The loan processing time depends solely on the goals and debt repayment options. Basic principle: you cannot borrow without a specific goal.
Short-term loans are needed in the following cases:
- working capital is urgently needed;
- for study;
- for medical procedures;
- to buy undervalued investment assets.
You should pay attention to long-term loans:
- when implementing the fundamental business development strategy;
- to open a new direction in the company;
- when investing in real estateж
- when making a large purchase.
Benefits of short-term loans
- No paperwork;
- High approval rates;
- Easier to acquire;
- Shorter time for incurring interest;
- Quick funding time;
- Online application.
Benefits of long-term loans
- Tough eligibility criteria;
- Good credit is needed;
- Lower interest rates;
- Build credit;
- You can borrow a large amount;
- Collateral may be required;
- Online application (in some cases).