Short Term Loans
A poplar trend today is the short term borrowing of money. These short term loans are called payday loans, and allow an individual borrow a limited amount of money until an agreed date in which the money will be paid back. Usually, the next payday is the repaying due date, because the business loaning the money does not intend the loan to be long term.
A downside to payday loans is the high amount of interest the person is paying. However, since the business likely wants to profit, they must have interest high enough to profit for terms as short term as a week, or a month.
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