What is Legal Terms Short Term Loan?

Short Term Loan Information: A short term loan gets it name from the fact that it is financing meant to span a financial gap of short duration, usually less than one year. Interest rates may be higher on short term loans and less security may also be necessary. Individuals may turn to short term loans and do so with bridge loans in the real estate market. Interim financing is often necessary in even the best run and most profitable businesses.