The Different Types of Short Term Loans 1 | Page 6

Short term loans can be defined as short term and high cost
borrowing given the fundamental nature of the product being
offered. The difference between the payday loan and the
instalment loan lies in the term of repayment for which the loan
is agreed. Short term loans generally range in value between
£50.00 and £500.00. Some lenders will consider higher loan
values, extending up to as much as £1000.00 but these higher
loan values are usually dependent upon specific criteria.