What are the most valuable short term loan advantages? The ones that really save you time, effort, and most of all MONEY? And why are they so much more smart and financially strategic than long term loans?
Easy In, Easy Out
The first of the major short term loan advantages comes right up front — you can apply for an online installment loan faster than it takes to drive to the bank. If you need a mortgage, it is definitely worth standing in line at the bank, filling out the paperwork, and jumping through all those hoops.
Short term loans are more time-effective. They can get you the money you need NOW instead of later.
The Shorter the Term, the Bigger the Advantage
The loan rates for short term online loans can be pretty high. Sometimes it can be a little intimidating!
But here is pro tip: those loan rates are based on people making only the bare minimum payment, and stretching their loan for as long as possible. The longer your loan is outstanding, the more you have to pay for it. That is how loans work.
Paying the loan back as quickly as possible can save you a whole lot of money! Pay the loan down faster than is required, get it completely repaid in a fraction of the allotted time, and you pay a fraction of the interest.
CAUTION! Some lenders work to prevent this savvy repayment strategy by issuing “prepayment penalties.” In other words, they charge you money for paying off your loan ahead of time!
At National Small Loan, there are never any prepayment penalties. Borrow smart, pay it off fast, and you walk away with the better end of the deal.
Welcome Back Any Time
One concern people have about paying back a loan early is not having that “safety net” of extra cash when they need it.
Once you have been approved for a loan with NSL you are part of the family. When your loan has been repaid, you still remain a valued customer. Our door will always be open for you.
Best of all, returning customers have the fast-pass to approval, thanks to your established history with us. We are looking to build long relationships with our customers, which means faster approval and larger loans (where available).