A short term loan is one that is usually expected to be paid back in a year or less. Short term loans are usually used for minor cash flow issues or unexpected circumstances, in a situation where you need cash fast.
If you miss a payment on your loan or are worried you won’t be able to make your next payment, it’s best to contact the company that your loan is with straight away. If you’re at all concerned about your financial situation we suggest contacting the Money Helper. They're free to call on 0800 011 3797 and if you're unable to call for any reason they also offer an online chat service.