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Things to know about short term personal loans

A brief introduction to short term personal loans, their benefits and things to remember before availing a short term loan.

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Things to know about short term personal loans

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  1. Things to Know About Short Term Personal Loans

  2. Short term personal loans are loans that can be availed for a limited duration ranging generally from one month to a couple of years. • Most such loans are unsecured, which means that the applicants do not need to put up any collateral for availing them. • Being unsecured, the interest rate of these loans is relatively higher than other loans, especially secured ones. • These loans are offered by various lenders, each having their own terms & conditions for offering the loan.

  3. BENEFITS OF SHORT TERM LOANS

  4. 1. Multi-purpose Usage These loans can be used for diverse purposes without seeking authorization from the lenders for the same. Although loan applicants are required to provide reasons for availing loan.

  5. 2. Do Not Require Any Collateral It makes loan an extremely convenient option for people with limited resources or who might already have availed a secured loan with collateral.

  6. 3. Minimal Paperwork Required This makes task of processing loan applications extremely fast and hassle-free, also enhancing the ease and convenience for applicants.

  7. 4. Fast Loan Disbursal This ensures that applicants get the required amount within a few days and sometimes a few hours making it easier to borrow the amount at a short notice.

  8. 5. Short Tenure Means Lesser Stress The amount borrowed is generally quite low and this often results in lower EMIs that can be easily paid by the borrower over the given time period. This tends to create less stress for the borrower.

  9. Things To Remember While Availing For Short Term Loan • Short term loans often come with a high-interest rate, which is why the applicants should plan their finances accordingly to ensure timely repayment of the borrowed amount. • Just like some instant loans online, some lenders might levy heavy penalties on borrowers in case they miss even a single installment, which can increase the financial burden of borrowers significantly. • Given the unsecured nature of these loans, most lenders prefer to offer them only to people with exceptionally good credit history.

  10. For more details, visit: https://www.moneyinminutes.in/

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