Short term lending refers to loans that have a shorter repayment period than traditional bank loans. Generally, these loans are meant to be repaid within a few weeks or months. They are a popular option for those who need cash in a hurry or have poor credit history.
One of the most common forms of short term lending is a payday loan. Payday loans are normally due on the borrower's next payday and can be obtained either in-store or online. These loans typically have high interest rates and fees, so they should only be used in emergencies.
Another form of short term lending is a cash advance. Cash advances are typically offered by credit card companies and allow cardholders to withdraw cash against their credit limit. These loans also come with high fees and interest rates, so they should only be used in emergencies.
It's important to note that short term lending should not be relied on as a long-term financial solution. These loans come with high fees and interest rates, and can easily trap borrowers in a cycle of debt. If you are struggling with debt, it's important to seek out other financial solutions, such as budgeting or debt counseling.
In conclusion, short term lending can be a useful financial tool for those who need cash quickly. However, it should be used with caution and only in emergencies. If you are considering a short term loan, be sure to do your research and understand the fees and interest rates involved.
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