Everyone has experienced the dread of debt. Unless you are independently wealthy, keeping ones head above water these day is a constant battle. if an emergency should arise that you are not prepared for, and you face being submerged in the torrent of expenses, what can you do? Short term loans exist for this very reason.

Short term loans are loans which can be acquired very quickly but must also be repaid very quickly as well. One of the more popular types of short term loans is the payday loan. With a payday loan you can receive up to $1500 on short notice if you are eligible. In order to be eligible for this type of loan you must:

  • Have a job or some verifiable for of income
  • Make at least $1000 per month
  • Must be at least 18 years old
  • Be a U.S. citizen
  • Have a checking account
  • Not active in the military

There are other types of short term loans. You can qualify for a short term unsecured loan at your bank or from an online lending institution. Many times the online lenders have other ways of verifying you financial standing and will not require you to send proof of residence documents. Banks tend to require proof of residence as well as pay stubs in order to verify that you do indeed have a means to pay them back. These types of loans are quick income earners for banks and money lenders and it is always in their best interest to expedite the process as much as possible.

Keep in mind that these loans do have higher interest rates attached to them. Interest rates that are more often than not, larger than if you were to take cash advances from your credit card. Also, with most short term loans, a fee is required. Fees that can be anywhere from $10 per $100 borrowed to a whopping $30 per $100 borrowed. If your need is great then perhaps these fees high rates are something you can live with. Otherwise you are better off applying for a standard personal loan.

On the up side, bankruptcy, and other credit problems are usually not a problem and will not prevent you from receiving the cash advance you need. Be forewarned though that defaulting on short term loans will cripple your chances of getting out of debt as well as your chances of getting another loan in the future. These are loans that should be used as a last resort and emergency scenarios.