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Short Term Loans

The Ultimate Guide To Short Term, No Credit Check Loans

Taking out a loan can be a very long process. It is dependent on a number of factors, including what type of loan you need, your credit history, and the institution you choose to take the loan with. But sometimes, we need a quick cash injection to give our personal or business life that little boost it needs, and we don’t want to be waiting around for the long, drawn-out process of taking out a loan and miss out on opportunities in the process. This is where a short term no credit check loans can be very helpful.

What Is A Short Term Loan?

As the name suggests, these are loans that are taken out in the short term. Normally, they are expected to be paid back within the year. These type of loans are commonly taken out by business start-ups, who don’t yet qualify for a credit line from the bank, yet need a quick cash injection to get them up and running.

Types Of Short Term Loans

There are different types of short term loans that can be used for a number of different purposes depending on your individual circumstances.

Merchant Cash Advances

This type of loan is actually a cash advance, but it works in the same way as a short term loan. You can borrow a certain amount from the lender and then make the payments back to them by allowing them access to your credit facility. A certain percentage of each business transaction you make is taken back until you pay back your loan.

Line Of Credit

This is similar to using a business credit card. A limit is set, and you can use that credit as needed. You then have to make monthly instalment payments against the amount you have borrowed, so these will vary from month to month.

Payday Loans

These loans are usually given for emergency situations and can be fairly easy to obtain. Unlike the other loans we have looked at, they generally have to be paid back in one lump sum on your next payday.

Online Loans

Once again, as the name suggests these loans are carried out online. You can access a short term loan with a number of finance providers, with everything from application to approval done online with money wired into your account instantly.

Why Take Out A Short Term Loan?

There are a number of different reasons you may want to take out a short term loan.

Consider the following scenarios:

You have just started up a new business and need an initial cash injection to hire some employees to get things up and running. You have approached a bank, but they aren’t interested in helping you as you have no credit history and are considered a risk. If you’re looking to get back on your feet, the consider a short term loan. Short term loans can provide the foundation for taking out a long term loan down the track.

You need some money to fix your car after you have been in an accident. You need that money fast, as you rely on your car every day for work. Instead of waiting for approval from the bank, you can go down the route of a short term loan, get the cash as soon as you need it and get back on the road faster.

There are also plenty of benefits that come with short term loans

Less Interest

With a short term loan, you can expect to pay less interest. Pay them off quickly as the time frame is usually shorter. This doesn’t allow time for interest to build.

Instant Money

Given the fact that there is a lot less risk for lenders when it comes to short term loans, the process is a lot shorter and you can have the money with you even faster.

Easier To Get

Credit scores don’t factor in when it comes to obtaining a short term loan, which makes these loans even easier to get. The requirements are lower, which make them a lifesaver for many businesses.

Benefits Of Short-Term No Credit Check Loans?

Firstly, credit checks take time, which is one of the reasons the loan process can be fairly drawn out. Also, if you have a bad credit history, there is also the likelihood you won’t be approved for a loan with many financial institutions. Getting short term loans with no credit check sidesteps this and allows you to get the money you need when you need it, and without the hassle.

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Short Term Loans Bad Credit Loans Self Employed

Dealing with Job Loss

Dealing with job loss is never easy, especially if it was the sole source of your income. It gets worse when you lose the friends you made at that company. However, there are financial options such as quick loans that can make this point in your life easier.

Overcoming job loss psychologically

Being separated from something you’ve gotten so accustomed to, is hard to handle. Learning how to cope with the disappointment that comes with the words, “You’re fired” is a challenging task. Not only did you lose your job, but you have also lost a part of yourself along with it. There is help out there such as job loss counseling services.

You lose your friendship circle as well as your professional stature. You might think that this is the end, but it’s not. It might be the opportunity for you to start something new. So you should just get up and go; mourning over your job loss is not the best way for you to cope. You just need to make sure that after some time, you’ll leave that in the past.

Deal with the problems facing you in the present; like finding ways for you to regain your professional identity as well as hiking up your financial status that may have sunk down. Looking and applying for job openings, planning your finances and deciding on a career change are some good options to consider.

Finding New Friends

You might have relied so much on your work friends that you may have forgotten to develop a social circle outside of your workplace. Make new friends that will be there for you in times of need; you need friends like these to support you when you’re having emotional breakdowns or even when you’re short on money. Having them there beside you while you’re grieving over your job loss will make it easier for you to move on.

Friends like these are hard to find and easy to lose – just like money; you need to work hard to get them. But spending your money on unnecessary things will make them disappear faster than you could say “friends”.

Consider your current financial status, credit card and savings. You might not be able to last long, so you need to find a job STAT. Scouting for job opportunities is your first step, then you could start setting up and editing your resume, filling out requirement slips along the way. You could also check out job offers that you received previously – if you had any. If you need finance in the interim, a short term loan may be a solution.

Don’t forget to minimise your daily expenses

If you can’t find a job quickly, a way of dealing with job loss can be minimising your daily costs. These include food, fuel, and clothes. Shopping for unnecessary things and eating out at restaurants shouldn’t be on your priorities list right now. You can celebrate with a fancy dinner when you find a job replacement, but as of now, stick to homemade food.

If you’re considering a career change, you need to ask some consultants about that. Alternatively, you could simply choose a career path similar to your previous job and the course you took in college. You’ll need some documents to support your resume, so make sure you have them ready in case you get called in for an interview. When you do get called for an interview, demonstrate that you are qualified, confident and job ready. Smile and be yourself. Those are the two things that you should remember to do. Even if the interview doesn’t go as well as you expected it, remember that at the end of every dark tunnel, there is light.

Dealing with job loss can be an opportunity for a fresh start

Losing your job may leave a negative impact on you, everything changes. Things just aren’t the way they used to be anymore. Your daily routine to go to work at seven sharp, chat amongst your workmates, go to your cubicle, then fill in the papers you need to work on – is now gone. Because of this, your self-esteem and self-confidence might drop. When you no longer know who you are you lose your purpose, or at least you think you do. But, look at the bright side. You can look for new employment, start a part-time gig or pursue a new passion and earn money from it.

Australian Lending Centre offers quick loans to people who suffer from job loss. We will help you start over, so you can start building a strong financial future.