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scare If you express the typical charges payday lenders make as APRs most work out as over 1,000%. This is a useful warning against what can be dangerous products, but these APRs are mostly meaningless. That's because if you borrow over a very short term, even a small fee can become an astronomical APR.

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The interest charged on a short term loan is typically lower than on a payday loan, although both types can carry penalties and charges if you don’t keep on top of your repayments.

— John Doe Dueller

As the name suggests, a payday loan is an amount of money advanced by a lender until the borrower’s next payday. The lenders make a profit by charging a high rate of interest and having the borrower repay the loan in one go. With a payday loan, you can’t pay the money back in instalments.

— John Doe Dueller

Architect

Short-term loans are named as such because they require quick repayment. The way short-term business loans are repaid differs from typical loans for small businesses.

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Planning

Because short-term loans often have higher interest rates than mainstream credit products, borrowers with a poor credit history may have a greater chance of being approved by UK lenders.

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Parks & Events

Short term loans have the benefit of foreseeability. When taking out a short-term loan, you are reasonably aware that you will be able to pay off the loan within a year.

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