In need of extra money?
Short-term loans are great if you just need some extra money for a short period of time.
At East Bay Finance, we understand that life can be unpredictable and sometimes unexpected costs pop up, which is why we offer personal loans with loan periods from just six months.
Common reasons for getting a short-term loan include car repairs, travel, vet bills, appliance repairs, and emergencies, but you can use your loan for whatever you want, as long as it’s legal.
But is a short-term loan the right solution for you? Keep reading to learn more about short-term loans and their potential drawbacks, and other alternatives that might suit you more.
Beware of high-cost lenders
One of the main issues with short-term loans is often they’re provided by high-cost lenders who offer very short terms, usually just a few weeks.
Their loans don’t seem too bad because they advertise their rates as ‘daily interest rates’, which makes them seem more affordable.
However, when you convert their rates to annual, they’re often more than 50%, which is a very high cost.
If you pay the loan off in a few weeks it’s not too bad, but many people get stuck in a debt cycle where they can’t pay it back on time and the cost increases, making it even harder for them to repay it.
When this happens, your credit score will go down, making it harder for you to secure credit in the future.
This doesn’t just apply to getting a loan, but also getting an account with a phone company or power provider, which is why it’s so important to avoid getting into this situation.
This is why East Bay Finance offers minimum terms of six months. We don’t want to see our customers in financial distress – quite the opposite!
We want you to enjoy financial freedom, so we structure our loans to make them affordable for you and ensure you can pay them back on time.
How much do you really need?
Most people who take out a short-term loan just need a small amount of money, usually less than $1000.
However, many people who take out a short-term loan also have other small loans.
This can be a problem when these loans attract higher interest rates, plus fees for each one. That all adds up, and those small loans suddenly become very expensive.
At East Bay Finance, we find that many customers who apply for short-term loans could actually save themselves money by taking out a larger loan over a longer period of time.
One way we help customers reduce their loan repayments is through our debt consolidation loans. By combining all their debts into one new low-cost loan, they can get the cash they need as well as make their loan more affordable.
Want to know what your repayments would be?
How to apply
With our easy online process, it couldn’t be simpler to apply for a loan with East Bay Finance.
Just complete our 2-minute application form and we’ll be in touch for some more details.
We’ll then get to work finding you a great deal before coming back to you within a couple of hours* with some options.
Usually, we can arrange payout the same day*, but it depends on the time of day you apply.
The earlier in the day, you put in your application, the better chance of getting your cash the same day.
*Subject to responsible lending criteria.
Why choose East Bay Finance
East Bay Finance makes borrowing easy with our friendly local team and fast, transparent process.
- Fast, free loan quotes
- Rates from 9.95%*
- Approval within 1-2 hours*
- Simple 2-minute application form
- 100% online, no paperwork required
- Same-day approval and payout*
- We say yes more often
- Second chance loans
With a wide selection of loan options available, we can tailor a solution that fits your needs.
*Subject to responsible lending criteria.
