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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.
How do Construction Loans Work: Term. Mortgage loans can be for either 15 years or 30 years. A 15 year loan will save a lot on the total interest paid. In most cases you can save over $100,000 in interest with a 15 year loan. How do Construction Loans Work: Interest Rate.