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Are you planning to get a short-term loan? Well if you are, then that’s a good idea because you can easily repay your loan in a shorter period of time. Short-term loans are usually paid in less than a year. Therefore, when you apply for any type of loan you are bound to pay also the interest. When you borrow something especially money you have to pay back not just the amount you borrowed but also its interest. Why? Because this is how loans work and how lenders make profit. So here are some ways to calculate your short term loan.
Tips on Applying for Short-Term Loans
You should know first by yourself if how much would you like to loan and that would be the principal amount they called and then ask your lender about the interest rate they will offer you if it will be simple or compounded. For simple interest rate, get the interest rate and convert it to decimal then multiply it to the principal amount (the amount of loan you need) then multiply it on the terms (e.g 1 year). For example, your principal amount is $15,000 with an interest rate of 5% and terms of 1 year. Then the computation will be 5% or 0.05 times $15,000 is equal to $750 times the terms 1 year then still $750. So the total amount you have to repay would be $15,750 and will repay it monthly for $1,312.50.
For compound interest, you can use the formula A=P(1+r/n)^nt. Where A stands for the future value including the interest, and P for the principal amount or the loan you need, r for the annual interest rate but in decimal form, n for the number of times the interest was compounded per unit, and t for the time the money was borrowed.
Remember that for short term loans you will have higher monthly repayments but in lower interest rate while in long term loans you will pay for small monthly repayments but higher interest rate.
Life can be unpredictable, usually these unpredictable events can be turned into a positive experience. But when it puts you into a difficult financial situation, it can be hard. Especially if you need the cash immediately.
You might be wondering, is there any loan that is easy and fast to get? Yes, there are, but the risk involved along with it is pretty big. So make sure you exhaust all your options before going to your last resort option.
There is nothing such as a sure fire way to get approved of a loan, but there are ways that you can do to increase your chances of getting one. Any loan can be easy to get if you’re prepared and if you did your research.
Here are some things that you can do to help you get a better chance at getting approved for a loan.
Improve Credit Score
Your credit score plays an integral part in getting you your loan. Your credit history will tell your lenders how well you manage your finances, your debts, and how well you can manage to pay back the loan.
Your credit can be interpreted in many ways, but the most popular one is the FICO score – in which your credit is graded from 300 to 850. 670 to 740 is the median or the average score. 740 to 799 is good and higher than that is considered to be excellent. While having a credit score of 580 and lower is considered to be bad.
The higher your credit score, the less risk you are to lenders and the more likely you are to get approved.
You can get a free annual report from any major credit reporting agencies. Use that to your advantage and always check your credit for anomalies so that you can immediately correct it. Pay your bills on time and manage your expenses well.
Borrow what you need.
Calculate how much you need, don’t borrow to little, and don’t borrow too much. Remember that your lender will ask you for copies of your financial statements. Expenses, and more. So they will have a general idea of your financial capabilities. Seeing you borrow more than what you can afford is a major red flag for lenders and would deem you a huge risk.
Talk to your lender, ask for their requirements and evaluate yourself. Although there is really a sure fire way of knowing that you are eligible for a loan, you can estimate where you stand and how you fair against the lenders requirements. If you think you have a solid chance, then go for it. And if not, then work on improving your credit.
Have your documents ready.
Have your bank statements, pay stubs, bills, and your expenses ready at all times because lenders will likely ask you for it. This can make the process be as smooth and fast as possible. And who knows, a lender may consider your preparedness as a plus.
But if you’re really desperate for some cash and need to get it quick. A payday loan is a very easy loan to get. No matter what your credit score is, payday lenders generally don’t care about it. The only thing that they’re concerned for is, are you capable of paying the loan or not.
Payday loans are not advised for people with great credit to get. It’s usually for people who are in a pretty bad spot and is in desperate need of cash. Payday loans are notoriously known for having sky-high APRs reaching up to 400% and demands to be paid almost immediately as you get your paycheck.
Bottom line is, there is no such thing as an easy loan to get, except of course if you have an outstanding credit and in a pretty good financial state, you’re likely to qualify for any loan. And if there is any loan that advertises itself as easy to get, then you’ll likely get screwed by the short-term payment, fees, and very high interest rates.