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Short term lending is a term used to describe the process of granting short term loans. A short term loan is a loan with a relatively short maturity date. Short terms loans usually have a short term span unlike long term loans. Examples of short term loans will include overdrafts, payday loans, credit cards and cash advances. Long term loans usually last for several years and examples would include mortgages and long term bank loans.
Long term loans usually involve relatively large sums of money and their repayment has to be spread over several years to make it easy for the borrower. The problem is that long term loans are not easily accessible by everyone who may want them. Collaterals are usually required along with good or moderate credit ratings and this denies a large segment of people from accessing traditional long term loans.
A lot of people are only able to access short term lending because that is all they can qualify for. Short term lending involves relatively smaller sums of money and lenders of these loans can afford to be less choosy.
A good example of a short term loan that a lot of people are finding beneficial is payday loans. This is because these loans are easy to qualify for and fast to get. They come in handy when an unexpected occurrence makes it necessary to get cash before the next payday to cover pressing demands. A reputable short term lender can offer you a cheap payday loan when you need it.