Short Term Loans
Typically, short term loans do not have a fixed repayment date, which means that borrowers can repay the loan anytime to reduce interest. In most cases, people would prefer to go for secured loans, that is because with an asset against the loan, the interest rate is usually lower. However, when would you need to get a short term loan? Here is a scenario where you might need a short term loan.
A contractor has been given a project to finish building an apartment in a 8 month period, he has been given the budget expected for this project, also known as the deposit, and that is what he used to hire people to complete the project with him, and he get the rest of the payment once the project is completed. As this is an 8 months project, the contractor would hire at temporary workers, which are paid on weekly bases. Now the problem the contractor has is that the project is close to completion, but the project went slightly over budget, and the deposit he received at the start is not enough to pay the salary of the temporary workers, that would stop the project from advancing, and if this delayed and went overtime with the project, the contractor would have to pay for the lost!
The contractor simply needs to get a short term loan to pay the workers, and once the project is completed, the contractor can receive the pay he deserves, and use that to repay the loan and that can cut short the repayment period and save interest.
|Loan Amount||$1,600 - $10,000|
|Pre-Approval Time||5 minutes|
|Loan Term||12 months|
All product features are subject to lender's approval. Morgan Finance will endeavour to keep product information up to date, however some information may be out dated.