I think it will certainly be fair to say that there can always be a time when a person needs to borrow money. This can be down to a high amount of different reasons. Some people may then need a high amount of money as they are looking to make some form of expensive purchase of some kind. This could possibly be for a new car perhaps or maybe someone is looking to put money towards home improvements etc. There can then be others who may only need a small amount of cash. They could just need some financial help paying a bill or they need some additional funds to help make their wages last until they are next paid from their employer. Now regardless of what any person needs any amount of money for, if they have this saved they can then use it as required to pay for whatever they then need. Some people might even have enough put away through savings to pay for their requirement and need outright. Turning to savings is always nice but unfortunately it is not available for everyone and if this is then the case the money will need to be borrowed. Short term loans is just one way people use when money is needed to be borrowed.
When most people need to borrow money the chances are first of all they will approach friends and family to see if they can get the money this way. This will be much more common for any potential borrower if only a small amount of money is needed. They will know that doing this can often enable them the chance to take out a short term loan or any kind of other borrowing interest free. This will be great as people in these cases just pay back exactly what they loaned in the first place. People here as well can get their loans quickly and then just repay back that debt as soon as they have the required funds available again. This as a borrowing option is just like turning to potential savings as it is not available for everyone.
If people ever need money due to have a small amount of funds in need of a cash emergency for example then using a short term loan may be the better option. Some many different lenders provide these as a borrowing option. Payday lenders will most likely however, be the source that provides this finance. They aim their financial products towards people with bad credit as these are often obtained by people who have other borrowing options limited. It can often provide people with loan amounts up to £500.00 for the same people to then repay the debt over a short period of time hence the term short term loan. Never is the loan ever under any circumstances to be used as a long term borrowing option. People have to then repay back the finance within a time frame of up to twelve months.