The interest rates of the short term installment loans are higher than the long term and the mid-term loans. The main reason is that these loans have a high risk and do not have any sort of security. They usually are secured by the post-dated check. One of the other reasons for higher interest rate is that short term installment loans are approved very easily and quickly with agreement to the parties to return the loan in fifteen days.
Opening an Account:
Any adult who has a job and a bank account can have short term installment loans else he can have an advance loan. If you have a bad credit or no credit even then you can apply for these loans. These loans have a specific time span but some people take months to pay them back.
Rise in the Interest Rates:
As a result they have to suffer a penalty and have to pay double and even triple the amount. Depending on the cash advance company the interest rates of these loans can rise to an outstanding limit after six months.Direct Lenders and Short Term Installment Loans:
Direct lenders for payday loans should deal directly with the actual company who are lending you the money. As a result you will get the best value and there will be no middle person to pay. If you get the top direct lenders for payday loans then you can get the best value and the fastest service. Speed is very important when you want a payday loan and direct lenders always give you the fastest responses because there is a direct communication between you and them.
Fastest Service by Direct Lenders:
If you find the top lenders for payday loans then you are surely to get the best and the fastest service. One of the other advantages is that your knowledge will not be exploited.