A short term loan (also known as a micro loan) is an unsecured loan to meet unexpected cash needs. When used for short term cash needs, a micro loan is convenient and economical, but it is inappropriate to use for long term or continuing cash needs.
A micro loan should be used responsibly and for the purpose for which it is intended, namely to solve temporary cash-flow problems by bridging the gap between paydays.
Micro loans are for occasional use only and should not be used to cover continual shortfalls in your budget. If you have ongoing problems meeting your financial needs or debt obligations, you have a couple of options. Take a learning path to budgeting, saving and other important financial education tools.