Planning business finances is challenging and isn’t always a fun ride. The obvious thing to do is to save money throughout the year to manage urgent expenditure. But no matter whatever you do, sometimes you don’t have enough money. People in case of immediate money requirements tend to think about getting a loan from a bank. However, we guess that you already know how much time banks take to approve a loan request.
So sorry to say, banks are not your option when you need money daily for your commercial growth. What to do then? How can you find someone who will manage to lend you money in 24 hours? The answer to your question is short term loans offered by online direct lending companies.
Payday loans are your option
Payday loans are short term loans from the amount of 100 pounds to 1000 pounds. They are expected to be paid back in a month when you get your next payday. The purpose of payday loans is to cope up with emergency costs which couldn’t be covered in your salary. But payday loans have a high APR (Annual Percentage Rate) of about 400%.
They are approved within a day’s basis, and you will find money in your account. Simple as that! As collateral, the lender might take a cheque with next month’s date. However, it is not necessary to pay the loan amount on the next payday. You can pay back on the decided date or time with your lender. But people generally like to repay the money on the salary day.
The advantage of this money-lending technique is a fast service and instant approval. When someone doesn’t have much time to wait for a few days to get money, this loan is your savior.
Professional Individual helping hand
Peer to Peer loan is borrowed from an individual who is an online lender. They make their extra money available for loans. You can find P2P lenders on various online websites that connect lenders from borrowers. After your application gets accepted, you can have the money in your business account quickly.
An Alternative to Payday loans
An alternative with lesser rates and longer repayment time is Payday Alternative Loans (PAL). These loans are available with the same fast pace but with longer repayment time. These are generally offered by UK based Credit Unions. They don’t have higher APR which is easier on your pocket. Who wants to live next month in a tight budget? The only disadvantage is that it is not available for a more considerable amount.
What about the money required for the weekend?
Most lenders don’t provide money on weekends. But what if an emergency arises due to which you require urgent cash on Saturday or Sunday? To solve your problem, the answer is Weekend Payday loans. We know, it sounds similar to standard payday loans.
These weekend short term loans are available online just like the normal one, and it is suitable for everyone. The USP is that you get the services outside of weekday working hours. The difference between normal and weekend payday loans is that weekend loans are expected to be repaid sooner, say within 30 days. The interest rate for this loan is 0.8% daily, and the APR is 400, just like a normal short term loan.
If you are 18 years of age or above, have proof of income, ID proof, and most importantly agree to loan agreements, then congratulation you are eligible for weekend loans. There are two types of options available for the borrower – online and storefront lender. In need of the hour, an online lender might be your better option. Once your loan gets approved, you can have money in your account within 15-20 minutes. The good news is that it is also applicable to bad credit.
Borrow with responsibility
Borrowing money is not a problem, but how you are going to repay it is the main issue. Sometimes, people borrow money but find it difficult to pay it back. Higher interest rates and short tenure are some of the problems they face.
It is necessary to manage and plan how you will repay the loan amount within the time given by the lender. It is also important to note that you should not borrow short term loans for shopping or any such non-urgent activity. Also, it is not advisable to borrow these kinds of loans for clearing your earlier credit card debts.
Urgent money requirement is not an easy thing to manage, primarily when your current business earning doesn’t fulfil your expenses. But when you can pay back the amount taken quickly then considering that option isn’t a bad idea. Short term loans such as Payday loans, P2P loans, and weekend payday loans are available with instant approval. Despite high APR and short term, they are your go-to option for an emergency.
Description: Short term loans are available online that are expected to be repaid on payday. They are available within a day’s basis with instant application approval. With such options, your financial emergencies can be managed without any stress.
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