Have you ever wondered what you will do if you ever came across some unforeseen expenses which you aren't financial prepared for? Even if you are eligible for loans, the waiting period in itself may be too long. If you are lucky, you can hope to get a loan in a few weeks. This is the difference with short term loans in UK like SwiftMoney.com. These loans can get approved in less than a day. Isn't that awesome?

 

And do you know the best part? You don't even need to provide any collateral in order to take a short term loan. There are two advantages of this. The first thing is that you will not have to worry about finding something to use as collateral and the second thing is that you will not be at risk or losing your collateral in case you miss a repayment for any reason whatsoever.

 

The fact of the matter is that with these short term loans, the only thing that a lender looks for is whether you will be able to repay the loan within the stipulated period or not. There aren't any hard and fast rules regarding this though.

 

In financial emergencies, it is very important for you to get your hands on some cash quickly. And with short term loans, there aren't too many criteria for you to satisfy. The main thing that lenders look for is your income. If you can prove that you earn sufficient money to repay the short term loan in time, you will be given the loan, no questions asked. You will need to be employed continuously for at least 90 days in order to be eligible for these loans though.

 

One thing you need to remember about these loans is that you should never try to over-extend your debt. So as far as choosing the amount of money you want on loan, never go for more than you need. Remember, you will be paying interest on every penny you borrow. So borrow smartly.

 

And lastly, you need to ensure you look into the finer details when applying for the loan. This means you will have to read through all the terms and conditions of the contract before agreeing to it or signing anything. Just imagine, even if you take a 1500 pound loan for one month at a respectable interest rate of 7 %, you will need to repay 1605 pounds after one month. So be careful when deciding how much money you need and how long you will take to repay it.