Life is unpredictable and we all encounter circumstances that leave us looking for financial help to take care of the situation. Financial lenders have a range of products to take care of the borrowing needs of their lenders.
Personal loans and short term loans are popular options for people intending to borrow money. However, the two have different attributes that every borrower should be aware of to make informed financial decisions.
Personal loans refer to money borrowed to be repaid over a period in monthly instalments for between two and six years. These loans are unsecured as they are not attached to any property. People looking for a large amount of cash prefer personal loans as they provide a long repayment period and usually have a fixed interest rate.
Situations that could require you to borrow a personal loan include home renovations, long-distance relocations, emergencies like funeral expenses and clearing medical bills, purchasing major household appliances, car financing, weddings, among many other reasons. These loans are beneficial, primarily when you can repay the amounts as expected.
Short term loans are usually small amounts of money borrowed and repaid over a short period, usually from one month to one year. These loans are often referred to as quick loans as money is sent to your account in minutes, as long as your application is approved.
Payday loans are a type of short-term loans with an even shorter repayment window, usually one month. These types of loans are extended to salaried workers and are paid from the subsequent salary after disbursal to the borrower.
Both types of loans are beneficial products to those who can afford to repay them and proper financial consideration is necessary to make the right choice. Personal loans are ideal for those seeking out lump sums while short term loans are best suited for borrowers of small amounts.
1st Class Loans
Monday - Sunday: 00:00 - 23:59 Office 131, Silk House, Park Green, Macclesfield Sk11 7QJ
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[email protected] £100 to £5,000 Here at 1st Class Loans, we strive in providing a seamless, online service to all of our customers, in their search for an online payday loan. Our business model is designed to provide such a first-class service, that our customers would be happy to recommend to others. We aim to be your number one choice for your financial needs in the market.WHAT SERVICE DO I GET WITH 1ST CLASS LOANS? Our introductory service provides you with a simple and fast online lending application process, providing you with an instant online decision for your payday loan.The security of your personal data is important to you, which makes it a priority to us. That's why 1st Class Loans does not retain any of your personal information. We will only ever ask you for personal details which relate to your loan application and nothing additional for research or marketing purposes unless you want us to. If you're not satisfied � we're not. Please tell us if you feel there is anything that we can do to improve your experience by visiting our Contact Us