loans, and many companies are using the term fast short term loans to sell these.
By renaming these loans, the companies can get them to fit into the usury laws of most states.
Companies are now turning the the net to write these loans.
Unfortunately it is hard to tell the difference between these and payday loans.
What are they?
These are billed as short term loans to help a person rebuild or establish their credit, and they can be obtained online in a matter of hours.
The only problem with this is they will fee you to death, and they will charge up to 400% interest on the payback of these things.
They are really just renamed payday loans, and they have no business being called anything else.
These companies do not really care about your credit history, or your credit scores, all they really are interested in is your money.
Do they really rebuild your credit?
They can, but at a very high price. You would be better off pre paying a credit card and using that as a way to rebuild credit.
At least this way you would be using your own money to rebuild a credit history, instead of paying out the rear for one of these things.
These loans could be a good thing for people who need under a thousand dollars credit in an emergency, if they only would charge a normal interest rate, as many banks will not mess with such small amounts of money.
Unfortunately, they take the customer to the cleaners every time.
Who are these companies?
Many of these sort term loan companies are owned by native american tribes and claim they are not subject to any state laws.
Many are closing their brick and mortar storefronts and are taking to doing business online simply because it is almost impossible to keep track of them.
They are really just a different name for the payday loan business to use to get your money and should be avoided at all costs.
Summary
Payday loans, short term loans, fast short term loans, the names may all be different, and they may claim to help you in an emergency and help rebuild your credit, but in the end they are all the same.
They are extremely high interest loans that trap the user and are to be avoided at all costs.
