Sometimes when you need money, it can seem almost impossible to get it. If you need money fast and it is the weekend, for example, it can be difficult to find somewhere that will lend you the cash that you need. Most lenders are tied in to banks which do not open every day of the week. This means that you could struggle to find the money that you need.
There are some companies that offer short term loans 24/7 though. These can be a godsend for people who need money extremely urgently on days of the week when the other lenders are not available. They also offer loans at all times of the day and night so even if it is a weekday but the banks are shut, it is still possible to get a loan.
It can be hard to imagine that someone might be so desperate for money that they cannot wait until the next pay day but it is happening more and more in the current economic situation. Suddenly there is a need for some money but nothing left to pay with. It could be when a bill needs to be paid or white goods go wrong or it may even just be because money is needed to buy food.
Although online banking can help with access to money, if there is just none left then it cannot. Banks take a long time to release funds by way of arranging loans or sending out credit cards and so a short term loan could be the answer.
As well as providing money any day at any time a short term loan also has other advantages over other lending types. The money borrowed is just a small amount which makes it easier to pay back. It can only be borrowed for a few weeks, which means that the loan is not hanging around for too long. The repayment is due on pay day as well, which means that there is a much bigger chance that you will have the money to be able to pay it back again.
There are disadvantages too such as the cost of the loan and the fees if it is not paid back on time. It may not necessarily be the most expensive way to borrow though and if you pay it back on time, you may feel that the cost is worth it because you managed to get the money that you needed, when you needed it.