Offerings of Short Term Loans

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Offerings of Short Term Loans
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Within the online market for short term loans
there are now a number of different options which
are available to consumers. Whereas in the past
this market place was mainly reversed to a
specific type of borrowing, nowadays consumers
have a better selection when it comes to
borrowing a small sum of money. Take for example
the payday loan market. Payday loans have been
offered online for many years now and as such the
product has evolved over time and as the needs of
consumers have changed. Payday loans were the
original form of short term loans and have been
used by millions of consumers. In many respects
the payday loan has in recent times been replaced
in terms of the specific product which was once
so popular. Nowadays consumers considering short
term loans often prefer the product offered
by payday loan lenders. Hailed recently as the
newest version of the payday loan, instalment
loans are an extension of this simple online loan
and adds to add flexibility and chose back into
the online market place. Today we will explore
how this market has changed in greater detail and
what this means for a modern day consumer looking
to borrow a small sum of money over a short
period of time.
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Short term loans used to be presented in a very
simple form and this product was known as the
payday loan. The payday loan allowed the short
term loans market to grow and in doing so become
a more regular feature in terms of consumer
borrowing habits. The payday needed to simple
because it was one of the very first ways in
which consumers could borrow money via the means
of an online based application process. In order
to deliver a simple and therefore clear to
understand product, payday loans meant one
specific way of borrowing until your next pay
day. Due to this fact these loans allowed
consumers the ability to borrow for a period up
to 31 days at most. The interest which was
applicable usually meant consumers repaid 30.00
for each 100.00 being borrowed and as such a
300.00 loan of this nature was likely to mean a
repayment of 390.00 on the agreed repayment date.
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Although the principle of this type of borrowing
was correct, the reality was that consumers
needed to have more flexible repayment terms for
short term loans and not have to face what was in
reality, a sizable one off repayment to clear the
small loan. This is why in more recent times the
short term loan has changed to allow better
choice for consumers. The new version of these
loans as mentioned above is the instalment loan.
The instalment loan gives consumers the choice of
repayment term and is not restricted to a 31 day
period like was the case in the past. As a result
consumers can select to repay the loan over a
number of monthly if more suitable to do so with
interest being calculated to reflect the specific
period of repayment.
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Speed can be a massive factor as to when people
want to borrow a short term loan. When people
tend to borrow money the chances are they will
want the cash quickly and here short term loans
can provide this. People can normally apply
online or over the phone in a quick and simple
process that should only take a matter of minutes
to complete. If that same application is then
accepted by any lender they should aim to fund
that person into a chosen bank account within
minutes of the loan being approved. If they
cannot fund the borrower within minutes most
lenders will aim to do the transfer that very
same day as the application was completed and
accepted. This by many can be seen as a great way
of borrowing a small cash amount quickly for a
repayment back on the debt over a short period of
time. Some short term loans enable people to be
more flexible with the required payments than
others so bare this in mind.  
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