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Short Term Loans

The Ultimate Guide To Short Term, No Credit Check Loans

short term loans for business cash flow

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:

  • short term loan to cover car breakdown
  • short term loans to cover medical expenses

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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Personal Loans Car Finance

How to Get A Classic Car Loan on a Budget

classic car loan

Collecting classic cars is one of the costliest hobbies around and it is a little trick to get a classical car loan. The price tag on such a baby is sure to cause a panic attack in many people. People found ways of getting a classic car loan despite having a normal budget that in certain circumstances would destroy their dreams of being at the wheel of a vintage beast. If you’re aiming at getting a classic loan but your budget is nothing out of the ordinary, you might find this guide very handy. Let’s take a look at the steps you have to take in order to get classic car loans on a tight budget.

Classic car loan Guidelines 

Consider private lenders 

Credit unions and banks are not a good source of car loans, especially when you juggle with a couple of loans already. And even if they offer you the car loan you require, it will probably have a huge interest rate and it will be secured on your house. Private lenders, on the other hand, have a wide variety of car loans that come with affordable interest rates. What’s more, many of them are willing to tailor repayment plans for their clients.

You can find a private lender pretty easily. Just surf the Internet for a while and you’ll definitely find one. Stay away from lenders who ask for deposits or any other sort of down payment.

Hire a broker for your classic car loan

One that specialises in car financing, to be more precise; if you can’t seem to find a good deal, no matter how hard you try, such a broker can do some research and get back to you with one.

Moreover, a car broker can easily save you some funding, as well as the hassle of doing all the research on your own. Brokers collaborate with a lot of lenders. Sometimes you don’t even have to pay the broker because he works on a commission. In other words, if he gets you the dream-deal, he’ll get a certain sum of money from the lender he hooked you up with. This is how you save money by hiring a car financing broker.

Leasing

Tons of classic car enthusiasts choose to lease vehicles and then purchase them. This works perfectly for those people who can’t afford to buy a classic car with a down payment or can’t find a lender that’s willing to hand them some dough. After leasing, you can purchase that vehicle outright and you’ll know for sure how efficient the car is and whether or not it’s as worth it as you thought it would be initially. This is the best alternative to car loans you have (and the safest, to be completely honest with you).

A HELOC 

A Home Equity Line of Credit could actually provide you with enough funds to purchase the classic car you’ve been dreaming about for so long. Of course, you have to own quite a large, modern house that has a lot of equity in it. As you might know, a HELOC is a loan that’s secured on your house, which serves as collateral. If you fail to repay the loan, the lender can place a lien on it and sell it. The HELOC, therefore, should be your last resort. The Home Equity Line of Credit usually serves other purposes, but it’s totally possible to get a car with the money that comes from it.

Secured or unsecured

You’ll have to determine if you want an unsecured loan or a secured one. Under a secured one, you’ll get more money and lower interest rates. Under unsecured car loans, you’ll get a more limited amount of money and higher interest rates. But then again, an unsecured loan doesn’t pose a threat to your assets. If you fail to repay it, the worst thing the lender can do is to sue you. Keep in mind that he can get the right to place a lien on your assets even in this circumstance.

Extra caution is therefore advised. You certainly don’t want to be living in a Cadillac, as cosy as it might be. Think twice or even thrice about this issue and make a decision you won’t live to regret after a while.

Concluding Remarks 

Classic car loans are a great way of finding the car you want to get but can’t afford to purchase outright. Australian Lending Centre can provide some really valuable advice when it comes to taking advantageous car loans, as well as the financial products themselves. Make an enquiry on the website and you’ll most definitely find a car loan that suits all your needs and comes with an affordable interest rate and a good repayment plan. We hope you’ll get to be at the wheel of that shiny, vintage car you’ve been dreaming about for years on end.

Categories
Personal Loans Short Term Loans

How to Find Creditors of Quick Loans Online

fast loans no credit check

When finances are tight, sometimes the best way to get out of a pinch is to find quick loans online. The Internet is very convenient.  You don’t have to stand in long, uncomfortable lines to apply, and everything is just a click of the mouse away. All you’ll have to make sure now is that you choose a loan that is convenient for your own budget.

Online loans can be quite expensive if you don’t know where to look. Since most of them are given on short notice, the interest rates can be fairly high. You need to do some pretty intensive research to find a company that won’t bury you even deeper into the cycle of debt.

Finding Quick Loans

As we mentioned, research is key. There are many online lenders willing to work their payment options around your budget. If you need some quick loans or just some advice, all you’ll have to do is contact them and ask the questions that are eating at you.

Keep in mind,  that online (or payday) loans are usually the most expensive way to get your hands on some credit. Unless you can find a company that offers lower interest rates, you’ll be better off asking for an advance from your boss, or go the classic way: go to the credit union or the bank.

Pay attention to the cost of obtaining a quick loan. Along with the interest repayments, you will have to pay the initial charges to take out the cash, but also other fees that might be levied on you. You may want to use online loan calculators as they will tell you exactly how much you have to pay by the end of the month.

Before taking out quick loans, you should make sure that you can handle the payments. These loans are usually short term and taken out on an exact time span – a week, a month – whatever you decide. If you can’t manage to gather the cash by payday, you will incur additional charges for every day that has passed.

Furthermore, if you find yourself nearing payday, you may want to resist the temptation of getting another loan to pay it off. If anything, this may only bring you more trouble than it can manage to fix.

Considering the Alternatives

Before opting to find quick loans online, remember that these should only be your last resort. There are many alternatives out there – ones that won’t rip you of every cent in interest. Here are your options.

Borrow from friends or family

If you have some unexpected bills to pay and you are not sure that the bank will provide, the first thing you should do is ask your friends or family if they could lend you some cash. Sure, it may be awkward to take money from people that you know, but if the sum is not that big, you may be better off this way. Plus, you won’t have to pay them any interest. The most you’ll have to do is pay for their drinks the next time you all go out.

You may, however, want to make a written agreement for the payments. It will give them some peace of mind, and at the same time, it will give you a nudge to pay their money back on time, without going through the embarrassment of being late.

Go for a credit union

Online quick loans may seem like the fastest way to get your hands on some cash, but they may also bring a whole load of problems in the long run. It is very unlikely for banks to lend you money in small amounts, which is why a credit union may be a more convenient option. Plus, credit unions also have better interest rates than a payday lender.

Before going for a payday loan, go online and look for a local credit union. Contact them and ask for the costs, after which you may start weighing your options. Talk to your creditor

People usually go for quick loans when they are close to a deadline and have no money to cover that payment. However, before going for payday loans, you may want to talk to your creditor and see if you can reach an understanding. Ask them if you can get an extension for paying your bill.

It can be easy to find quick loans online. All you’ll have to do is go online and start looking for the companies that offer the lowest interest rates.

At the Australian Lending Centre, we offer personal loans that are quick and easy to obtain, that could be the right fit for you. Call us on 1300 138 188 for a free assessment or fill out our enquiry form now.