A short-term loan is a loan that's paid back over a short period of time. Short-term loans can be used to cover unexpected, any expense, spread out the cost of a purchase.
Here are some characteristics of short-term loans:
Repayment period: Short-term loans are typically repaid within six months to a year, but can be up to 18 months depending on the loan terms.
Collateral: Short-term loans may be unsecured, some types of short-term loans, like auto title loans and pawn loans, require collateral.
Credit requirements: Short-term loans may have lower credit requirements than long-term loans
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