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You win some, you lose some, and some you just bill by the hour.
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Legal Definitions - short-term loan
A lawyer is a person who writes a 10,000-word document and calls it a 'brief'.
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Definition of short-term loan
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.
- A business takes out a short-term loan to cover the cost of inventory for the holiday season.
- An individual takes out a short-term loan to pay for car repairs.
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.
A 'reasonable person' is a legal fiction I'm pretty sure I've never met.
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Simple Definition
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.
You win some, you lose some, and some you just bill by the hour.
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