The interest is calculated keeping in mind the loan amount and so the outflow of cash towards repaying the principal amount along with the interest is much lower in the case of a short-term loan. This makes a short-term loan much cheaper than a long-term loan. When an individual opts for a short-term loan, the outflow of money towards the paying of total interest is much lower in comparison to a long-term loan. Since it is a short-term loan, this works out to be very reasonable for the customer. This facilitates easy EMIs for the customer. Money View has interest rates that begin at 1.3% per month. PaySense offers interest rates that range from 1.4% to 2.3% per month. EarlySalary offers interest rates that begin at just Rs.9 per day. CASHe has interest rates that begin at just 1.5% per month. The interest rates vary from lender to lender. The tenures range from 1 month to 12 months (1 year). Short-term loans are easier to get approved can be repaid very fast thereby ridding the individual of the financial burden sooner. Short-term loans as the name suggests are taken for a very short duration. The customer can pick the loan amount based on his/her needs. The loan amount for a short-term loan begins at just Rs.5,000 and can extend up to Rs.3,00,000. Short-term loans are opted by individuals to meet short-term needs such as paying a medical bill, a wedding expense to meet or an unplanned trip to fund. Short-term loan disbursals are relatively quicker than most of the other long-term loans as you do not need to provide documentation for the purpose of the loan amount and for any assets as none are pledged generally. This makes the entire process fast and easy for the customer as the documentation can be completed very conveniently with ease. The paperwork and documentation that is needed for a short-term loan is very minimal. This is very beneficial for customers who do not have any collateral to pledge as security. This means that you do not need to provide any collateral as security in exchange for the loan amount. Short-Term Loans are generally unsecured. This means that they can be utilized for organising a wedding, taking a family vacation, renovating your home, paying for education, buying products such as electronics or furniture, establishing and expanding business or paying for a sudden medical emergency. Short-term loans are multi-purpose loans. Features and benefits of a Short-Term Loan
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