How to Get Short Term Loans

Short term loans can bridge the gap between a financial emergency and your next paycheck.They can also allow you to spend money that's on its way (such as a tax return) before it gets to you. However, one should use short term loans with care and endeavor to break the cycle by building an emergency fund. In the meantime, here's how to get and use short term loans.

Difficulty: Moderately Easy

Instructions

1. Ask your local bank manager about short term loans if your account is in good standing and you have a reliable history with the bank. Let him know what the loan is intended for and how you will pay it back.

2. Check on your credit score and make sure there are no negative errors on your credit report. Your credit report is one of the biggest factors in your ability to get a loan, so make sure it shines.

3. Look for short term loans online through financial sites such as Mint.com or social lending sites.

4. Fill out loan applications accurately, including your income amount and identifying data.

5. Review loan offers, paying close attention to the terms of the loan including the interest rate, monthly payments, and length of the loan. Make sure the short term loans you apply for are actually short term with the lowest interest rates possible.

Tips & Warnings

• Pay off your short term loans quickly, adding extra principal each month to shorten the length of the loan even further.
• Never miss a payment on your short term loan as it will hurt your credit and lessen your ability to get another loan in the future.

Resources

• Save money on loans through Mint.com
• Zopa personal loans

[soanyway]

on 11/9/2008 Thanks! good article

[Wasatch]

on 10/24/2008 Good advice. Prosper is a good online lender as well. I will have to check into Mint. Thanks

[ebnickiea]

on 10/15/2008 great information and great timing as people are starting to look for loans with the economy looking so bleak.

[steph275]

on 10/5/2008 I really liked the tip and warning. Good info. Thanks

[Alisiane]

on 10/3/2008 The tip to pay these back ASAP is huge. I've seen and heard of people who borrow a couple hundred and end up owing in the thousands before it's all paid off.