For the many of us, money is always an issue. There is always an instance where we are short on our savings, but we need to produce money as soon as possible. What we usually do during these instances is we look for financial institutions who offer short-term loans.
On the other hand, many individuals are still skeptical about borrowing loans from these institutions thinking that the lending firm will take advantage of the situation. What they fail to realize is that opting for a short-term loan is one of the best methods if money is needed urgently. Keep on reading this post to learn some of the advantages of short-term loans from mobile financial services.
What many individuals fear when borrowing short-term loans is the interest. They have a perception that the interest rates with short-term loans are huge. What they do not know is that these types of loans have low interest rates. As a matter of fact, ferratum along with other mobile financial services do not give interest provided you agree to their conditions such as paying back the borrowed money within a specified period. Therefore, consider yourself lucky if you find one of the mobile financial services that do not put interest when they offer short-term loans. What is more is that you do not need to provide collateral if you opt for short-term loans.
Unlike traditional banks where the process takes forever, the process when you get a short-term loan from mobile financial services is fast. You will actually get your money instantly after you applied for the loan. It is worth noting though that the turnaround time will still depend on the lending firm you choose. Nonetheless, it is likely to be faster compared to banks. Hence, it will be an excellent idea to opt for short-term loans if you need the money as soon as possible.
If you borrow money from the bank, you should expect to fill up tons of paperwork since that is how their process works. Of course, that is not convenient, but you do not have a choice since you need the money. What is more is that you need to visit the bank a couple of times since your request will not be granted immediately. That means you need to make long lines in the bank.
With short-term loans from mobile financial services, you can have the money without leaving your home. You can apply for the loan online provided that you have an internet connection. What is more is that you do not need to fill up tons of documents. You will save money too since you no longer need to spend on fuel or transportation. Once you get approved for the loan, the next thing that you need to do is wait for the money to be transferred to your bank account.
With these advantages in mind, it is now apparent that short-term loans from mobile financial services have a lot to bring to the table. With that being said, look for mobile financial services that offer short-term loans the next time you will need money.