Short Term Loans for Bad Credit Can Stand In for Credit Cards When the Budget is Tight

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If you’re one of the millions of Americans living with bad credit, especially if this is a new experience for you, adjusting to life without charge cards is one of the toughest parts of the adjustment. The Great Recession affected people from all walks of life, including those who had previously had unblemished credit reports. Instead of being able to pull out the plastic to pay for a trip or large purchase, it’s now necessary to save up for the purchase. As we all know, saving is tough! Short term loans for bad credit are a fast and simple alternative solution to this issue, and they’re available to anyone regardless of their credit status. Use one to replace the washer that’s on the fritz, to pay for the plane tickets home for the reunion, or to cover the unexpected medical bills that arrived in the mail.

Anyone Can Use Short Term Loans For Bad Credit, Even If Their Credit Is Great

There’s a trap that a lot of us fall into when it comes to credit cards – not paying the bill as quickly as we could. We think we’ll pay it off right away, and just use the card for convenience of purchasing, but it’s just too easy to let the payments extend over months or even years. Have you ever looked at the amount of interest that accrues over that period of time? It’s probably more than you think! The advantage to using short term loans for bad credit is that the payment schedule is short – generally a month or less – so even though the interest rate is nominally higher, in actuality you could end up paying less! If you need more time, you can ask for it and extend the terms for a fee, but that’s something that has to be done consciously, on purpose. With credit cards, the default payment is the bare minimum which will stretch the loan out for many years, each month adding more and more interest.

It’s Fast and Easy To Apply for Short Term Loans For Bad Credit

One great advantage of the internet age is that certain tasks have been simplified beyond what we even could have imagined ten or fifteen years ago (or even less)! Most of us do our banking online now and applying for short term loans for bad credit is barely more complex than that. Instead of a long intricate application form that has to be completed on paper and submitted to the bank branch for review by a loan officer, you can fill in a website form and have a lender reviewing it immediately. Approvals take less than two minutes, and the forms are all signed online to save even more time. Review the terms and conditions, apply the electronic signature, and the lender can immediately begin the process of disbursing the funds to your bank account. You can have cash in 24 hours or less – nearly as quick as using a credit card, nearly as convenient, and quite possibly cheaper! Whether or not you have other choices, plastic or otherwise, it’s an option worth consideration!