Short-term loans as the name suggests are loans given to borrowers for a short time period. These loans are made available to the borrowers within a short time span, at times even in 24 hours of the applying. Like every other loan, short-term loans too have their own set of advantages and disadvantages.
The advantages of Short Term Loans
Quick availability: These loans do not require the applicants to do loads of paper work and hence save a lot of time of the applicant. The approvals are relatively quicker when compared to the long-term loans.
Short Re Payment period: The advantage of short-term loans is that the re payment period is not dragged on for years. This means the interest amount people pay on such loans is less. There is also no burden on the borrower for long period.
Disadvantages of Short Term Loans
Very Short re payment period: At times, the lenders give a very short for repaying the loan taken. It can even be 15 days in case of small amount. But the borrower may not be in a position to pay back the amount in such a short span.
Not Suitable for high amounts: A short-term loan is supposed to be paid back in a limited time, which is usually short. However if the amount of money borrowed is high then it might not be possible for the borrower to re pay the money in the time specified.
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