Money is both a gift and a burden. When we are earning a good amount of money and are able to save it, life is great. We can spend it on a wide variety of things and can make great memories with it. However, it can go the other way as well. People who’ve experienced financial difficulties know all about this, and it’s actually a sad fact that most of us go through some sort of financial trouble at some point in our lives. It’s a pretty universal thing but that doesn’t make it any easier to deal with. Whether you’ve lost your job or have an unexpected burden to pay for, you need a way out. Luckily, just as there are a lot of ways to get into debt, there are a large number of ways to get out of it or just give you a welcome boost. Chances are you’ve heard about a lot of these, but if you’re still looking for ideas I’d definitely recommend checking out short term installment loans. These have really grown in popularity in recent times, but what actually are they? How could they help you? Read this article to find out.

So what actually is a short term installment loan? Well, they differ from ordinary loans mainly in the fact that you don’t borrow quite as much money. Most normal loans result in a large amount of money being borrowed and a decent amount of interest being added on, meaning you could end up paying back an awful lot of money. This can put you in an even worse situation than you started out with. Short term installment loans are better suited when you need a quick fix financially or something of the sort. You don’t borrow as much money (it’s usually between $500 and $1500) and can pay it back in smaller amounts with less interest- usually. Now there are a number of different short term loan types, such as payday loans. This is where you’ll borrow money and pay it back automatically whenever you are paid your next monthly wage, so you have less opportunity to choose your dates. With installment loans, however, you’ll pay back your loan in smaller amounts for a designated amount of time until you’re back in the green.

There are a number of different ways to purchase a short term installment loan. One of the most common places to get these are banks, which I hope you’d have guessed. Banks are usually really reliable and take really good care of your money; they also have good interest rates and you know you aren’t getting scammed. However, banks can be a bit more strict with people who’ve had previous financial difficulties (we’ll talk more about that later) and you may find it challenging to get one. That’s where getting an installment loan from a company or online website could be a good option for you. More and more people are doing this nowadays and it’s not hard to see why; as long as you find a good reliable company, there’s no reason why this couldn’t be an option for you. This is easier said than done, however, with a lot of dodgy companies out there. They can have ridiculous interest rates which means you could end up having to pay back thousands even if you only borrowed a few hundred, so make sure you look out for this. If you want to check out a safe website for installment loans, look at online installment loans at Personal Money Network.

So why should you get a short term installment loan? Well, there are a few reasons as to why this is the case. First of all it could offer you a really quick fix if you’re in financial trouble. Let’s say for example that your car broke down and you need to pay for it to get fixed. You know that after you get paid your wages you’ll be able to afford it, but right now you can’t. All you’d need to do is prove this to whoever you’re borrowing money from and then take out a short term installment loan. You can then use this money to sort your car and then begin to pay back the company with installments as soon as you get paid your wages. It gives you a great deal of leeway; you can discuss how and when you’ll pay them back and decide it all based on what suits you most. You shouldn’t have to worry about sticking to very strict deadlines as long as you sort it all properly.

Short term installment loans are also pretty easy to apply for. With normal types of loans, it can be a real hassle when you’re at the application stage; you could be drowned in paperwork or web pages with a lot of confusing questions, terms and conditions might put you off and you may even have to provide a lot of evidence to prove you’re worthy of a loan. With installment loans, however, you can worry less about this stage and focus on other things. The steps that you take to apply are normally a lot more simple and you will only have to provide a few common details- after that, you should only have to wait a few days before you know if you’ve been approved or not. You can then move on the other aspects of the deal, such as sorting out how much you’d like to borrow, how you’ll pay it back and when each month you’ll do this. It’s hopefully a pretty easy process.

Who gets these kinds of loans, then? That’s just the thing- almost anyone can apply for them and get them without much of a hassle. Obviously, it’s normally people with financial troubles that get them, but you might even just need a little cash boost before your next payslip and want a helping hand. As long as you think you need one of these loans and can prove it, chances are you’ll be able to get one. Just make sure you don’t abuse it and pay everything back.