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Sources of Short-Term Loans It is a known fact that getting cash on short notice is not an easy thing and most major lending institutions like banks usually take weeks and at times even months to approve loans. Apart from that these loans also attract huge interest rates, no flexibility in repayment duration, enormous processing fees and a requirement on collateral. The good news is that despite the inflexibility of banks in lending loans, there are still other cash alternatives that can give one short-term loans in a shorter duration of time and with low loan-related charges. In all truthfulness when deciding what kind of loan someone needs they to first of all choose the right technique by knowing the answers to the following pertinent issues: the amount of money needed, form of loan needed whether in cash or asset financing and the intended duration of borrowing. The next thing to do would be to choose which route to take since there are many routes to take which include: buying a loan at 0%, using a 0% overdraft, getting a credit card at 0% and getting flexible loans. To get a credit card at a 0% introductory rate, the borrower needs to have a decent credit history. It is of utmost importance to note that the loan on the credit card has a short duration repayment, which is usually 27 months but if repaid earlier the user can get another line of credit and the duration can be extended. It is a known fact that the credit limit of the applicant is dependent on various factors like the credit history of the applicant and the income of the applicant, but the amount is capped at $5000. If the borrower feels like the amount awarded is insufficient, then they can apply for a similar card elsewhere and still enjoy the same benefits. For one to retain the 0% period, then they just need to contribute the minimum monthly contributions and a failure to do so can result in the interest shooting up to 15-20%.
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Another feasible option is to move to a bank that offers an introductory 0% on overdrafts which is mainly targeted at people that rarely use their overdraft and need to get a low amount of cash for a short period. These loans are usually supposed to be repaid within 12 months and they are capped at $50000 with the amount awarded being subject to the income and credit history of the borrower. Another important thing to remember is that this option is only available for new account holders and is applicable during the first year of membership into the bank and the interest rate will change if the person does not repay back the loan amount in the stipulated time.Getting Down To Basics with Loans