider when Applying to Short Term Loans Bad Credit Lenders?
Short term loan bad credit lenders vary based on the type of short term loan you want to apply for. With that said, it’s important to consider the following factors when applying for short term loans for bad credit online:
- APR (Annual Percentage Rates)
- Qualification requirements
- Loan terms
The above factors can be broken down thus:
#1: APR (Annual Percentage Rates)
The cost of getting online short term loans bad credit is usually conveyed as an annual percentage rate that relates to the total amount of interest fees attached to the selected loan offer.
Every short term loan online type has its specific annual percentage rate (APR), so it’s always important to check with your lender to confirm all designated fees when applying for your loan offer.
Interest rates on short term loans also vary with respect to your current financial status and the loan terms. Thus, you may accrue more interest rate on a short term loan offer if the loan term extends for a longer period of time to pay back, and vice-versa
#2: Qualification Requirements
Before applying for a short term loan in Louisiana, it’s always good to check to see if you actually qualify for the loan offer.
The basic requirements to get short term loan for bad credit are:
- You must be presently residing in the United States
- You must be aged 18 years and above
- You’ll be required to provide proof of your current address and other personal details such as your social security number.
- You must show proof of your consistent source of income for the last 3 months
- You will need to provide an active bank account
It’s also good to note that our short term loan offers at InstantPaydayLA are guaranteed short term loans for bad credit. That being said, you will not be assessed for approval on your loan offer based on your current credit rating.
#3: Loan Terms
Lastly, it’s important to understand the A-Z that relates to your short term loan offer; and as discussed earlier, longer short loan terms accrue larger interest rates and a shorter loan term attracts smaller interest rates.
A better understanding and communication of your loan term with short term loan lenders in Louisiana will help you effectively plan your funds to exactly know how to effectively schedule your monthly payments on the loan offer.
How to Get Online Short Term Loans for Bad Credit with InstantPaydayLA?
If you’ve been on a consistent search for a single platform that offers all kinds of short term loan bad credit lending, then you’ve come to the right place.
Here at InstantPaydayLA, our short term loan lenders only take interest in the basic requirements listed earlier in this guide, rather than your current credit rating. We have a long list of trusted short term loan lenders that are willing to work with you, even with a bad credit rating.
Our short term loans can be gotten at anytime and anywhere.
It all starts with you filling out your loan request form and submitting all necessary details which usually take nothing more than 5 minutes to complete.
Once this is done, your loan request will be immediately forwarded to a lender that best suits your lending purpose, and once approved; your loan offer will be approved that same day.
The best part?
Our short term installment loans bad credit terms also go a long way in helping you improve your current credit rating. How?
Well, as you’d know by now, one of the major factors that contribute to determining your credit score is your payment history (which makes up 35% of your credit score); and with you, taking up short term installment loans bad credit with us usually involves you constantly settling your loan debt at the end of the month – this will in turn automatically reflect in your credit history, thus helping to improve your credit rating amongst lenders.