What are Short Term Loans

Money lending is a fantastic practice that helps borrowers get the funds they need.

There are two different major types of loans to choose from, a traditional personalĀ loan, and those that are considered short term loans.

Though the difference may not be monumental, it is helpful to determine which works best for you.

Short term loans are those loans that have a repayment schedule that is generally a month or less. This means that you have 30 days in most cases from the date of borrowing to repay the loan.

These loans are also loans that often require one lump sum payment. This means you pay all of the money back at once, including the fees, rather than paying installments.

This type of loan is generally referred to as a payday loan. This is a loan that works best for short term money needs and can be very helpful when it comes to getting money fast.

Many payday loans are approved without a credit check so if you have poor credit you can still get the ocbc personal loan that you need. For those that do need money quick, payday loans are generally processed within 24 hours, in most cases an hour or less.

As mentioned, these may not be great for all money needs but are certainly wonderful for short term and quick money needs.