FAQ: What is the difference between a personal and short term loan?

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A Personal Loan is repaid over a maximum term of 72 months and a maximum amount of R250,000. A Short Term loan is repaid over a maximum of 6 months and a maximum amount of R8,000. A Short Term loan is commonly known as a Pay Day loan and lenders often require you to repay the loan on the day of your next pay cheque.