Different Types of Short-Term Loans
Accessed on 1/5/2007In the loan industry, a short-term loan is any loan made for a period of a few weeks to less than a year. There are a number of short-term loans for a variety of functions. They includePayday loans, tax refund anticipation loans, and financial aid short-term loans.
Depending on the loan agreement you sign, you may be asked to secure the loan with your next paycheck or even your tax refund. Colleges and universities that give out financial aid short-term loans often make them on an unsecured basis, but they can hold transcripts and have other ways of collecting on a bad debt. Be sure to explore all the ways a short-term loan is handled and whether it meets your particular needs.
With online payday loan lenders, you can get a short-term payday loan as an online check advance for up to 16 days. The length of the loan is determined by your normal pay cycle. If you are paid weekly, then the length of the loan is set to your next paycheck. Unlike a tax refund anticipation loan, you do not have to fill out a lengthy form to get approved for an online check advance. You do not have to visit a financial aid office since everything is done over the Internet. The lending limits on an online check advance is up to $300 for your first time with the limit increasing to $600 for subsequent loans. For convenience and quick turn-around, an online check advance is hard to beat.
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