Short Term Loans through CashPug

The repayment term can be anywhere from two or three months up to a year. Substantial amounts call for a longer repayment term. Any lending agreement with a repayment term of up to three years qualifies to be referred to as a short term loan. Payday loans and short term loans are not identical. Many people refer to short term loans as payday loans. It is technically incorrect. However, unsecured short term loans often have the same lending principles as payday loans. The most important of these principles is the basis of lending. Private lenders assess the ability of a borrower to repay by considering the income, which could be salary or profit. Security or collateral is not necessary. Hence, payday loans and unsecured short term loans through CashPug are similar. You borrow a sum of money at a specific rate of interest. You repay the entire sum of money with the accrued interest as per the payment plan agreed with the lender. The rate of interest applicable on payday loans and short term loans can be the same. Other clauses of repayment may also be identical. It is the repayment term or period that stands out as the main difference.