Short-Term Loans | Mango Credit Reviews & Mango Mortgages Reviews

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Short-term loans are now available online. You only need to search for lenders who provide online loan applications. However, you should be more careful in dealing with websites claiming to provide short-term loans because you could end up signing up for a loan with a lot of hidden charges and inflated interest rates.


To avoid getting into this situation, do your business only with a legitimate and reliable lender. Speak to us at Mango Credit & Mango Mortgages. We have years of experience in providing borrowers with the right loans they need. Call us at (02) 9555 7073.

What Are Short-Term Loans?

Short-term loans are obtained by individuals to finance their needs for temporary personal or business capital. This type of loan is labelled as short term because it requires the repayment of the principal amount and applicable interest on or before a designated due date. Short-term loans are usually offered with repayment terms that range from six months to one year from the day the loans are obtained.


Getting a short-term loan is considered a valuable option for start-ups and small businesses because it allows them to secure financing from lenders while they are not yet eligible for loans offered by banks. This type of loan is provided with lower borrowed amounts, which range from $100 to $100,000. Thus, small businesses and start-ups have greater chances of paying the loan off.

Although getting a short-term loan is the best financing option for start-ups and small businesses, it is important to choose the best from what is offered.

Secure your short-term loan only from a reliable lender. Contact us at Mango Credit & Mango Mortgages, and we will gladly help you out. Call us at (02) 9555 7073.

Significant Characteristics of Short-Term Loans

A short-term loan derived its name from the fact that this financing option is designed to be quickly paid off. Typically, this type of loan is paid off within six months (minimum) to one year. In some cases, the lender allows a loan term of up to 18 months (maximum). Loans that come with payment terms more than the 18 months time frame are already considered medium-term or long-term loans.

A short term loan is intended for individuals or groups who need financing but cannot obtain such from banks or other lending companies due to lack of documentary requirements or credit line. 


Short-Term Loan Pros

In addition to the short repayment time, a short-term loan also offers the following advantages:

  • LOAN AMOUNT

    Short-term loans involve lower loan amounts, but they can be higher for borrowers with good payment records. Lenders typically like those who can pay their loan obligations off on time and without default. 

  • LOAN INTEREST

    Short-term loans have lower interests attached to them. The shorter loan term prevents the accumulation of incurring interests as opposed to what medium-term or long-term loans have. 

  • SHORTER FUNDING TIME

    Short-term loans involve a shorter maturity date. Also, your ability to repay the loan is less likely to change, which lowers the risks involved. Thus, the lenders can process the loans quickly, and you can secure the needed funds in no time.

  • QUICK PROCESSING

    Smaller businesses, start-ups and individuals with lower credit scores consider short-term loans as their lifesaver because they come with requirements that are easy to meet. You can quickly get approved and acquire the financing you need without undergoing the usual comprehensive screening process.

Short-Term Loans Cons

The most popular types of short-term loans are the following.

  • INVOICE FINANCING

    This type of short-term loan makes use of the accounts receivables of the business or the invoices that the customers didn't pay yet. In this setup, the lender provides you with a loan and interest based on the period that invoices remain outstanding. The lender interrupts the payment when the invoice is paid by taking the charged interest of the loan. The lender will then return the amount which is due to your business.

  • PAYDAY LOANS

    A payday loan is often regarded as an emergency short-term loan. It's easy to obtain and can be taken out from high-street lenders. A significant drawback of getting a payday loan is that it involves the lump sum payment of the entire loan amount and the interest during your payday.

  • MERCHANT CASH ADVANCE

    Merchant cash advances operate like a loan. The lender provides you with the needed amount, and you allow the lender to access your business' credit facility when making payments. What happens is that the lender takes a certain percentage of the proceeds every time your customer makes a purchase. The lender does this until the loan amount is paid off.

  • ONLINE LOANS

    Short-term loans obtained online are referred to as online loans. As the name suggests, the processing of this type of loan, that is, from the application to the approval, is accomplished online. When the loan application is approved, the lender typically wires the money directly to your bank account.