Imagine a paperless world, a world without fax machines, lengthy documents and endless paperwork. The short term loan industry is taking steps toward just such a world.
Short term loans are designed for customers with poor financial histories and mountains of paperwork are not needed for approval, according to PR Wall Street. They come with a higher interest rate than a typical loan from the bank, but the money is loaned for a shorter period of time. All the specific details are hammered out between the short term lender and the customer. "The lenders will approve you for an amount which is sufficient to meet your short-term wants," says the site. "The amount is required to be reimbursed along with the decided interest and within the given time." Short term loans are most often used to repair a car, finance an education, consolidate debts, pay for groceries and cover utilities. According to Paycheck World, all that is needed for a short term loan approval is a customer's contact, employer and bank information, a driver's license number, his or her date of birth and a social security number.