Along with highly digitalized monetary transactions, it is now easier to receive loans through online. If you face any financial crisis or suddenly run out of your monthly income, then loans are just a click away. Especially, online payday short term loans can be easily accessible through online than expected.
LoanPig is one such best short term lender in the UK’s market for applying for online payday loans. You can have access to direct lenders or brokers for the loan. To process an online application, you need to be an 18-year-old resident of the UK having a permanent source of income or receiving some living allowance such as a pension.
What makes payday short term loans different?
As the name suggests, payday short term loans are emergency loans meant to be taken only for a short time and paid back with future wages. Unlike other bank loans, you do not need to have a lengthy application process or payment agreement for years.
The different types of payday short term loans offered are:
- Traditional short term loans- It is a short term loan that you will have to pay off in all at once with added interest.
- Installment loans- This allows the borrowers to pay off the loan sum within a comfortable duration over the several months in installments.
- Lines of credit- It is an on-demand loan where you will be charged interest for only the sum you spend or withdraw.
Benefits of Online short term loans
- They process faster- Only short term loans can be approved within minutes and within a day you can receive the loan amount.
- Anyone can easily qualify for the loan- While applying online you can easily qualify a borrower. All you need is a bank account, identification proof, and proof of your monthly earnings.
- Your income is important- Your income decides the amount you receive so that you can pay it off easily.
- Personal identification remains confidential- Online loan companies are not authorized to give out information about their borrowers so your identity remains secure.
- No restriction of loan use- You can wish to spend the loan anyhow or on anything.
- No credit check required- There is no credit check done so even if you have bad credit, it does not hamper your application.
- They are convenient- You will not have to take rounds of banks to file for a loan and can simply receive it online staying home.
- Legislative laws protect the borrowers- The interest rate is not as per lender’s wish but they can only charge up to the state’s maximum interest rate. It may differ from state to state.
- Automatic transfer system after lending- The lender will directly transfer money to your account after loan approval. Later you too will directly transfer it to the lender’s bank account with added interest.
Now, maximum people are engaging themselves with the online mode of loan application because it is an instant solution to emergency cash requirements. It is much convenient than traditional loans.