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Benefits of short-term loans

6 Benefits of Short-Term Loans for People with Bad Credit

In certain life situations, individuals often rely on short-term loans to address unforeseen expenses. This should come as no surprise, considering the significant advantages these loans offer compared to long-term options.

Moreover, some short-term loans are available to individuals with less-than-perfect credit, making them a popular choice for establishing a financial safety net during challenging times.

1. Short-Term Loans Can Be Approved Fast

If you’re looking for a short-term loan, then the chances are high that there is an unexpected expense in your life that you have to promptly cover. Of course, in such a situation, the faster you’d be able to receive the money, the better.

Due to detailed and multi-step approval procedures, banks and credit unions can take weeks to get a loan approved.

Thankfully, that’s not the issue with Simple Fast Loans. An installment loan application can be completed online and, upon approval, you may have access to funds the same day or the next business day.

Plus, the money will get deposited directly into your account, which is very convenient.

2. People with Bad Credit Can Qualify

Though your credit score should not hold you back from getting the emergency money you need. However, that is exactly what might happen if you go to a bank for a short-term, emergency loan. Most lenders will post a minimum credit score requirement on their webpage that details the specific loan details. Simply put, if you are below that credit score, applying is pointless. 

Yet, when it comes to short-term loans offered by Simple Fast Loans, individuals with any type of credit score are welcome to apply. Poor credit won’t stop you from getting approved as there are other factors that are considered (like proof of income, for example).

3. Short-Term Loans Are Flexible

Before the loan agreement is signed, you’ll get to discuss with a Simple Fast Loan representative the schedule for your installment loan payments. It’s in the lender's interest to come up with a schedule that you’d be able to follow, and that’s what makes short-term loans incredibly flexible.

Another great thing about doing business with Simple Fast Loans is that you have the opportunity to pay the loan off earlier without facing any penalties.

It’s a great option for borrowers who know that their financial situation is going to become a lot better in the future, and they just need to push through a few months or so.

4. Predictability Is Key

Short-term loans get their name because they need to be paid back quickly. Typically, any loan under 12 months would be considered short-term. But, in a lot of cases, most short-term loans are repaid within 6 months.

So, it makes sense that within that timeframe, borrowers will see a very consistent repayment schedule. This means that if your payment is $75 in January, it will be $75 in February, and so on. This predictability is important because it gives borrowers the ability to maintain their budget during the repayment period.

5. Easy Application Process

When applying for a traditional loan, you must gather plenty of documents, arrive at the lender’s office, and then wait for days or even weeks for the decision.

If the loan involves collateral, you will have to spend additional time proving that your vehicle or house is actually yours and give the lender time to verify their value.

All this fuss can be avoided if you apply for a short-term loan from Simple Fast Loans. The company is completely online and the whole process can be completed from your home. Plus, all of your documents will be verified electronically.

Furthermore, Simple Fast Loans’ installment loans are unsecured, so you wouldn’t have to put up any form of collateral to secure the loan.

Even the document-signing process is as convenient as it can possibly be. The papers can be signed online without you having to drive to the lender’s store or print out the documents.

6. A Safety Net in Times of Financial Hardship

Emergencies can happen, and even people who have a reserve fund set aside are not always financially ready for various unexpected expenses.

If that’s what you’re going through, applying for a short-term loan can become a solution. If you get approved, you will get the money that you urgently need incredibly fast.

Once you take care of the emergency bill, you’ll get to plan your budget and quickly repay the loan without having to apply any drastic changes to your lifestyle.

What Short-Term Loans Does Simple Fast Loans Offer?

Simple Fast Loans is an online lender that offers online installment loans. You can receive up to $2,000 in your bank account in the shortest timeframe and repay in convenient equal monthly payments.

The company offers all the benefits mentioned above. Furthermore, it is a trustworthy and fully-licensed lender with over 5,500 reviews on Trustpilot and an average rating of 4.8 stars out of 5.

When doing business with Simple Fast Loans, you can rest assured that your personal information is kept secure and confidential

Throughout the whole process, you will be treated with respect, and the helpful representatives are truly committed to finding the option that would work best for your case.

How To Apply for a Short-Term Loan

Simple Fast Loans approval

Before filling in the inquiry, you might want to collect all the necessary documents. Once you have everything prepared, you’ll be able to complete the application process in no time.

You will need a photo ID, your Social Security number, proof of income (the most recent pay stubs would do), and an active checking account (you would have to provide your routing and checking number).

After that you would have to:

  1. Fill out a quick form online and don’t forget to type in a valid phone number. By the way, you can always contact the company directly if you have any questions.
  2. After you have provided the necessary information, you would have to wait for the loan decision to be made. This usually takes only a few minutes.
  3. If you are approved, then you will receive a loan package online that needs to be e-signed. You will find the link to enter the e-sign process either directly on the website or in your email.
  4. Follow the simple instructions on the screen and follow the easy steps to sign digitally.
  5. Success! You will receive a text once your loan is funded.

Apply for a Loan Even with Bad Credit

Applying for a loan is a stressful process on its own, and if you have bad credit, the stress can easily double. Short-term loans have a few benefits over long-term loans, and one of them is that some lenders are ready to consider individuals with bad credit.

With Simple Fast Loans, a poor score won’t necessarily prevent you from obtaining the money that you need as other factors will be taken into consideration as well. In fact, you can fill out an online inquiry now and get a loan decision almost immediately.

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