Short Term loans are loans that are repaid over a shorter period where you can borrow a sum of money and repay this over a set time with fixed and affordable repayments. The lender will charge you interest to lend you the money which means you will repay the amount you borrowed plus the interest. The advantage of a personal loan is that you can spread the cost of a purchase with affordable repayments over a period. Unlike a traditional bank loan, which is usually paid back over several years, a short-term loan is designed to be paid back often within several months. They can be used for emergencies, such as car repairs or broken boilers. You agree with an amount you can afford to borrow with your chosen lender, which will include the interest rate and total amount you are expected to pay back.