How Short Is a Short Term Loan?
Exactly how short a short term loan is will depend on what type of loan it is. If it is a payday loan, the term may be as little as 10 to 14 days, or as long as 31 days. Logbook loans will vary, although their terms can last several months or even well over a year. Short term loans also include the short term personal loan, which can last from six months all the way up to ten years. Of course, generally, the longer the term, the more money you’ve borrowed. As the interest rates on all these loans can be quite high, a smart way to save money on interest is to repay your loan as far ahead of time as possible.
