Short-term Loans for Geeks: How to Avoid Getting Ripped Off

It’s January, and cash is probably tight after the holidays. While a short-term loan used correctly can be a smart way to get through lean times, it’s not loans that get people in trouble, but rather the way we use and view them. We know you want to be smarter than that, so here’s a quick guide on selecting and using a short-term loan like a true geek.

Know why you need it

Knowing why you need a loan is key to a positive experience. Too often, we start with the core matter, and then keep adding to it. You may need a loan to cover rent for a few days, then suddenly you’re buying new PC parts or Mission Impossible merch with it as well. You take out money to replace your damaged geyser, and now you’re also retiling the bathroom floor.

A loan is not free money. It’s money you’re borrowing, and it comes at a price. Know exactly why you need to loan and how much you require. Don’t be tempted to go higher than that amount. Explore if there are any options open to you for financing other than a loan, and if you decide a loan is the right route, keep the amount you take to the minimum needed to get the job done.

Choose a legitimate provider

If it sounds too good to be true, it probably is. There’s always fine print to wade through, even from legal loan providers, and there are many scammers as well. You need to be smart when selecting a loan partner. Take a look at, for example. They have a neat, informative, and easy-to-navigate layout, along with the essential information on the products.

Every provider will go about things differently, and it will also be determined by the type of short-term loan you’re looking for. Basic categories, such as products, how-tos, contacts, terms and conditions, and supporting information should always be easy to find. Terminology should be clear. The means to ask questions should always be open to you, and you shouldn’t be rushed to commit to anything. Transparency is critical, and you should always feel welcome to question what you don’t understand.

Unsecured loans are key

For short-term loans, you want the loan to be unsecured. This means they can’t take property of yours should you default. You don’t want to be New Year’s resolutions that way. If you stay in control at every step of the way, lending can be a positive process.



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