Short-term Loan

A loan with a repayment period of up to 6 months. Short-term loans (sometimes called payday loans) typically have higher interest rates and are intended to cover urgent, temporary cash needs.

Usage Examples

"She took a short-term loan of R3,000 to cover emergency car repairs, repayable over 3 months."

"Short-term loans charge higher interest but can help bridge a gap until your next payday."

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