A short-term loan means a loan with a short-term repayment period. You have to repay the loan within quite a little period of time. How long have you to repay? It may take you a day, but the maximum repayment period in different varies.
A short-term installment loan should be paid off in a month. It’s a general limitation on time in the USA. But, depending on the State, the limitation varies. Some states provide to repay such a loan as an installment one or a payday up to 90 days (3 months). It doesn’t mean that applying for a $200 you will totally pay it off in 90 days. The repayment period depends on the required sum of money, your payment abilities and sometimes your credit history. As it’s an unsecured debt, the lender is unlikely to provide you a bigger sum of money for a longer period of time.
If you have poor credit history, try to apply for a bad credit installment loan, but be ready for the lender to give you a smaller sum of money in comparison with the borrower who has a good credit history.
The short-term loans are made to pay off quickly. The application procedure is also quickly, as there are no faxing and no checking. It’s quite easy to apply for money online as there are plenty of services providing such a loan.
Before applying for a short term installment loan, make sure you consult the agent. Before applying for a loan, you should better in any case consult a bank agent (a real financier) for detailed information and discuss all the points (and hidden rocks) of the credit line. As the debtors encourage you to apply for a loan, be sure that you want to lend the money from the guaranteed agency (with a good reputation). There should be no hidden financial fees. What is more important; ask for the information in case of legging behind in making payment on rates and on the loan itself. There are also should be the information about prescheduled repayment of credit.
And finally, don’t use short tern installment loans for covering payments for other loans (even fines). The mortgage shouldn’t be paid off by the means of installment loan. That will cause only financial troubles. And will not do you a lot of good. The short-term loans are good only for covering emergency expenses and to solve extra financial problems.