If you have ever tried to borrow a small amount of money, you know how difficult it can be. The banking and lending system is geared towards people who need a lot of money, to be repaid over a long period of time. Short term borrowing is actually harder to find than any other kind of loan.
So what can you do, if you just need a little bit of cash for a little while?
Short Term Borrowing Types
There are three primary types of loans aimed specifically for short term borrowing.
- Payday loans – The oldest and least reliable form of borrowing, payday loans are ultra short term, but carry a heavy downside. The interest rates are the highest around, and anything less than a full repayment within a couple of weeks will drive your prices through the roof.
- Credit cards – The most widely used type of short term borrowing. Can be extremely helpful in the short term, but watch out you don’t overspend!
- Installment loans – A new type of online loan designed specifically with you in mind. A set amount of payments and a finite amount of interest make these loans far more reliable than other forms of borrowing.
Installment Loans for the Online Age
Installment loans are set up the same manner as personal loans done through banks and credit unions. The major difference is that those loans are for thousands of dollars, and can take years to repay (if you can get one at all!).
Installment loans are the truest form of short term borrowing. You borrow only what you need, from $100 up to $500. Before you agree to the loan you get to see your complete repayment plan.
The best part of all – with our installment loans you can pay them off early and save money! Unlike other lenders specializing in short term borrowing, National Small Loan has no prepayment penalties. You are free to pay the loan down, or pay it off completely, whenever you like.