Posted on: October 20, 2020 Posted by: admin Comments: 0

There comes a time when you are in need of quick financial aid that automatically brings you to a situation of asking for some financial favours from your friends or your family members. We all know that it is not a very good idea to ask for a loan from friends and relatives, because money lending and borrowing between friends and family members can taint a relationship.

LoanPig is a direct money lending company that does loan brokering in Manchester, United Kingdom. If you are in need of the financial aid, then you can find quick loans from them. All you have to do is visit their website, and fill the available application there. You will find many types of quick and easy loans like the payday loans or the short term loans as per your requirement.

What is a payday loan and what is a short term loan?

If you are in urgent need of some amount, then you can apply for a payday loan. This loan is meant to help you with the financial needs that might arise anytime in a month. All you have to do is apply for the payday loan. You can repay the amount at any time in a month, when your salary is credited to your bank account, or when you come across some money.

Payday loans have a very short duration. The available time duration for the repayment of a payday loan will mostly be within 30 days, or at the most 90 days or 3 months. The payday loans have a much shorter loan duration than a short term loan.

A short term loan is also similar. In a short term loan, the borrowed amount, duration and the terms will be different from a payday loan.

When to take a payday loan and when to consider taking a short term loan?

The main purpose of both the payday loan and the short term loan types is solving the purpose. However, people get confused on which financial product to choose for which situation and what type of needs.

  • If you have a quick financial need but the amount you need is less, then you can choose a payday loan.
  • In a payday loan, the tenure is very less.
  • The short term loan can be availed, when you have a greater financial need. The bandwidth to repay the loan amount will be the same, which is within the specified term.

You must remember that the term of the loan and the repayment duration is typically short, in both the payday loan and short term loan types. If you do not have an immediate source to repay these loans, then it is better to consider taking some other long duration loans.

There are some downsides to both the loans types like high interest rates etc. These are the types of quick loans that can definitely save you instantly from your financial crisis. They can help solve your last minute money problems or unpredicted and unforeseen financial needs that crop up unannounced.

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