The global Covid-19 pandemic has cost a huge population to lose their jobs. And several others have been forced to quit voluntarily. Evidently, this has created the worst ever recession situation in the economic sector. As a result, people are struggling with their bread and butter needs. And high-interest, short-term personal loans seem like the most convenient choice at the moment.
Salient features of short-term personal loans
Of course, if the general public is choosing to take out a personal loan, with a relatively high-interest rate, there must be something of utmost importance to them. You can, of course, read more on online installment loans at kellysthoughtsonthings.com if you want. Yet, you might like to look into the several benefits that these loans have to offer.
According to a survey, post-lockdown, nearly 37% of the applicants quote emergency cash needs as the reason to take out these loans.
The best of all the features that these short-term loans have to offer is the approval process. It’s as easy as creating an email account. The complete process is carried out online without any paperwork.
The best part is, the borrowers are allowed to choose their lenders. Yes, they are connected with more than one lender. As a result, the chances of approval are improved. Usually, the application process would take up to 2-5 minutes and that’s it.
Similar to the application process, the disbursal of the loan is also very quick. Almost instant! Unlike conventional loans from banks, where it could take up to two weeks for loan disbursal, online loans are disbursed in almost 24 hours.
This is pretty amazing, and convenient for borrowers, particularly, who need urgent cash. After all, emergency expenses do not knock before they strike.
As already mentioned, the borrowers are connected with more than one lender. Of course, this improves the chances of loan approval, but it also allows the borrowers to choose for flexible repayment.
It is noteworthy that not all lenders offer the same deal to the users. While some may offer a lower amount for a longer period, others may offer a bigger loan for a shorter period. But, thankfully, users can customize their repayment options and choose the most convenient one.
The best part about these online short-term loans is there are no formalities involved. Although saying that there is no-credit-check at all would be misleading, it can be said that the checks are softer.
To put this into perspective, most of the online money lenders only need to know if the borrower has any income source or not. This is to ensure if the borrower would be able to repay the loan in time. On the contrary, approaching a conventional bank for a loan, the users would also need to reveal their credit history. Which, of course, for people with bad credit scores could be alarming.
All in all, online installment loans have actually helped people take out a loan regardless of their needs. And evidently, this is all that anyone could ever ask for when faced with an emergency cash crunch.