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A short term loan like what the name suggest is given for a short period of time say 1 month or maximum of 60 days. Being short term in nature, the rate of interest on the amount so borrowed is very high. On an average, one can avail at a maximum of $1500 dollars in short term loans and not more than that.
Your tax professional will have to provide the final word on this, but you should be able to use the applicable rates posted in either July or August as the AFR for the loan. For a term loan, this rate would apply for the life of the loan. The applicable federal rate is determined by the length of the loan. Short-term loans have a final maturity of three years or less. Midterm loans are more than three years but less than nine years. Long-term loans have a final maturity of more than nine years.