Simple English definitions for legal terms
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A short-term loan is when someone borrows money for a short period of time, usually a few weeks or months. This type of loan is often used for emergencies or unexpected expenses. The borrower must pay back the loan with interest within the agreed-upon timeframe.
A short-term loan is a type of loan that is meant to be paid back within a short period of time, usually within a year or less. These loans are often used to cover unexpected expenses or to bridge a gap in cash flow.
These examples illustrate how short-term loans can be used to cover unexpected expenses or to bridge a gap in cash flow. They are meant to be paid back quickly, so they are often used for smaller amounts of money.