Getting Into Debt
There are immediate, personal needs for which you only need a short-term loan. It may be for a small home improvement project, a wedding in the family, a local trip or a holiday expense. It may even be to pay off old debts.
As the name suggests, a short-term personal loan is granted for a short period and is essentially meant for personal usage. It is quickly granted and does not discriminate on the basis of credit score.
Due to its short duration and in the absence of collateral, this loan may have a higher interest rate than other loans. The interest rate may often be low if you have a good credit history, but it may become a bit higher when you have a poor one. In the latter case, you have to sometimes give proof of employment and income.
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At one point or another, you realize it would be wiser to pay as immediately as possible to escape from paying interest for a longer period of time, and unnecessarily at that. The primary reason for having taken out such loan would have been so as not to stress one's finances too much when a need came up. But with the need having been addressed, it becomes quite natural to go back to your comfort zone, to procrastinate and focus your attention on something else. At the back of your mind, though, you are aware that these are just delaying tactics on your part so as not to face the real issue of having to pay up.
Getting Out of It
Short term personal loans are small amounts which you can repay in 6 months' time if you can. They do involve only a short term of repayment. Try not to overextend your loan and end up paying fees many times over in a vicious cycle. Otherwise, you end up paying more in fees than the actual amount you borrowed. You don't have to carry the loan and let it drag on for years when you can repay it earlier. By all means, repay it now if you possibly can.
If you cannot at the moment, after 6 or 12 months of having paid on time, you may ask your bank or lending agency to refinance your loan at a better rate. Once you get a lower one, try to pay more than the new monthly payment rate you are given.
You can also make extra payments or pay more often than you are required to. Remember that your main goal for paying off the loan is to save money on the interest you keep paying. This will dissolve your debt sooner.
Personal loans borrowed from friends now and then or occasionally should not be neglected either. It is wise to keep your loans short-term with them if you want to make the relationships last long-term.
These short-term loans were available when you needed them. If you have the extra money now, you don't need to stay in a loan you can get out of. So get out of it now. It's payback time.
Wisening Up
Available credit is a tool with its costs and benefits. Credit in the form of fast, short-term loans is a valuable source that can benefit you if you handle it with the ease of level-headedness. Quick to avail does not go with quick to forget. On a personal level, it's time to wisen up when dealing with short-term loans of a personal kind.
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