One may not be consciously aware of the fact that one belongs to a vibrant finance market and that one is a part of it
. But one is quite aware that scarcity of money is for ever true. It means that a person may be in need of money at any time though it does not mean that he will always need plenty of money. It happens to anyone that money, not of good magnitude, may be necessary for some purposes and that he may pay back the sum within a short period. Hence is the importance of short term loans.
What actually people do with the short term loans? They use it for renovation of the home or for clearing the dues of the school fees. They may use the money to clear part of some big loan. Anyway, it has been seen that short term loans are properly used in most of the cases. Thus it is clear that short term loans are for emergency need.
Payment and repayment of loan follows the norms of the finance market in which money is borrowed generally in two variants. One is known as secured form and another is known as unsecured form. In case of the secured form the borrower is asked to produce evidence in support of any of his own property ( a home of his own, for example) to be pledged as collateral. In case of the next, that is, in case of unsecured form, the borrowers can get the payment although they are not in a state to produce any collateral.
The finance market has norms on eligibility of an individual for short term loans. Application for short term loans may be approved if the following conditions are satisfied:
1. The incumbent must be a citizen of the United Kingdom.
2. He must be at least 18 years of age.
3. He must work in any legally approved concern and he must have received regular payment at least for last six consecutive months.
4. He must have a bank account and it must be valid and active.
The borrower may get 500 and on certain other considerations he may get a bit greater amount such as 1000 as short term loans. It is expected that the loan will be cleared within 10 days to 30 days. Sometimes the repayment duration is extended by some lenders who consider it right.
Short term loans are easily available and there is no dearth of lenders for it. The borrower can apply online and if the form is properly filled in and if the lender is satisfied, money will be transferred to the bank account of the person within twenty four hours. In case of short term loans one more important thing is that the lenders do not bother if the borrower has any bad credit record.
