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Finance / Payday Loans / Short Term Loans

In a long term loan, more interest charges will be paid since it will continue for a longer duration. Whereas in a short term loan, you will clear the complete loan within a short period,

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Finance / Payday Loans / Short Term Loans

hence interest charges will be less. Although interest rates are high for a short term loan but eventually you will be saving some money for sure.

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Finance / Payday Loans / Short Term Loans

Not necessarily all short term loans charge a high rate of interest. There are many mortgages which charge lower rates of interests. That means you will be able to save some money since you will be paying back in a short time that too with a low-interest rate.

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Frequently Asked Questions

In a long term loan, more interest charges will be paid since it will continue for a longer duration. Whereas in a short term loan, you will clear the complete loan within a short period, hence interest charges will be less. Although interest rates are high for a short term loan but eventually you will be saving some money for sure.
Long term loans can take quite some time to complete the whole process of passing the loan. Whereas, short term loans are real quick and within few hours it is processed. Thus, if you have an emergency and you require money immediately then short term loan is the answer to your problem.
When you take a mortgage loan for building your house, unless the loan is cleared, you cannot rightfully own the house. So, better to pay back the principal at the earliest which is possible using a short term loan. This can help you to own your house fast. Also, if you want to sell the house, then you will have to share with your lender all the proceeds from the property sale.

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Expert Team

If you have a bad credit history

If you have a bad credit history, then there is nothing to worry as many short term loan lenders are not bothered about your credit history. They are only concerned that you must have a steady income and should not have an outstanding loan.

Also, they want you to hold

Also, they want you to hold an account in the bank. That's the criteria for a borrower to fulfill. Hence, a lot of people who do not qualify for other loans can have some hope to fetch money with the help of such loans.

Long term loans can take quite

Long term loans can take quite some time to complete the whole process of passing the loan. Whereas, short term loans are real quick and within few hours it is processed. Thus, if you have an emergency and you require money immediately then short term loan is the answer to your problem.