Short-term loans allow you to get money faster than any other loan type. You can enter a loan request from a smartphone in 5 minutes or less and get an answer in seconds. You can also apply 24/7 and 365 days a year, which is impossible with traditional/long-term loans. You can often get your loan funds in just one business day once you are approved after requesting the loan. There is no collateral for short-term loans like payday loans. Other loans may require your home, auto, or other collateral to be tied to the loan before you can qualify.