Navigating the Financial Rapids: Understanding the World of Short Term Loans

Life is not always fair, and sometimes, it throws a curveball. Sometimes, you may just find yourself in a financial bind that requires quick action. If you feel the need to bridge this gap between paycheques or cover unexpected expenses, short term loans might seem like the only option. But what exactly are short term loans? Do they offer quick access to cash, and do they offer faster approval processes compared to traditional loans? Allow the experts at Boodle to explain.

Common Reasons for Getting Short Term Loans

Here are a few reasons why many people apply for short term loans:

Unexpected Expenses: Unexpected expenses, such as car repairs, unforeseen medical bills, or household emergencies can deplete your savings account quickly, leaving you needing immediate financial assistance without you even realising it.
Bridging the Income Gap: There are times when your paycheque does not stretch far enough to cover essential expenses until your next payday. Short term loans can help you bridge this gap and avoid late fees or penalties.
Consolidation Debt: If you are struggling to meet monthly commitments with high-interest debt, short term loans can help by consolidating your debt into a single, lower-interest loan, making it easier to manage and easier to pay back.

Options for Short Term Loans

Navigating short term loans can be overwhelming, especially when seeking immediate financial assistance. Here are some options that people often consider in times of need:

Payday Loans: These are small, sometimes high-interest loans, typically due on your next payday. While they offer quick access to cash, the interest rates and administration fees can catch up with you, making them an option you need to think about. Only borrow what you can afford to pay back.
Instalment Loans: These loans allow you to repay the borrowed amount over a fixed period, typically in several instalments. The interest rates are generally lower than payday loans, and they may require an involved credit check that some may not pass.
Credit Card Cash Advances: Using your credit card for cash advances may seem like a good idea and might seem convenient at the time; however, be aware of the high interest rates and fees associated with this option.
Peer-to-Peer Lending: Online platforms have made it easy for buying, selling, lending, and borrowing. Peer-to-peer lending may just be the solution for you, but be careful, although they might offer competitive rates and more flexible options, they will want to see their returns over time
Borrow Only What You Need: At Boodle, we believe that when you need a lifeline, we are here for you. However, we suggest that you only borrow what you need and what you can afford to pay back.

How Can I Apply for A Boodle Loan?

Once you have received an instant advance from us and have paid it back on time as promised, you will be awarded a Boodle SmileRank. The higher your SmileRank is, the easier it becomes to apply for another

Our senior community veterans are permitted to loan even larger amounts and have their repayments split over several months. For fast, small instant loans with even faster pay-outs, join our Boodle community now and SmileRank yourself to the bank.