3 Situations When Short Term Loans Make Sense


When it comes to major investments like your house or car, a long term loan is probably necessary to make your dreams a reality. However, what about those times when you just need a little bit of cash to tide you over until the end of the month?

This is when short term loans come in handy. A shorter loan can provide the much needed cash to stretch your paycheck just a little further at the end of the month. It can be used for a variety of purposes, three of which we will discuss right here.

Paying Bills

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When bills are due, the companies that issue them expect to be paid. However, if you come up short one month, there may not be enough funds in the account to cover the water or utility bill. In these cases, many individuals opt for paying the bill late and taking the late fee. Unfortunately, those late fees can be pretty steep, depending on the company and just how late your payment is.

In these cases, short term loans can give you the money you need to pay the bill on time, and the finance charges for the loan may be less than the late fees the company enforces. Every little bit of savings makes a big difference when you are living paycheck to paycheck.

Covering Checks

Nearly everyone has tried to "float" checks from time to time, writing a check with the knowledge that funds will be deposited into the account before the check clears. However, with electronic check clearing today, that practice has become a costly one for many bank customers.

If your check bounces, you incur large NSF fees by your bank, and you may be subject to additional penalties by the party to whom you wrote the check. If you know you need groceries or other necessities before your paycheck is deposited, consider short term loans as a way to get the items you need when you need them.

Unexpected Expenses

They happen to everyone. The car breaks down or your son needs stitches. The bill is due and you don't have the money put aside to pay it. Since you can't wait until you have the money to fix your car or take your son to the doctor, you need a source of cash that will cover these unexpected costs when they arise. Short term loans are the perfect solution because they give you the money you need fast, and then you can pay it back in affordable monthly installments.

Short term loans come in handy for a number of reasons, whether you need to cover bills before payday or pay a medical expense for which you hadn't bargained. There are many companies offering these types of loans today, but not all are created equal in terms of products available and the cost of those products. For quick cash at a good rate, check out what Think Cash can offer you. This company specializes in short term emergency loans for a variety of reasons and will be able to help you find a solution to your financial needs.


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