Short term lending provides fast cash to cover unexpected expenses by bridging the gap to your next payday. Cash can be advanced to your account in as little as 24 hours.
Short term loans are usually small loans, starting at around $100, though it is possible to borrow up to $40,000. The annual percentage rate is dependent upon the length of the repayment term and your FICO credit score. Some types of short term loans are referred to as bridge loans. A bridge loan will have a slightly longer repayment period (up to 5 years), but can be repaid at anytime throughout the loan term without penalty. This provides the flexibility of a traditional line of credit, but with more lenient qualification requirements.
A typical payday loan has a very short repayment term, just long enough to cover you until your next paycheck. If you do not repay the loan at this time, you may have the option of a loan rollover. A short term loan rollover simply restarts the borrowing process and provides more time for you to repay the loan.