When a lender gives money or property to a borrower, and
the borrower agrees to return the property or repay the borrowed money along
with interest at a predetermined date in the future, this is called a loan.
A loan is a type of debt. Like all debt instruments, a
loan entails the redistribution of financial assets over time, between the
lender and the borrower. The borrower initially receives an amount of money
from the lender, which is paid back, usually but not always in regular installments.
This service is generally provided at a cost, referred to as interest on the
debt.
Acting as a provider of quick
unsecured loans is one of the principal tasks of financial institutions.
For banks, loans are generally funded by deposits. For other institutions, issuing
debt contracts such as bonds is a typical source of funding.
A short-term loan covers cash advances, fast cash, cash
loans, paycheck advance, loan till payday, quick cash loans, instant cash
loans, emergency cash loans and so on.
In case you need help to meet unexpected bills, or other
short-term cash needs, you can get the money you need with a short-term loan.
Some people also take out short-term
loans to pay for vacations.
These loans are not intended to be a long-term financial
solution, but for immediate cash needs. The annual percentage rate and terms of
the loan vary by state. A short-term loan is a loan between 8-20 days. Monthly
pay customers are subject to an extra finance charge due to being more than 20
days. The cost is dependent on the amount of the loan issued. www.quickunsecuredloans.org.uk
Article source: http://ezinearticles.com/?Short-Term-Loans&id=234292
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