Short term loans offer short-term financing for people in need. But the duration of the loans themselves isn't the only thing that is short. In most cases, the loans can be obtained in just a few hours. The website SEO Xpertz explains that short term loan businesses have been working to further reduce the time period for loan approvals. Some organizations aim to reduce the loan application time to nearly three minutes. Short term lenders that operate online offer web applications that don't take more than five minutes. Traditionally, the length of approval time is between an hour and one day. Short term loans are ideal for consumers searching for quick money to cover emergency or unexpected expenses, says the site. The loans must be paid off quickly, however, as many short term lenders give payment durations of less than a month. According to the website Trip To, short term and quick cash loan stores are more prevalent than fast food restaurants in most neighborhoods, which is lucky for the people who have come to rely on these short-term financing options as the U.S. economy continues to do poorly and unemployment is still hovering above 9 percent nationwide.