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Getting short term loans means getting money fast and solving an immediate financial problem. Borrowers pay back within a few weeks, so theres no long-term debt. Such borrowers can simply fix the problem and move on. When it comes to keeping up with payments or handling expenses, sometimes timing is the most important factor. These loans help borrowers stay financially on schedule because they arrive in the borrowers bank account via direct deposit within a day, often in just a couple of hours. Lenders generally offer two types of loans: payday and installment. Payday, also known as cash advances, are repaid when the borrower receives his or her next paycheck. Installments allow the borrower to make several payments over a few weeks or months. For both cash advances and installment loans, the lender charges a fee that is paid along with the loan repayment. No cash or collateral is needed up front. Applying for a short term loan online is similar to applying for a traditional loan in that the borrower provides some basic information and requests a loan amount in writing. Once the lender and borrower agree on the amount, the fee and the repayment date, the money is directly deposited in the borrowers checking account. Unlike a bank loan, the average wait time between loan agreement and cash deposit is between two hours and 24 hours. Most lenders don’t do credit checks; they base the amount they are willing to lend on the borrowers income. Short term borrowings are generally between $100 and $1,500. Borrowers should carefully consider the loan amount and only take what they absolutely need. Some lenders may extend the term of the loan up to four weeks, but many require that the loan be repaid within two weeks, except in the case of installment loans. can find lenders who can accommodate various borrowers terms, but we recommend that borrowers keep their borrowings as short term as possible. Lenders generally must charge at least 15 percent of the loan amount to stay in business. A fair price for a loan is between $15 and $30 per $100 borrowed. These loans should only be used for budget shortfalls and necessities. In many cases they can save borrowers money — especially for borrowers who are facing the possibility of overdraft charges. The average overdraft fee is $35 per occurrence, and the amount by which a customers overdraws the account is not a factor. A bank customer could pay $15 for a $100 loan and avoid being charged multiple overdraft charges for negligible amounts. They can also help borrowers avoid late fees and protect their credit ratings.