How do Short Term Loans Work?

If you are considering a short-term loan you may be asking yourself the question “how do short term loans work?” If you are feeling confused about whether a short term loan is right for you and are trying to figure out how it all works then you have definitely come to the right place! At Ealing Trading, we are experts in helping people with their finances and have been doing so since 1955, so we think it’s fair to say that we can answer any questions that you have about how our short-term loans work. So we’ve put together a guide to our loans to help you understand who they are suitable for and what the process is for getting a loan and for paying it back again.

What is a short-term cash loan suitable for?

The first thing to consider when explaining how short-term loans work is to look at what they are suitable for. They are really ideal for those times when you need a bit of cash to tide you over until you are back on an even keel financially, such as if there has been a delay in the payment of your wages or you are waiting to start a new job. They can also be of help in an emergency – for example, if you have a leak and have to pay a plumber or maybe you get an unexpected vets bill. In these situations, we can get cash to you quickly and easily. However, our loans are not suitable for large, long term purchases such as house buying.

Is it easy to get a loan and are there any conditions?

Anyone can apply for a cash loan and you don’t even need to have a bank account. However, as we are responsible lenders, we will talk to you about your loan first and help you fill in an application which will then be assessed. This means that you can be happy that you fully understand how short-term loans work and gives you time to have a think about it before committing. We will lend up to a maximum of £100 for your first loan and then may increase your credit limit depending on repayment of the initial loan. We do also make a credit check on our customers.

How do I pay off my loan?

We aim to make paying off your debt as simple as possible and your agent will talk through your repayment schedule with you to make it as easy and as flexible as we can for you. Our loans are made for a maximum of 15 weeks as we feel that this works best for our customers and our friendly agents can collect your payment from your house. Alternatively we have a number of other options such as paying online or over the phone.

As you can see, understanding how short-term cash loans work is very easy and we will always try to make things as simple as possible for our clients. If you have any further questions or want to know the types of short-term loan we offer, we are always happy to have a chat so please get in touch!
 
 
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