Forget About Cash Crunch With Short Duration Loanby credit bazzar Instant payday loan in as short as 15 minutes
Whenever people are in need of quick cash, the short term loan is an ideal option that one can look to avail. Short term loans are the ones which people can avail for less than one year time period. The rate of interest tend is higher because the payment duration is short.
Types of Short Term Loans
People can take different kinds of loans that are short term in nature. The different types include:
· Payday Loans: Payday loans are very popular form of short term loans, which Banks provide people with in India. The amount that gets offered is usually lot lower than loans, which are personal in nature. Still the main advantage is that a borrower can avail the cash immediately. One only requires to upload their salary slip, account number of their bank, Permanent Account Number along with other necessary details in order to get the loan sanctioned. The requisite amount gets credited in the bank account of the borrower in a couple of hours time or in the early hours of the next business day. This type of loan is popular among young people due to its smooth process of application along with the availability of funds in an instant manner.
· Loans To Fill Up A Financial Gap: These are referred to as Bridge Loans, which basically aim towards tackling one’s need for immediate cash. It is one type of financing to fill up any shortage of finance. A person usually applies for bridge loans when he or she is in urgent need of liquid cash. These loans assist people under different circumstances, like when they are waiting for their home loan to get sanctioned and it is for a longer duration and require to pay a specific amount for down payment. The fee charged for getting loan processed along and the extent of interest charged on it are on the higher side compared to traditional loans.
· Loans Offered From Credit Card: When one uses a credit card, then he or she can get a loan for a short period of time against it in a pre-approved manner. Different banks offer this kind of loan after taking into consideration a person's history with regard to credit and the credit limit offered to him. The fee in order to process the loan, gets started off from a nominal amount of Rs 500 and the rate varies from a minimum of 12% to the maximum of 25%. which varies as per as the bank’s discretion. The tenure for repaying the loan is usually flexible, which ranges from 3 months to two years.
· PPF Account Loans: Loans that are offered for a short period of time can be sanctioned from banks against one’s PPF Account. There is one condition in this. He or she can get loans from the 3rd year since the account was opened. The passbook of the individual’s PPF account along with Form D needs to be submitted, only after which the loan can get sanctioned. The amount of loan can be till 25% of the balance that stood at an individual’s account when he or she had applied for the loan.
Created on Jan 21st 2019 00:55. Viewed 75 times.