Short-term loans generally are obtained faster than long-term loans because when lenders consider long-term loans they insist on a more thorough evaluation of the borrower's financial health and because the loan agreement is more complex.

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Short-term loans are often easier to obtain because they have a shorter repayment period and require less evaluation of the borrower's financial history. Long-term loans, on the other hand, involve larger amounts of money and are tied to more complex loan agreements, which leads lenders to require a more extensive evaluation of the borrower's creditworthiness before approving the loan.

Short-Term Loans Generally Are Obtained Faster Than Long-Term Loans Because