How Does a Short Term Loan Work?

[smith03]

Modern loan stores look and function more like a bank than a check-cashing or money-order store. This lends credibility to the establishment, helping borrowers feel better about their financial circumstances and the wisdom of their borrowing decision.

[rickeyjohnson]

You may wonder why a bank pays you interest or where they get all of the money that they lent to you. Before we answer those questions let's cover a few basics. First let's answer what a bank is. A bank is a financial intermediary, which means they are an intermediate between savers and borrowers that accepts deposits and offers loans (for an official definition of a bank check this out, although it doesn't actually tell you what a bank really is Bank, Investor Words).

[jackson]

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