‘Loans for Single Mothers.’ This is a phrase I’ve seen tossed around the web, in searches, and as various website pages as the titles.
The thing is, you really really want to avoid these cash advance companies.
To get a full idea about different loans out there, read our loans 101 guide.
It is usually repaid in a single or multiple instalments, hence the name “short term loan”.
Simply put, a short term loan is a loan that can be repaid in several instalments.
A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a small, short-term unsecured loan, "regardless of whether repayment of loans is linked to a borrower's payday." The loans are also sometimes referred to as "cash advances," though that term can also refer to cash provided against a prearranged line of credit such as a credit card.