The amount offered under this category ranges from £100 to £1500. The short term loans as the name suggests are made available for a short time period of time as the repayment term varies from 2-4 weeks only. The interest rate charged on these loans is relatively higher than other regular loans. So, it suggested that individual must repay the monthly installment on time otherwise he or she may end up paying extra.
To qualify for short term payday loans, individuals must fulfil certain required qualifications. The individual must be 18 years of age, having a current bank account and regular earnings must be of £1000. If the individual satisfy the required qualifications then he or she can avail all the chances to avail the loan for urgent needs.
The short term loans act as a strong financial support for immediate cash help. These loans are easily approved in the absence of formalities such as credit check and collateral placement. Therefore, the loan is backed with less paperwork and documentation.
If individuals don't have time to visit banks then online application is considered as an ideal option. From the comfort of home or office, they can search, calculate and select the best loan quote, as everything is available on internet.