Short Term Loans are offered by different types of lenders that also include payday loans provider. The term itself refers to shorter period of time, so the borrower needs to pay only few dollars as interest.
Unless in other loan type borrowers are need to pay more amounts for fee and few towards principal. Bank also offers Short Term Loan, but they require collateral. Sometimes you no need to show any collateral to bank if you go for negligible amount as loan.
Application process and fee towards the process are more in bank. Here in Short Term Personal Loans, you no need to show any collateral for loan. There is no such processing fee and no paper work.
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