How to Secure a Short-Term Money Loan – Our Guide

Jan 23, 2020

A short-term money loan is a perfect solution to cover a sudden need for cash. This need might arise due to possible health emergencies, natural disasters, or special occasions. Aside from emergencies, this is a convenient option to secure enough pocket money for a trip abroad or to fund unique celebrations, such as a wedding. 

Many people think of a short-term money loan as an answered prayer since it is easy to obtain. All it takes is proof of employment and identity verification to have the loan approved and immediately transferred to the lender’s account.

Before committing to a funding facility, however, it’s essential to consider all the factors involved in obtaining the loan. This might include the length of time for repayment and one’s financial ability to make the payments. The lender must also consider the interest rate attached to the principal amount as well as review their terms and conditions. Here are some of the best tips on how to secure a short-term memory loan:

1. Understand the nature of short-term money loans

Obtaining a short-term money loan is a convenient way of acquiring a cash loan that does not require the lengthy examination of one’s credit report. The application process involves the presentation of the proof of employment. Once approved, the money is transferred immediately to the lender’s account. 

It’s important to know the nature of the loan and understand its implications before signing any contract. Take note that short-term money loans are found in the form of immediate loans, emergency cash loans, instant loans, and payday advances.

2. Make a repayment schedule to prevent high penalties

As the name implies, short-term money loans require a shorter timeline to fulfil all the required payments. Most repayment schedules range from two weeks to three weeks. To ensure timely payments, make a strict payment schedule by writing the dates on a calendar to have ample time for preparation. Preparing a reminder for the payment schedule is a sure way to prevent high penalties due to late payments.

3. Compare the terms and services of different loan facilities

Before choosing a loan platform, it’s best to compare the terms and services of each company. Take the time to review all the details of the loan contract. These include interest rates and terms and conditions. Given the benefits of an immediate loan, the interest rates are high, as expected. The interest expense covers the cost of loan processing and the risk involved in short-term cash loans. However, with a loan platform that offers suitable terms and conditions that are favourable to the borrower, the repayment becomes manageable.

Conclusion

To avail the benefits of a short-term cash loan without the risk of high penalties, choose a funding facility that offers quality services and doesn’t charge excess fees or hidden costs. 

Hoopla Loans is a safe and easy loan matching service that offers same-date approval and safe processing of personal information. The service involves matching the borrower with the right lender that offers a payday loan or personal loan with immediate transfer of the loaned amount. As a new-age online loan platform, it has a fast loan application process that does require the investigation of one’s credit score. 

Get in touch with Hoopla Loans in South Africa today to secure a short-term cash loan in the fastest and safest way possible.