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Short Term Loans

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What Are Short Term Loans?

Short term loans are temporary financial help given to individuals who require some money in a time of emergency. The loan term is usually short, usually one year or less, sometimes only a few weeks.

The money is issued by the loan lender usually after a credit check. As a result, these loans get approved much quicker than conventional personal loans. Generally, short term loans from non-banking institutions come with varying interest rates.

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Types of Short Term Loans

There are various kinds of short term loans, and we have shown vital information on them in the list below:

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Lines of Credit

A line of credit is similar to using a business credit card. A valid spending limit is established, and the business may access a credit line when needed. The due date will vary depending on how much you have borrowed. The flexibility this provides makes more sense than a traditional business cash advance because you don't have to wait until your following payday to get funds.

Payday Loans

Payday loans are small loans available from lenders and banks that are typically due on your next payday. It's given to people who need money to pay bills or emergency expenses. The lender instantly approves the loan. The interest rate is high, but the application process is quick.

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Cash Advances

Merchant Cash Advances are short-term loans for business owners, which comes in the form of funds or a line of credit. This loan type doesn’t usually require collateral and can be approved in a matter of days. This loan is given against your future expected card sales because the cash advance lender is buying your receivables.

Installment Loans

An installment loan is a loan that has a specified number of payments over a specific period. The borrower is usually required to make equal payments each month over the term of the loan(i.e., fees are separated by months).

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Invoice Financing

Invoice financing is the practice of providing immediate capital to companies needing extra cash flow for the payment of their invoices. Invoice financing is provided for a short term, and you usually have to pay back at a higher interest rate.

What Are The Benefits of Short-Term Loans?

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    Quick Access to Cash

    The approval process for short term loans is generally fast as requirements are much simpler to meet, which means that you can get cash to your bank account instantly.

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    No Collateral Required

    Typically there is no collateral needed to get the short term loan approved by the lender.

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    Bad credit OK

    Even if you have a bad credit score, you can get a short term loan. However, you must qualify for the credit check first!

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    Improve Credit Score

    If you pay back the short term loan in due time, it could positively affect your bad credit history.

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What Are Usually The Rates of Short-Term Loans?

Short-term loans usually come with significantly higher interest rates than traditional loans. A few of them can be as high as 400%.

Besides, the interest rate varies by the total amount of the loan, its type, and the lender. For this reason, we strongly recommend doing your research, comparing different options, and choosing the one with the best rate.

How to Get Loans Fast Online?

You can get the assistance of CocoLoan to search for a short term loan lender quickly. Simply use the following steps to complete the application process:

  • 1

    Complete Our Form

    We will provide a form, which you need to fill out by entering relevant documentation and information.

  • 2

    Check lender offers

    Next, CocoLoan will connect you to a list of lenders that may be what you need based on your requirements. However, approval by the lender does not mean that you are required to get the loan from them.

  • 3

    Reach an agreement

    Once you've selected the offer you like, you'll need to submit any additional documentation required, such as giving your bank account information. Finally, you can sign the loan agreements, and this can be done through a secure web portal.

  • 4

    Receive your money

    As soon as the same day, the discussed short term loan amount will be transferred to your bank account.

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Frequently Asked Questions

  • 1. What can a short-term loan help you do?

    A short-term loan is one that you pay off within a couple of months. It is something that you can use for unexpected expenses in your personal life, like an expensive medical bill, home improvement, or even an unforeseen car repair which are all bound to happen.

  • 2. What are the disadvantages of short-term loans?

    Short term loans are generally not a long-term solution to your financial troubles. Moreover, the interest rates are high, and the total amount isn’t that much.

  • 3. How can a short-term loan affect my credit?

    Since the total sum of a short term loan isn’t that significant, they are much easier to pay back in time and thus, improve your credit score.

  • 4. What documents do I need to provide for short-term loans?

    You must provide your personal, employment, and bank information for short term loans to initiate the short term loan approval process. This info will remain safe and secure.

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Get Started With Our Short-Term Loans Today!

So if you are urgently in need of a short term loan, then submit the required information today, and we will connect you to our reliable lenders quickly.

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