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We all need to borrow money from time to time, but when that time comes we must decide weather to seek long term financing or short term financing. With long term financing you end up paying much more in interest over the long term if your credit is good and depending on the loan provider. With long term financing much of the loan is going to interest payments versus the principle. If you do not want the stress and added interest of a long term loan, a short term financing loan may be just the option you are looking for. If you have moderate to poor credit you can end up paying more interest with short term financing, with the exception of a line of credit or possibly a secured short term loan. Interest rates are very much dependent on credit worthiness.
Short Term financing is a loan designed to be paid off in a year or less. The benefits to short term financing is you pay off your debt rather quickly and if your credit is good and you seek out a reputable lender you will pay less interest in the long term. This is course assumes you avoid predatory lenders such as payday loan companies. Another huge advantage of short term financing is that short term loans can be obtained much faster than long term financing. Lenders tend to do less paperwork when it comes to short term lending. Lenders are much more apt to make a short term loan for amounts under $10,000 anything more than that will often require a long term loan or collateral.

Short term financing can come in several forms:

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A line of credit is an agreement between a bank, credit union or merchant and an individual or business to provide a certain amount in loans on demand from the borrower. A line of credit is sometimes called a bank line, credit line, revolver or revolving credit agreement. Lines of credit are typically for one year, and then extended from year to year afterward. Lines of credit may be secured or even unsecured. With a a home equity line of credit, your home serves as collateral against the amount you borrow. This is most often used by businesses to cover operational and day to day expenses, in fact most businesses today have some form or another of a lone of credit. An advantage to a line of credit is that you do not have to use the line of credit, once approved for a line of credit through your bank or credit union it then becomes a source of an instant loan or emergency cash reserve that you can tap into at any time needed. You pay interest only on the amount you have borrowed, and you often have the option to pay it off over the short term or the long term. Of all the short term financing options available, this one is the most flexible.

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Short term personal loans:
These are small loans made to be paid off in a year or less and tend to be for amounts under $5000 but some lenders allow as much as $10,000 to 15,000 dollars to be borrowed at any given time depending on credit worthiness. Short term loans often do not have a long approval process, in fact online short term loans can pay out the lent cash with in 24 hours via ACH direct transfer to your bank account. Most short term loans also do not require collateral so this is often the only option for those who do not have collateral or are unwilling to use their collateral to secure either short term or long term funding. Short term personal loans can also often be the only option for those with questionable credit, that being said those with questionable credit will pay substantially more in interest rates over the duration of the loan. Many short term personal loan lenders do not put a heavy emphasis on your credit history, provided you are employed, have a bank account and do not have any current delinquent loans. A huge perk of short term loans is that you do not need to commit over the long term to these loans. These loans are though banks and credit unions or loan providers such as peer to peer lending like prosper.com

Payday Loans:
Fast approval loans that can cost you over 300% in interest rates and trap you into ever revolving and ever re rolling of your original loan. While anyone can get a payday loan, these loans do not solve a financial crisis; they create one due to the insane interest rates and very high fee’s attached to them. Avoid these loans at all costs.

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