Applying for a personal loan for a short term need is simple. And it’s a practical choice, too. It is a better option to exercise instead of dipping into your savings or liquidating an investment. The loan is repaid in simple EMIs over a few months – most lenders offer a short tenure for personal loans – so the debt is repaid faster as well. Several canny individuals use personal loans to consolidate their credit portfolios. This makes loan management and repayment much simpler.