Your son's birthday is two days from now and you want to present him an expensive gift. Though you do not have money needed to buy the gift, you want to go for a loan, which you plan to repay within few months.
Since not much time is available because you have to visit shops in search of a proper gift, you wish to have the loan amount today itself.If you want cash in your hands on the day you apply for a loan, you should go in for short term loans. Not only do lenders release loan amount after approval on the very day you apply for a loan, they also give you sufficient time to repay the loan in a comfortable way.
If you are unable to provide collateral for the loan or if your credit history is not favorable, do not be under the impression that lenders refuse to approve your loan.
In the first place, lenders do not insist on collateral for these loans and secondly lenders' policy of no credit check to ascertain credit history of applicants allows you to get hold of loan amount without any problem.
Usually, Short Term Loans offer sufficient monetary help to applicants with which they can easily solve their financial worries.
Nevertheless, the fact that lenders want to recover the loan safely, force them to find out your loan repayment capacity arising out of your monthly income and then decide the amount to advance. Short term nature of loan allows for only few weeks time for loan repayment.
In order to deposit loan amount on the same day of receiving applications from borrowers, lenders keep loan processing a short one document job without insisting on too many documents to verify the information furnished in the application.
