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What Is a Short Term Loan?

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Short-term loans are paid in less than a year. The short payment period defines the possible sum of money you can borrow. The possible amount of money you can apply for usually ranges from $100 to around $1,000. Therefore, short term loans are dedicated to cover small or emergency expenses. If you find yourself in a critical financial situation, the best solution lies in applying for a short term loan.

Short-term loans refer either to personal needs or to business purposes. In the first case, they cover any personal or emergency expenses between paychecks, health care or education bills, or even vacation. Also, short term small loans online support business needs such as startup or a new project funding and any emergency expenses.

Short Term Loans

Basically, the terms of such loans vary but one thing is unaltered – high interest rate. It covers a risk connected with assuring you with a loan. The fast approval process is tempting but this lending product has tricky pitfalls. The only thing you need to do to avoid falling into a trap is making payments on time and not skipping them.

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Bonus: Check the pros and cons of $1,000 loan.