subject: Short Term Loan and Long Term Loan [print this page] Short Term Loan and Long Term Loan Short Term Loan and Long Term Loan
It's in the middle of the month, everything was budgeted. Suddenly one of the family members got sick. The bill was unexpectedly high and your car broke down... now, what will you do? First option is you can ask for a family member or friend's help, if not available, you can apply for a "Loan." For me, both lenders and consumer should practice responsible spending and lending in the first place.
Long Term Loans can be made thru banks; these loans can vary depending on programs. Banks will look at your Credit report, will ask you to submit certain requirements and will take days, weeks or even months to get approved. They say Long Term loans help people on the long run because it can be paid overtime and has less interest. If all people have the option to do a long term loan, then I say that would be one of the best option.
Short term Loans on the other hand was said to be no credit check, so long as you have the requirements they need, then you are all good. Aside from that, payday loans can have the money transferred to your account within 24 hours or less. It was once said to prey on the desperate, will help you for a while then attack you with the high interest. I say, they are short term and high risk, so the APR is understandably high. In the first place, I guess no one would want to get involve on something they don't know anything about. A payday loan supports people who once had bad credit and people who can't get approved for a "Long term Loan" or people who got caught on a bad timing.
Short term and Long Term Loans are one of the options people can check on to. There's no bad Loan really, it will just depend on how one person handle their loans. It's up to you which one is accessible and beneficial for you.
