About Short-Term Loans

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Short-term loans are typically offered through cash advance agencies and pawn shops. They usually carry high interest rates and high costs. Pay off a short-term loan with the next paycheck using advice from a financial adviser in this free video on personal loans.

Part of the Video Series: Credit Cards & Personal Loans
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Video Transcript

Hi, this is Matt McKillen with Innovative Financial Group. The question posed to me today is, "What types of short-term loans are available?" Well generally short term loans are for very short in-term period of time. There are different types of companies out there that provide that type of financing. Perfect example would want to be, one of these cash advancer, pay day advance type companies that you see all over your city or your community. What they're basically doing is they're making a, a very short term loan to you based on, you're paying it back out of your next paycheck. Now those types of loans are usually very high rate, high cost and they're usually limited to a certain dollar amount that you can borrow. But again, it is a good vehicle for someone if in fact, they just, if an emergency comes up or they need just to borrow a short, a small amount for short period of time, even though the interest rate is high, as generally the type of financing terms that you achieve on that. Another type of loan available short term would be maybe through the typical pawnshop. You bring in equipment or some type of item and they'll lend on based on the value of that item. Again, my name is Matt McKillen and I'm with Innovative Financial Group.

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