Short Term Loans In Utah

Utah Short Term Loans

No matter how much financial planning we do, there will often be a time where our expenses are more than we expected. Generally, people look to quick money options when trying to bridge a gap in their finances. For some, it is due to an unexpected or unforeseen expense that has come up. For others, it could simply be a time when current cash flow isn’t enough to sustain current expenses. This could be in between jobs or during a slower month of income. Whatever it may be, there are times where quick cash is needed. 


Quick Cash Options

When looking for a quick cash fix, there are a variety of options to choose from.


  • Credit Cards. Using credit cards to pay for emergency expenses is a route many take. However, the health of your credit score is important and can greatly suffer if you are unable to pay your balance in the coming months.
  • Cash Advances. Similar to using your line of credit, cash advances are used to take paper money out of your credit account. This is often used in cash-only situations where you need a sum of money quickly but don’t have enough in your bank account to cover the expense.
  • Payday Loans. Payday loans are loans in which the borrower generally gives the lender a post-dated check to pay back the sum of money. Often this due date refers to the next pay period, hence the name payday loans.
  • Short-Term Loans. Short-term loans are similar to payday loans in that they offer an opportunity for quick cash. But unlike payday loans, generally, these loan amounts are paid off in short-term installments over a course of 0-7 months. 


What Is A Short-Term Loan? 

Short-term loans are a type of installment loan used to make up for a temporary lack of cash. Whether it is an emergency medical expense, rent, a car payment, or any other time-sensitive expense, these loans can be used to make the payment. They are referred to as “short-term” due to the shorter turnaround nature of the repayment. While there is no universal guideline to what short-term entails, generally it’s considered to be anywhere between 0-7 months.

Why Choose A Short-Term Loan?

Aside from the shorter length of terms, these loans offer other advantages that set them apart. 


  • No collateral. Because short-term loans are unsecured, they don’t require any collateral. Collateral refers to an asset that the borrower provides to a lender in exchange for the sum of money. If the borrower were to fall short on their payments, the lender can seize the collateral.
  • Wide range of uses. Some loans can only be used for a specific purpose. For example, an auto loan can only be used for payments having to do with your automobile. Short-term loans can be used for a variety of purposes and generally don’t have a use limitation.
  • Better credit score. Since short-term loan amounts are reported to major credit reporting agencies, if you keep up with your payments then you can increase your credit score. However, if you fall behind or fail to pay, then your score could drop and you may develop a bad credit history.
  • Access to cash quickly. Short-term loans are an excellent choice for emergencies because the entire process generally takes no more than 24 hours, or one business day. You can gain access to the money you need quickly and pay it off in a shorter turnaround than most other loan types.
  • Quick application/approval process. Unlike longer-term loans, short-term loans have a relatively speedy application and approval process. Because no collateral is needed, generally you only need proof of identification and to show that you have an income to repay the loan. 



Paying Back A Short Term Loan

Short-term loans are characterized by the shorter turnaround time expected for repayment. As aforementioned, generally, short-term loans are to be paid back within 0-7 months of being borrowed. When you take a short-term loan, you and the intuition form which you borrowed will put together a series of terms for paying the sum of money back. More than likely, these will be installments spread out over the course of months paired with a set annual percentage rate (APR) that will build up over time.

Paying back a short-term loan

Understanding APR

The annual percentage rate or APR as it’s most commonly known as the yearly interest rate that is charged when borrowing money. Depending on where you choose to borrow your loans, the APR will vary. Understanding how APR works is extremely important in not finding yourself in deeper debt than when you started. Because APR adds up, you’ll want to pay your loans off on time to avoid racking up an even larger sum.

Planning Your Loans

APRs and terms have to be disclosed before you take out a loan. This way, when you’re considering which institution to borrow from, you can compare and contrast the various leases and rates to ensure that you’re getting the rate that best fits your needs and current financial situation.




Nice Guys Can Help

Nice Guys loans can help get you out of a financial pinch. We offer quick and easy Utah installment loans without the hassle of major financial institutions. With simple online applications, same-day approval and funding, and the lowest APR and other rates among other payday loan companies, there is no better option. Choose your loan length and terms for an agreement that fits your needs. You deserve a loan company that treats you like a person, not just a user. Work with people, not corporations. Contact us and apply online today!

Send a Message