If the last few years have taught us anything, it is that you can never thoroughly plan for the future. For instance, unexpected expenses, such as stock shortages or extensive weather damage, can crop up anytime and deplete your company’s finances faster than you expected. Thankfully, short-term loans in Mississippi, are able to help you out of these tricky financial situations so your business can remain stable during these financial crises.
But what makes short-term loans so attractive to businesses? One of the main reasons is that these small personal loans often do not require any collateral or excellent credit history—two things a newer company may not have available to them. The catch is that these loans must be paid back in a short period—usually from six months to one year.
There are plenty of good reasons for start-ups and small businesses to consider applying for a short-term loan if they need additional financing, especially if they are not yet eligible to get a standard loan from the bank. These reasons include:
- If You Don’t Qualify for Traditional Loans Yet Because of Minimum Loan Amount Requirements
- If You Need Additional Funds for a Significant Investment
- If You Are Experiencing Unexpected Bills
- If You Are Dealing with an Emergency Financial Situation
- If You Did Not Pass the Credit Check with Traditional Banks
With Thanksgiving and Christmas right around the corner, you’re probably anxiously awaiting your annual trip to your hometown to visit with family and friends. But then you realize that a trip with your family requires money. The money you don’t currently have. Sometimes extra money isn’t there, plain and simple. When other expenses take most of your budget away and waiting for the next paycheck won’t change your financial dilemma, applying for a short-term loan is a convenient way to get access to cash immediately. A short-term loan, in the form of an installment loan, can make holiday travel funds available to you when the need is high, and the money is low.
At Speedee Cash, the process to secure short-term loans in Mississippi is an easy one. Whether you need cash to purchase airline tickets; to rent a car; for gas, food, and lodging en route to your holiday destination; to buy groceries for that big holiday meal; or for gifts, short-term installment or a title loan is a smart way to obtain money quickly.
Short-term loans in Mississippi have many benefits, but it’s essential to do your homework to ensure you’re taking out the right loan for you. Speak with a friendly staff member at one of our many Speedee Cash branches to discuss loan options and repayment plans.
Short-term loans, also referred to as cash advances, are a quick and simple way to get cash quickly on short notice. People just like yourself fall on hard times with emergency bills, or last-minute purchases that can’t wait, and utilize this form of credit to make ends meet. When your car needs immediate repairs or the hot water tank breaks, you don’t have time to apply for a traditional loan. You need same-day short-term loans in Mississippi to get you out of a jam. However, short-term loans should be used responsibly, as they aren’t intended as long-term solutions. Consider this list of do’s and don’ts to help manage your short-term loan needs.
Do Budget Well: Ideally, you want to repay your outstanding loan as soon as possible. Before you apply for a short-term loan, think about whether you would need the loan if it were payday. If the answer is no, this means a payday loan would work for you, as you’ll be able to pay it in full on your next payday.
Don’t Overborrow: Short-term loans are beneficial during a temporary cash shortage, and you need quick access to funds, but they are not a long-term financial solution. Only borrow as much as you need and can pay back under the agreement terms of the loan.
Do Repay ASAP: Except for payday loans, which need to be paid immediately, other forms of short-term credit, such as installment loans, have longer terms. Making the minimum payment is critical, but it’s also a good idea to repay them as soon as possible. This way you’ll minimize the chance of running into more financial issues down the road.
Whatever you do, be sure you understand the terms of your loan. If you’re going through a stressful time when you’re taking out a short-term loan, it’s easy to miss important details or skip over crucial information. At Speedee Cash, we’re here to help you through our easy loan application process and understand the terms of repayment.
When you find yourself in need of emergency cash to cover an unexpected bill or to avoid costly late fees and potentially ruined credit, there are several options available to you. In these situations, a traditional bank loan probably wouldn’t be best since the application and approval process can take some time to complete. However, payday or installment loans, provided by a reputable financial service like Speedee Cash, can assist you with short-term financial relief quickly.
There are key differences between installment loans and payday loans and understanding these differences can help you determine the best loan for you.
Installment Loans vs. Payday Loans
- Payday loans range from $100 to $1500; installments loans range from $150 to thousands of dollars.
- Payday loans are short-term and paid back in 30 days usually; Installment loans are paid back over a few months.
- Payday loans are repaid through a post-dated check; installment loans are directly withdrawn or paid using a check each month.
- Payday loans are unsecured; installment loans are typically secured.
- Payday loans can be rolled over when it’s due; installment loans can be renewed every few months.
How much cash you need and how long you will need it for will help decide which loan is right for you. To learn more, visit one of our many convenient locations regarding short-term loans in Mississippi.