Most people, when confronted with the prospect of taking out a loan, think about .Short Term Loans such as mortgages, and business financing. However, there are short term loans with which you can use to meet sudden emergency needs, take a vacation, or pay for your child's college education. These loans can be repaid in a period of a few days, to a few years. Short term loans draw different considerations from their long-term counterparts. Here are some pots that you should bear in mind when considering these loans. The repayment period for these loans will vary greatly. There is a class of short term loans that must be paid within few days. Others can be repaid in a year. It all depends on your agreement with the lender. However, the major portions of loans that fall under this category are repaid within few months. Since short term loans are repaid within a few days, to at most, a year, most lenders will give the loans without any form of collateral.