How to Fill Out a Short Term Loan Application

A short-term loan, also known as a cash advance, is a loan issued for a short period of time, such as 14 days. If you need this type of loan, you should know what will be expected for the application process.

Difficulty: Moderately Easy

Instructions

Filling Out a Short-Term Loan Application

1. If you don't know your Social Security Number (SSN), find it and have it ready before you fill out the loan application. You will be required to provide your SSN, as well as your name, address, phone number, employer information and an alternate contact person.

2. Bring proof of your income, such as a pay stub, direct deposit form or bank statement to presented along with the completed short-term loan application. You will also need photo ID, such as a driver's license, passport,or military ID. Some lenders may also require you to have your checkbook.

3. Read the terms of the loan and ask any questions you might have before filling out the application. Short-term loans have high interest rates that can reach over 600 percent on an annual basis. Know the interest rate, repayment terms, fees and any other conditions and decide whether they are acceptable before you complete the application.

4. Be honest in your responses to the questions on the loan application. It is illegal to obtain credit by knowingly providing false information on an application.

Tips & Warnings

• If you're filling out a short-term loan application online, make sure the website is secure. Look at the address in your browser's address bar. It should begin with https rather than http. If it does not, do not proceed with the application because your information is not protected.
• Do not respond to spam emails offering short-term loans. Emails often contain scams, so deal with a lender chosen by you, not someone who solicited you. Check with the person you're planning to use as your alternate contact before putting them on your short-term loan application. Even though giving their information doesn't make them responsible for the loan, the loan company and collection firms will contact them if you default and disappear. Bill collectors may harrass the contact, even if he doesn't know your location, and he may become upset that you used him.

Resources

• Amscot information on applying for a short-term loan