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Even though there are more benefits of online short term loans, business firms and consumers must approach the lenders with more caution. Because of it's high interest rates and huge fees structure, borrowers should be more cautious while applying for the loan. When compared to traditional bank loans, these loans are more expensive. The interest rate charged for the loan amount is double or triple times higher than the traditional interest rate charged for an annum. Before applying for a short term loan, compare its interest rates with different lenders. These loans are provided to relieve the people from their temporary cash requirements.