Before borrowing money, whether it be through a bank, a financial institution or a short term lender, it is important that consumers understand how the process works. That way, they are aware of their responsibilities when it comes to paying the loans back. With the national unemployment rate still above 9 percent, it is not surprising that many people need a little extra cash to get by. Short term loans offer an excellent way to procure these funds, but consumers should be aware of what is involved in such a transaction. Usually, fees average between $15 and $35 for every $100 borrowed, says the website Daily Rosetta. Although not overly excessive given the short-term nature of the loan, it is still imperative that consumers pay all fees and return all loans on time. According to the website Cochinshop.com, short term loans are ideal for people who need a short-term loan, those who need a loan at an affordable rate or those who have credit problems. Additionally, the loans are good for consumers who need money as quickly as possible and who do not want to put down collateral or a down payment.