Short Term Loans
Definition and Information
About Short Term Loans
Obtaining Short Term Loans helps solving immediate financial problems. This type of Loans is called short term because usually they are paid off within a short period. The most typical maturity time is from a few weeks to a month. The Short Term Loans are very expensive in terms of interest rates, and they cannot be used for resolving long term financial problems. Therefore, the most efficient way to use short term loans is to cover the most urgent expenses. The other important factor is that Short Term Loans can be received within 24 hours directly into the bank account.
Types of Short Term Loans
There are mainly two types of Short Term Loans. One of them is Payday Loans or cash advances. The Payday Loans are usually paid back with next two paychecks. The other type of Short Term Loans is Installment loans. The Installment Loans are paid back within several weeks with multiple payments. Both types of loans come with certain fees which are included in the total payback amount. Also, Payday and Installment Loans are unsecured, meaning the borrower is not required to provide any collateral.
Short Term Loans in Other States