Short Term Loans: Definition and Types

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You may have heard of short term loans online, from a friend or as a pop-up window but don’t have a clue as to what it does.

Let’s define what short term loan is and the different types.

Short term loans are often called quick cash in that it’s faster than a traditional loan you’d get from a bank.

The process involves a capital amount that has interest and needs to be repaid by a certain due date. The ‘short’ in the title is the period of time it has to be paid off, ranging from 6 months to a year.

In short, you get rapid cash without the hassles when you apply for a short term loan.

Short Term Loan Types

Line of Credit

Some niche loan sites work with entrepreneurs and businessmen in that they extend a line of credit. It’s similar to a business credit card where you pay monthly installments on the amount borrowed.

Invoice Financing

A loan mostly using a business’ account receivables, or invoices as yet unpaid by customers. The lending company loans the money and tacks interest depending on how many invoices remain unpaid. When one gets paid, the payment is interrupted and interest is taken out before returning the rest to the business.

Online Installment Loans

Online loans allow everyone to get quick cash to pay for rent, food and other necessities. For instance, you can visit Slick cash loan to get rapid cash without leaving your home. After getting approved, the money will be sent to your bank account.

Payday Loans

Payday loans are loans that are usually reserved for emergencies as they have a higher interest rate than most. Repayment is usually done once and on the borrower’s payday (hence the title).

Merchant Cash Advance

More cash advance than a loan. You pay off part of the loan every time your business makes a sale (in percentage) until the whole amount is covered.