Borrowers should compare all aspects of short term loans before choosing one. The comparison usually starts with the rate of interest, the available loan amounts come next and then the repayment term along with other clauses get weighed to figure out the better proposition among those available. Cash Kitty recommends that you should compare the approval process as well. These days there are lenders that would offer you short term loans in a matter of a few hours. Obviously some will take a few days to process but usually no lender takes a month to get back to you.
Banks and traditional financial institutions still take a long time before deciding on whether or not to entertain a particular application. Given the urgent need of money and how fast contemporary lifestyle is, it is really futile to wait for several days to know if you would be considered for short term loans, let aside the approval process and eventually getting the loan amount credited to your account.
Fortunately, there are lenders of short term loans that now advertise what their approval process is like. You will come across lenders that will claim to offer a loan in less than twenty four hours, some will ask for a window of twenty four hours and in a rare scenario you will come across advertisements claiming an hour as the turnaround time. It is necessary you consider the approval process while comparing short term loans.
Given the urgency of your need, the loan amount you want to apply for and the simplicity or complexity of the approval process, some loans will be better suited for you than others. You should not discount the important of the principal loan amount, the interest and repayment term but the approval process should also be considered while deciding whether or not you should apply with a lender.