Short Term Loans

How would you define a short term loan?

A couple of weeks, months or a couple of years?

It's hard to pin down the definitive short term loan as lenders offer extremely different repayment periods, varying from a week to a couple of years. The loan amount also ranges widely from a few hundred dollars to a few thousand and in real estate or for business purposes short term loans are approved for considerably higher amounts.

The kind of short term loan you need will dictate where you go to get it.

Short Term Payday Advances

Arguably the quickest and easiest option if you need a short term loan is the payday advance.

Thousands of Australians use Cash Doctors for payday based short term loans and it's easy to understand why. With a 5 minute online application form and bank transfers within 60 minutes it's the fastest short term loan service around.

Why A Cash Advance Is A Smarter Option...

COMPARE	Cash Doctors Cash Advance	Credit Card and Personal Loans
Ease of application	No documents. All online. Instant answer. Apply in minutes.	Lengthy documents and can take up to several days to arrange/be approved.
Amount. Do you really need that much?	If you need less than $600 you can get exactly what you need. You don’t have to borrow more than you require.	You often get far more than you really need, which can entice you into unnecessary spending. This equates to higher levels of interest.
Discipline - Repayment requirements	You are required to repay your scheduled repayment amount/s on your next payday/s within a maximum of 45 days. Easy to remain disciplined.	It’s too easy to repay the minimum payment for a credit card and delay paying the principal. Personal loans have set repayment times and these can run for years. Hard to remain disciplined.
Period of loan - How long are you in debt?	Repaid on your next payday or within a maximum of 45 days. You have repaid the cash advance in full, you’ve solved your problem and you can get on with your life. There is no long-term debt.	Credit cards have no set term and the debt can go on and on for a very long time. People are tempted only to pay the minimum amount. There is no closure. Personal loans are a long term commitment for years.
Subsequent cash advances	Paid in seconds straight onto your Cash Advance Cash Doctors Card. Available only if you have paid your previous cash advance balance in full i.e. only if you can afford it.	Personal loan - Need to reapply each time. Credit Card - Constant 'maxxing out' of credit card limit because you are able to utilise even though you haven’t paid the previous balance ..i.e even though you can’t afford it.
Costs	When expressed unfairly as an APR a Cash Doctors loan looks expensive. But reasonable for a small short term loan - not unlike a taxi v an air flight. Cost can be from $50 to $200 depending on amount and term. How much does it cost?	Because you often end up with more funds for longer than you need with a personal loan, or you maintain a high balance owing on your credit card, you can end up repaying thousands in interest over time.

Loan amounts are tailored to suit your personal needs, so you're not forced to loan more than you need. This is in sharp contrast to short term bank loans where the minimum loan amount often starts at $5000 and repayments run for a couple of years. A payday advance is a short term solution running for a maximum of 45 days, making it a "quick in - quick out" solution to your financial needs.

There's no paperwork to fax or fill out as the entire process is online, so stop looking for your old payslips because you don't need them. Emails and text messages keep you updated throughout the loan process; from application to repayment. This is part of Cash Doctors devotion to provide a completely transparent product that you can feel comfortable with.

The interest rate is higher than on short term bank loans and credit cards but you have to consider that there's no setup fee, monthly administration fees or early repayments fees. Getting a cash advance is like getting a taxi - it costs more, but it's fast, convenient and just for short term, occasional use.

Because the amount of the cash advance is relatively small, there are distinct advantages over many other short term loan options in that there is no need to provide security, very little detail is required in the application, and those whose credit history is less than perfect are not excluded.

You can get payday based short term loans here at Cash Doctors. It might be the best short term loan for you.

Short term personal loan

A short term loan may be approved for any reasonable purpose such as a car, holiday, furniture, debt consolidation or repairs to the house. Conditions for repayment of a short term loan may range from 1 to 3 years and a short term loan such as this may be secured or unsecured. The minimum short term loan amount for a personal loan from the major providers usually starts at around $5000.

Short term bank overdraft

Depending upon your relationship with your lender, it may be possible to obtain a short term loan overdraft facility to meet any ad hoc funding demands. If you are in a solid financial position with a good credit record, you can be given approval to overdraw your account within a certain limit and an agreed repayment arrangement. This is, in essence, a form of short term loan.

Bridging finance

This type of short term loan. can be used to cover a temporary funding shortfall pending a property settlement or for business purposes until longer term loan arrangements are put in place. A short term loan such as bridging finance is generally secured by residential real estate or assets of the business with a repayment term of 1 to 6 months. A bridging finance short term loan is commonly used to cover the time gap between drawing the loan for the purchase of a new property and the receipt of the proceeds from the sale of an existing house.

It's easy. Get cash and get on with your life.

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