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Short term loans are the most common form of loans lent to customers. A typical case consists of a customer borrowing a small amount of money that they pay back, with interest, over the course of a year. If you are planning to start a business and do not qualify for a line of credit from your bank, you might still be able to obtain money in the form of a short-term, one-time loan to finance your working capital requirements. If you have a good working relationship with your banker, there is a good chance that you can receive a short-term note for a single order, seasonal inventory or accounts receivable buildup.
How does a short term loan work?
Whether you are borrowing for your personal needs, or for your business, the basic mechanism of repayment is the same. You pay back a fixed amount periodically till it matures. Most of the consumer loans tend to fall into this category. With this type of loan, you will pay a part of the principal along with the interest every month.
Just enter the principal amount, the number of payments, the interest payment and the total interest that you need to pay. From this, you can determine the differences in loan structure between lenders by comparing the interest rates for the same period of time.