If you borrow money from a lender, whether you repay it back in three months or three years, this is a personal loan. A personal loan means that the loan is not secured on an asset.
People generally consider a personal loan to be for a larger sum of money, that is repaid over a longer period of time. Short term loans, as the name suggests, are repaid more quickly, which means that they are typically for lower amounts. Apply now at Payday UK.