When a consumer needs cash to finance a sizeable purchase, there are several options: raid the savings account, use a credit card, or start looking at long-term loans. Before you apply for a loan, please make sure that you've read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.Since long-term lenders generally only work with more qualified borrowers, they have a relatively low risk profile. These lenders have fewer defaulted loans, making it much more likely they'll get their money back. As a result, long-term business lenders can charge lower interest rates.
Short-term lenders offer flexible eligibility criteria and can accept people with bad credit as long as they meet the other eligibility requirements. Some lenders don't conduct credit checks for loans up to $1,000, but applicants still need to meet eligibility criteria and prove that they can make repayments.
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