Wondering what short term loans actually mean? In this blog, PayMe India tries to explain what this type of loan means, how they work and where you can find them. Have a read through and see if this type of instant payout loan is right for you or not!!
What are short term loans/short term payday loans?
A short-term loan is essentially a loan which is paid out to you very quickly and is meant to be paid as soon as possible. They are also called ‘payday loans’ as the idea is to provide the case you need to make it to your next payday before paying back what you owe. These quick loans are a handy solution when you are having a tough time and need a little boost in the funds to cover the urgent costs.
Speed also plays a huge role as the loans are usually required for emergencies. Other type of borrowing takes severals days or weeks to arrange, payday loans can be applied online and received within hours of the application being accepted.
Where can you get them?
At PayMe India, we offer the best short term loans. We believe that all applicants have different circumstances following a very open minded approach. Following a simple money budget is much easier than done. The loans are offered on the basis of the income level rather than too much attention to the credit score. Have a bad history and finding it difficult to get a loan from anywhere else? Don’t worry! Our concern is that you borrow only what you can afford to pay back which is why we assess the most recent statements as part of the application.
What are the main to consider when taking a loan?
Firstly, you have to be completely sure that you NEED the funds you are asking for. It is never a good idea to take a short term loan for personal purchase. Want a new TV? The best is to save up for one. Need to get the fridge repaired? A short term loan may deem fit.
If you have other funds and just need a little money, then apply for what you can’t live without. The most important thing to keep in mind when you take a short term loan is to pay it back as soon as you can.
How they actually work?
Once we receive your request with all the details, we get on with processing the information as quickly as possible. If everything falls into place and you accept the terms, you can sign the agreement. The money will be transferred in the account at soonest. We keep you updated and informed of the progress in getting the funds paid out and to remind you when the payment is coming up.
What happens in case of failure to repay?
If you do not contact us at all and avoid paying, we’ll be forced to apply dishonours fees to the account. You can contact is in case of non-repayment and PayMe India will always do its best to make arrangements that suit your circumstances better. Contact us early in case of non-repayment as we things can go wrong from time to time and like to keep an open mind in our approach to all the loan services. Communication is the key to a smooth and stress free short term loan experience.
Have more questions? Contact PayMe India now!