From FoxBusiness.com…..
You can use a short term loan for almost anything. Short term loans are commonly used by small business owners or individuals who may not qualify for a traditional loan. People who want to save money on interest rates — like when buying a car —may opt for a short term loan.
The biggest difference between a short term loan and a traditional loan is the repayment period. Short term loans have a smaller repayment window, usually between 3 and 18 months, while long term loans have a repayment period of 24 months or more.
