A short term loan usually lends money for a few weeks or possibly a few months. Some people would consider that they are not worth having because they are expensive. However, there are people who find them extremely beneficial.
Probably the top reason for getting a short term loan is for someone who has a bad credit record. Often people who have a bad credit record do not have access to credit cards or overdrafts. This means that if they need money quickly they do not have a way of getting any. A lender who organises short term loans does not always do a credit check which means that it is possible to borrow money even if you do not have a credit record that is good enough to borrow through other means.
Often a short term loan can be arranged very quickly. It can sometimes only take a few hours to organise a short term loan. This means that if money is needed extremely quickly this can be the best option. It is not usually easy to get a loan and you may need to wait for credit checks and other documents to be looked at. With some short term loans, it is possible to apply online and this will speed up the process. They can sometimes even be arranged outside of banking hours.
Some people do not like the idea of being in debt for long. With a short term loan the money is often just leant for a few weeks and has to all be paid back in full at that point. This means that the debt will normally not last longer than a month. This is very appealing to people who do not want to be lumbered with a long term debt or who think that it is very important to get their loans paid back on time, as they will be forced to pay it back as the money is taken straight form the bank account. With an overdraft or credit card there is no formal repayment schedule and so the debt can hang around for a long time.
Short term loans may be more expensive than some other forms of lending but they are available to those with a bad credit record, fast to arrange and quick to pay off which means that they can appeal to some people. They are offered by many companies including short term loans 60 and it is worth comparing costs to see which is the cheapest and whether they have the advantages that you are looking for in a short term lender. Remember to check out the fees as well as the interest and always be confident that you will be able to pay the loan back on time or else there are additional fees.