Borrowing from friends, taking loans from family members and pawning prized possessions are all ways that people in tough financial situations try to come up with enough money to pay their bills if they spent more than they budgeted for or if they had unexpected expenses like medical bills or car problems. Borrowing money from friends and family can destroy relationships, and it hurts to let prized possessions go. Luckily, there is an excellent alternative to these methods.

Short term loans, also called payday loans or cash advances, can provide borrowers with enough money to take care of their financial obligations for the month without a lot of paperwork and requirements. Some people turn to banks for loans, but it can be tough to get a loan from a bank with poor credit histories. Most banks have minimum loan amounts that are much more than the typical person needs just to make it by for the month. Applying for bank loans can take several days or even weeks, and many people do not have that much time to wait.

Applying for a short term loan is as easy as it is quick. Applicants can even submit applications online. In fact, the entire process can be handled online. To qualify for a short term loan, lenders require applicants to be 18 years of age or older. Beyond that, they typically want borrowers to show proof that they are currently employed and have held a job for at least three months. In addition, lenders typically require borrowers to have bank accounts so that they can receive the funds for the short term loans and have an easy way to repay the loans.

Once an applicant has submitted an application for a short term loan, the lender will process the loan request. This process may include job verification and a credit check. Some lenders do not run credit checks on their applicants. These lenders might advertise these loans as no credit check loans or guaranteed approval loans. These loans are great for individuals who have poor or no credit histories. However, borrowers should know that they may face higher interest rates or fees with these loans that do not require credit checks. Borrowers who need the funds from their short term loans as quickly as possible should look for loans that are advertised as fast cash now payday loans or instant approval cash advances.