Short-Term Loans - Guide and Information

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Short-Term Loans - Guide and Information
While some of the most well-known loan types are for large amounts of money and are repaid over several years (such as mortgages and automotive financing loans), there are a variety of loans that are designed for smaller amounts and for shorter periods of time. Some of these loans come from banks or other common lenders, whereas others come from specialty lenders that deal specifically with these types of short-term loans.

If you're in the market for one of these shorter-term loans, or if you're just wanting to see exactly what options are available, then the information presented in this article is for you.

Below you'll find information on the short-term loans that are commonly offered by traditional lenders such as banks, as well as other common types of lenders and a few specialty lenders that aren't as common but that deal almost exclusively in short-term loans.

Traditional Lenders

While many people think of traditional lenders such as banks as the source for larger loans like mortgages and finance loans, most of them also offer a wide variety of short-term loans for smaller purchases or temporary financial needs. These loans can be either secured or unsecured depending upon what the loan will be used for and the credit history of the borrower, though the secured loans tend to carry with them somewhat lower interest rates than the unsecured loans.

Most short-term loans of this type are for a period of six months, though some will last for nine months or a full year depending upon their use, the amount borrowed, and the options presented by the bank or financial institution.

Other Common Lenders

In addition to the short-term loans that are offered by banks and other traditional lenders, there are a variety of short-term loans that are available from common non-traditional lenders such as finance companies, loan offices, and online lenders. These loans tend to share much in common with the short-term loan offerings of banks, though more often than not the loans offered by these non-traditional lenders are only offered as secured loans. The interest rates on these loans can vary from lender to lender, and may be higher or lower than those offered by banks and traditional lenders.

Specialty Lenders

Some specialty lenders also exist, offering short-term loans to individuals that might not be able to get the loans elsewhere. Often these lenders require very specific collateral to secure the loans, such as car titles or other items of value, and may not offer the best interest rates that you might be able to find for that particular loan. The advantage of these lenders is that they often process the loans quickly and you can get the money that you need the same day as the loan application. These loans are usually six-month loans, though some are one year loans.

Choosing the Loan that's Right for You

In order to choose the loan that's right for you and your needs, it's important to shop around and compare the loan rates and terms of various lenders. In order to do this, you should take the time to request quotes from the different lenders that you're considering, and then compare the quotes to each other so that you can decide which loan offer is the best one for your needs.

Compare the quotes based upon the interest charged, the collateral (if any) that's required for the loan, and the repayment terms and amount of time that you have to make all of the payments. This way you can decide which loan is best for you and your needs.

You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:

About The Author

John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the http://www.directonlineloans.co.uk website.

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When loan is denied

Sometimes, finding the best loan offer isn't the end of the lending process... after you fill out your loan paperwork and submit your final application, your loan comes back as being denied. It may seem like you're not going to be able to get the money that you need, but that's not true; it's simply going to take a bit more work on your part to find another lender that will approve your loan. In order to do so you'll have to revisit old loan quotes, contact other lenders again, and put a little bit more effort into finding the lender that's really right for your needs.

So that you don't have to start the process from scratch, here are a few pointers to help you along your way.

Reconsider Old Quotes

The first thing that you should do when you're denied a loan is to begin looking at old loan quotes again to determine which ones are the best. Obviously, you have already applied for the loan that was the best overall from the quotes that you had received, but there is a good chance that some of the loan quotes were relatively close to the one that you had originally decided upon. You should choose the best three or five quotes from those remaining, setting them aside so that you might investigate them further. The remaining quotes can be kept if you choose, though it's likely that you won't need to go through all of them to find the lender that will grant you the loan that you want.

Contact Lenders Again

Once you've determined which loan quotes are the best out of those that remain, it's time to contact the lenders that originally made the quote again. Explain that you're still looking for a loan and that you had received a quote from them previously, and confirm the interest rates and loan terms that they had previously offered you. Interest rates may have changed slightly, but there's a good chance that you'll be able to get a new quote that is close to the original if they have.

Once you've confirmed that the lenders are still wanting to potentially do business with you using the rates and terms that they had quoted you before, then you can move on to the next step in trying to get one of them to issue you a loan.

Request Pre-Approval

In order to avoid the hassle of applying for your loan and then waiting for a decision, ask the potential lenders if they offer pre-approval on their loans. The pre-approval process means that they go ahead and run a credit check and make the pertinent approval decisions before your final application is processed. This means that you'll know beforehand whether or not you'll be able to get the loan, and if the lender isn't going to be able to grant the loan then it will save both you and them quite a bit of money.

It's important to make sure that you don't request pre-approval on too many loans at once, however, because having a large number of inquiries made on your credit score at one time can actually have a negative effect on your credit.

Make sure that you've narrowed down the lenders sufficiently to the ones that you want to try to get a loan from, and ask fro pre-approval from there.

Should you not be able to get an approval at this point, you might want to reconsider your loan's collateral, and look at a few new lenders that specialize in your type of loan.

You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:

About The Author

John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the http://www.directonlineloans.co.uk website.


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Short-Term Loans - Guide and Information
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