1500 Dollar Short Term Loan
Facts about a 1500 dollar short term loan and how to get it
If you need a loan for a short period of time to pay off your outstanding debts, you may need a short term small loan. The amount, however, depends on how much you need and qualify for. If you need about $1500 to manage your debt burden, you may apply for a 1500 dollar short term loan and like this. Since short term loans are mostly disbursed for short period of time, you don’t need to be bound by any sort of long-term obligation. Although the main purpose of these loans is to help people serve purposes like college admissions, paying medical bills, paying off small debts, yet you have the freedom to use the money at your own discretion.
Short term loan – Definition
Short term loan can be defined as the loan lent for a short period of time. The duration of the loan, however, depends on the amount of the loan and the purpose of seeking the loan. Loan terms and interest rates levied depend on the borrower’s credit profile. Loan terms and interest rates also depend on the lender and differ by lenders. Whether a 1500 dollar short term loan or a 1000 dollar loan, a short term loan can also be defined as a cash advance loan.
Short term loan – Types
Short term loans can be categorized in different categories depending on the purpose of the loan and some of the categories are:
Short term payday loan
Short term business loan
Short term personal loan
Short term auto loan
However, if you’re in need of a small amount of loan like a 1500 dollar short term loan, you may take out a short term payday loan or short term personal loan according to your own terms.
Short term loan – Benefits
Be it a 1500 dollar short term loan or a 500 dollar loan, short terms loans always provide a number of benefits to the borrowers. The benefits are,
Collateral-free – The foremost advantage of a short term loan is that it can be obtained without using any asset as collateral to secure the loan. Therefore, even if you don’t have any asset to be used as collateral, you can get a short term loan.
Quick disbursement – Short term loan requires no lengthy application to put up. Moreover, most of the lenders approve loan application and disburse the amount within a business day.
Little paperwork – Unlike other types of loan, short term loans usually don’t require the borrowers to do hefty paperwork and so ensure fast approval.
No credit Required – The best thing about short term loans is that the lenders of such loans generally don’t consider the borrowers’ credit status as a qualifying criterion. Therefore, any borrower, irrespective of credit health, can apply for and get a 1500 dollar short term loan.
Easy availability – Short terms loans can be obtained anytime without any hassle. Since disbursement of such loans usually doesn’t require any credit check, borrowers can expect money through a short term loan at any point of time, while they are in need of quick cash.
No long-term obligation – As short term loans are offered for short period of time, such loans don’t leave any long term obligation.
Short term loan – Drawbacks
Although short term loans have many advantages and they provide a number of benefits, yet they have some drawbacks too. Short terms loans are expensive. Be it a 1500 dollar short term loan or a loan of any other amount, short term loans usually don’t require any asset to be used as collateral to secure the loan. Due to the high-risk nature of short term loan, the lenders of such loans often charge exorbitant interest rates to secure their money. However, if a borrower has a good credit profile, he or she might get a short term loan with convenient loan terms and reasonable interest rates.
Short term loan – How to get
Now it comes to how to get a short term loan to fulfill your financial obligations like car repairing, paying off small debts, home improvements or paying medical bills. Discussed are the steps towards getting a 1500 dollar short term loan to meet your urgent financial requirements.
Choose the loan type – The first step to getting a short term loan is to decide whether you will opt for a payday loan, pawnshop loan, auto title loan or advance-fee loan. If your credit profile is low, then you need to choose any from these 4 types of short term loans. If you have a car, you may opt for an auto title loan, but if you don’t you need to depend on payday loan or advance-fee loan. If you have any expensive stuff in your home, you may use it to get a loan from a pawnshop lender.
Determine the amount – Now decide how much money you need. If you’re in need of about $1500, you may opt for a 1500 dollar short term loan. However, make sure you have ability to repay the loan in time to avoid paying an arm and a leg as interests.
Choose the lender – Now shop around and compare the loan terms and interest rates offered by different lenders. Choose a lender who offers the best terms and best interest rates as per your need and convenience. You need to furnish a photo ID proof, income proof, and your bank savings account information in order to take out a short term loan. Once the lender approves your loan application, it may take no longer than 24 hours to transfer the loan amount to your bank account.
To get a 1500 dollar short term loan easily and quickly, you need to follow the above-mentioned steps. Irrespective of the loan terms and interest rates, make sure you pay back the loan in time.
While you’re in need of a 1500 loan, you may visit our site. We can introduce you with the best private lenders of the industry.