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A short term loan like what the name suggest is given for a short period of time say 1 month or maximum of 60 days. Being short term in nature, the rate of interest on the amount so borrowed is very high. On an average, one can avail at a maximum of $1500 dollars in short term loans and not more than that.
Payments & Terms. The term of your loan is set at closing, but there are different options in lengths and different processes depending on the loan type. The most common term for a traditional home equity loans is 30 years; although, 15 years is usually an option.