The Different Types of Short Term Loans 1 | Page 8

The difference between products in terms of short term loans
comes from the variance in repayment terms on offer. Firstly the
classic payday loan, which many of us will already have
knowledge of. The payday loan allows applicants the ability to
borrow until their next employment pay date. On this date the
payday loan deems that the money borrowed and the interest
chargeable for the period, be repaid as a single repayment on
this date.