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How Long Is A Short-term Loan?
jamesaaland
post May 24 2010, 05:12 AM
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I'm managing a Conference and have already used up my 2 long-term loans (both season-long) for this season. Now I'm allowed 8 'short-term' loans. What period is defined as short term? I know that 6 months is deemed long term, so could I take someone on loan for 5 months, or is that still regarded as long term?



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Uncle Awesome
post May 24 2010, 05:19 AM
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"Short Term" in an economic view and in the banking industry usually mean under 1 year I believe.


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NunyJD
post Jun 1 2010, 03:09 AM
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guess it depends on the bank...
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globalngr
post Sep 15 2010, 08:37 PM
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a short term plan will depend on the type of loan that you are going for if it is a personal loan that you can apply online from home it could even 30 days to few months as most times the amount involve is not much

This post has been edited by globalngr: Sep 15 2010, 08:37 PM


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Eric80
post Oct 26 2010, 10:36 AM
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A short term loan can be very costly than others. It’s a loan for basically anything. You might be charged a big amount of money in order to be given an ‘advance’ on your next paycheck. It’ll basically depend on the amount and the time you want. The time can be less than one year or only one month, sometimes it varies Bank to bank.


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KateF
post Nov 13 2010, 01:47 AM
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The period of short term loan depends on the kind of loan. It can be two weeks up to several months. Online payday loans are usually short term loans which should be repaid in two weeks, though, the repayment time can be extended with additional fee. Everything depends on lender or bank providing short term loans.
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creditguard
post Sep 11 2011, 09:43 PM
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Short period borrowings are suggested by distinct lenders, including payday loan companies and colleges. Short period borrowings are due inside a set allowance of time, counting on the lending institution, and its form two and half month to several months.


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hermans25
post Sep 26 2011, 09:38 PM
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Depend upon your credit history.


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alexhusty
post Jan 2 2012, 09:02 PM
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A short term loan like what the name suggest is given for a short period of time say 1 month or maximum of 60 days. Being short term in nature, the rate of interest on the amount so borrowed is very high. On an average, one can avail at a maximum of $1500 dollars in short term loans and not more than that. I should tell you that if you have good credit scores, there could be some kind of rebate on the interest rate so charged. On the other hand in long terms loans no credit check, an individual can avail an amount up to $25,000 for a period up to 5 years or so.

This post has been edited by alexhusty: Jan 2 2012, 09:03 PM


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naomibatac
post Jan 11 2012, 03:28 AM
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In banking, a short term loan is for one year or less, a medium term loan is one to three years and beyond three years is considered long term loans. Nowadays, short term can mean even weeks because of payday loans and other loans with similar facilities.


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whitneyripleycol...
post Jan 29 2012, 07:43 AM
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Its totally depends on bank


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Elveen
post Jun 18 2012, 05:05 AM
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Short term loans are offered by different lenders. Short term loans are due within a set amount of time, depending on the lending institution. Every financial company had their different terms and condition.
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bernardzwilliam
post Feb 28 2013, 09:06 PM
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Get Immediate Cash approval from snug-loans.com, short term loans, even for bad credit history through 2013, and make repayments in installments.
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MarilynPosey
post Oct 1 2013, 10:43 PM
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I agree that it depends on some bank.To be honest i just heard it cause most of the time i am getting loan like payday loan and some instant loan in Finland at http://24pikavippi.fi/ where even i have an short period of time on paying it i can possibly pay it all on time.
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ShadowWolf
post Nov 7 2013, 11:04 AM
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A long term loan would be for a mortgage, such as 360 months. So anything shorter than that, such as for one to five years could be considered short term loan.


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