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Personal loan
Short term and long term loans
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[QUOTE="Abigael, post: 209465, member: 25357"] In my understanding, short term loans are those which have a short repayment period. Apart from that, they also are given in small amounts but the interest rates could be high. They are mostly taken by people who want to satisfy an urgent need with the plan of paying back soon. As for long term loans, apart from having a longer period of repayment, they are also in large amounts. They may have specific repayment dates with an increase of interest when you skip a day of repayment. Those kind of loans are always given to more trustworthy people who won't default on their repayment. [/QUOTE]
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