Necessity of short term installment loans has been felt at this point. Short term installments loans have made provisions to help the borrowers so that they can repay the borrowed amount in number of installments.
Another feature of short term installment loans is that interest rates are very high. The lenders charge interest at higher rate than any different types of loans.
The borrowers are to fulfill certain criteria to be qualified for short term loans. They must complete 18 years of age. This is imperative as a minor (that is, one who is less than 18) cannot be a party to any financial agreement. It is also required that the loan-seekers must be citizens of United Kingdom. They must work in a legally approved office or plants. Another important thing is that they must have valid and active bank account. This is necessary as the lenders will electronically transfer the amount of loan to their bank account just after the application for short term installment loans are approved.