Short term loans can be rather useful, especially when you’re in a financial pinch.
Whether you have an unusually large bill that needs paying immediately, you have a vacation coming up, or you’d like to put a down payment on a new car, short term loans can be your best option.
What Exactly is a Short Term Loan Anyway?
If you’ve never been one to borrow money, you’re probably not familiar with all of the available personal loan options out there such as short term loans. A short term loan is defined as a loan that’s scheduled to be paid back to the lender in 12 months or less.
Short term loans are the most common for individuals. However, they are available to businesses as well. Even if you aren’t approved for a major personal loan, most times, you can still pursue a one-time, short term loan to get your hands on much-needed quick cash.
How Many Types of Short Term Loans Are There?
If you find yourself considering applying for a short term loan, you’ll want to be as informed as possible before making any final decisions.
As with most financial options these days, there are several types of short term loans available to the general public.
Here are but a few of the most popular forms of short term loans to apply for in 2019.
One of the most popular short term loan options comes in the form of cash advances. Most times, cash advances are small amounts of money and require repaying within a couple of weeks. Sometimes cash advance repayment may be extended for up to a month or two.
For those who find themselves in need of a bit more cash than what a basic cash advance allows may consider a short term installment loan. The main difference between a cash advance and an installment loan is that installment loans require smaller payments over a longer period of time. Typically, they also have less interest attached to the payments than cash advances.
Bad Credit Loans
Last but not least of the most popular short term loan options are bad credit loans. These loans normally come with pretty steep interest rates even in comparison to cash advances. It is not recommended to take a bad credit loan unless it is absolutely necessary.
Best No Credit Check Loans
Sometimes you need access to money to pay a bill, debt consolidation, repairs or maintenance, or personal needs. You can get help by getting a short term loan or using payday loan apps to help you financially.
A short-term personal loan is a loan usually meant for personal, family or household purposes. These types of loans are unsecured, meaning that it is not necessary to have any form of collateral such as property to be approved. All that is required is proof of your identity and a regular source of income. Personal Loans are typically repaid in fixed monthly payments. Here are the best no credit check loans available in 2020:
If you actually need money now, then you can opt for a personal loan. When you need money in a hurry LendJet is where to go. You apply for a loan through the LendJet site, if approved they send your loan application to one of many loan providers.
You review the loan details and e-sign if you like what you see. No risk in checking what offers you’ll get. You can borrow between $100 and $10,000 as soon as tomorrow.
Loans service for up to 60 months. LendJet connects borrowers to lenders through their network of lenders. They’ll find you the lowest interest rate and is one of the best no credit check loan. You can visit LendJet here.
If you want to earn learn more about them instead, check out our LendJet review here.
Zippyloan is a personal loan service that makes borrowing fast and simple. You can get loans from $100 to $15,000 as quick as tomorrow even if you have bad credit. At Zippyloan, they understand that financial events don’t always follow a regular payment schedule and sometimes people need some help. Their mission is to provide customers with fast access to a personal loan through a simple, secure and transparent process. There are no specific limitations on how a personal loan can be used. Once you’ve been approved, you are free to use the funds as you desire.
Zippyloan’s network of lenders offers a full range of loans for people with excellent credit as well as bad credit. If you are 18 years or older and have a regular source of income, you can use their online form and get cash as quick as tomorrow.
You can see our full review here.
Best Short-Term Cash Advance Loans
3. Money Mutual
Money Mutual is one of the most popular short term loan options, period. To date, over two million customers have been approved for loans from Money Mutual. Their application takes less than five minutes and your money is available in as little as 24 hours. You can get short term loans up to $2,500.
Cash Advance is another great option for a short term loan in 2019. All you need to be approved for a loan is an income of at least $1,000 per month (90 days on the job) and you can be approved for as much as $1,000 even if you have far from perfect credit. You can see our full review here.
BingoLoans can simplify the process of finding a short loan option if you’re in the United Kingdom. This short term loan option will allow you access to some of the largest short term lenders in all of the United Kingdom. With the aid of the latest digital technology, Bingo Loans is convenient, easy, and efficient. Matching their clients with the very best lenders is the aim of Bingo Loans. The entire process takes place online, goes rather quickly compared to other short term loan options, and is completely secure.
Best Short-Term Installment Loans
PersonalLoans.com is another option and offer installment loans from $500 to $35,000. So if you need more money, this would be your best bet. Like the other installment loan options, all credit types are welcome. They have a very large lender network and is available in all 50 states. You can use the loan proceeds for any purpose and you can get funded as soon as one business day.
7. Bad Credit Loans
Bad Credit Loans offers installment loans from $500 to $5000 and has been in business since 1998. They help those with bad credit by connecting them with different lenders. They offer a quick application process and quick funding as soon as the next business day.
CashUSA offers short term installment loans from $500 to $10,000. The best part is that all credit types are accepted. You generally can receive a loan decision in minutes and get funds directly to your bank account. You can use the loan for any purpose.
Best Person Loans for Average/Good Credit
|$1,000 to $100,000||4.99% to 35.99%||
|$1,000 to $50,000||5.67% – 35.99%||
|$1,000 to $50,000||6.98% – 35.89%||
|$1,000 to $100,000||3.84% – 35.99%||
|$2,000 to $40,000||6.95% – 35.99%||
Our Winner is:
Upstart offers personal loans from $1,000 to $50,000 for credit card refinancing, debt consolidation, large purchases and more. Through their secure and straightforward online application process, borrowers can get rates in just 2 minutes and receive funds on the next business day. With fixed-rate APRs starting at 5.67%, they offer competitive loans with no prepayment penalties or hidden fees.
The Bottom Line
Remember! Requesting and getting the money you need is that easy, however, when it comes to borrowing money, you must always do it responsibly!
Keep in mind that quick personal loans, such as short term loans, carry a higher interest rate than conventional personal loans. This is because they are considered risky loans since they are approved without taking into account the credit history of the applicant.
So if you’re looking for the best short term loan to suit your needs, consider the options listed in this article and you’re guaranteed to find it.