Why Borrowers Choose Online Short Term Loans

In a recent CareerBuilder survey about 80% of respondents said they live paycheck to paycheck. Most have no way to pay for sudden, unexpected financial expenses like car or home repairs. The problem has driven many to companies offering payday loans that resulted in never-ending debt cycles. With that in mind, businesses like Maxlend Loans now provide a better alternative. Their short-term installment loans include an online application process. Approval requirements are reasonable, interest rates are fair, and terms are designed to make repayment as easy as possible.

Online Applications Are Convenient

Customers choose online loans because they are easy to apply for. Clients simply fill out basic forms. Lenders spell out loan terms simply and clearly on the site, so there is no confusion. Borrowers are urged to carefully read information about interest rates, repayment terms, and late payment penalties. Sites also include detailed FAQ sections that answer most questions. Applications can be esigned. Clients do not have to secure loans with their paychecks, the way they would with payday loans.

The Approval Process Is Simple

Online, user-friendly loans have high approval rates but customers have to meet some requirements. Borrowers must be over 18 and able to show proof that their income and bank accounts meet minimum standards. They cannot be involved in a bankruptcy. The lenders check credit but make loans to those with less than perfect or no credit histories. After applications are submitted loan representatives contact customers and verify application information. Lenders make approved loans available within one or two business days. Customers are offered installment repayment plans that coincide with their pay schedules.

Returning Customers Enjoy Perks

New clients requesting online short-term loans can usually borrow up to a limit of $1,000. However, returning customers with good repayment histories may be offered limits as high as $2,000. Loyal customers also enjoy lower interest rates and longer repayment periods.

Online loan businesses offering short-term loans are becoming popular among those who want quick approvals and reasonable repayment options. Companies providing the loans often approve those with poor or no credit and offer returning customers attractive perks.