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The more interest is added to your account the more you owe to the lender. With a shorter term, you'll pay everything faster. Thus, there's less time to accumulate interest. whether or not the rate of interest is really above on a long-term loan, you'll be able to economize within the future. Not all short-term loans have lower interest rates. For Understanding Short Term Loan visit our website https://mybestguide.org/finance/understanding-short-term-loan/