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What Are the Benefits of a Short Term Loan Compared to a Longer Term Loan?

Banks have become much stricter about granting long term loans.At Mango Credit we are finding that many customers are seeking assistance from non bank lenders for short term equity loans Australia Wide.

When considering whether to take long or short term equity loans Australian residents should consider the following :

Short Term Equity Loans Australia

  • Short term loansare simple. There is little paperwork to fill out.
  • When getting a short term home equity loan Australia has few regulations in regard to credit ratings. A poor credit rating is OK. When applying for a longer term loan from a bank, you must have a good credit rating.
  • The short term loan is paid back quickly, and the customer only has the debt for a minimum amount of time.
  • When applying for a short term equity loan Australian lenders process the equity loan very quickly. At Mango credit we can organise funds in 1-3 days.

Long Term Loans

  • The rate is usually a larger amount that can be lent on a long term loan compared to a short term loan.
  • Interest rates are generally lower on a long term home equity loan in Australia. As the term is longer, there will however, be considerable interest paid throughout the lifespan of the loan.

As you can see, there are many benefits to short term loans. Our friendly staff have a wide range of financial solutions. For more information Contact US at Mango Credit.