A short-term loan is a type of borrowing that is typically repaid within a few weeks to a year. These loans are often used to cover unexpected expenses or to bridge gaps in cash flow. They usually have higher interest rates compared to long-term loans, reflecting the quick turnaround time and increased risk for lenders. Short-term loans can be obtained from various sources, including banks, credit unions, and online lenders. They may come in different forms, such as payday loans, personal loans, or lines of credit. Borrowers should carefully consider the terms and their ability to repay before taking out a short-term loan.