 TITLE: What Is a Short-Term Personal Loan? CONTENT: What Are the Types of Short-Term Personal Loans?\n------------------------------------------------\nFor a quick and fairly small cash infusion that you'll pay back in a year or less, you're most likely to hear about payday loans or short-term loans from a bank, credit union or online lender.\nShort-term loans from online lenders, banks and credit unions will vary in loan amounts, interest rates and payback periods. You can reach out to your own bank or credit union to see if it offers short-term personal loans, or research online lenders to find one that may offer the terms you desire.\nA payday loan can provide you with the quick cash you need to make it to your next paycheck, but it's a very expensive option due to its exorbitant interest rates and fees. Many states regulate how much you can borrow with payday loans, and how much lenders can charge in interest and fees—and some states don't allow payday loans at all. That's because people often roll over or reborrow payday loan funds because they can't afford repayment, which can lead to a cycle of skyrocketing debt. Payday loans should only be used as a last resort. END