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When financial emergencies knock on your door, having a quick and reliable solution can mean the difference between a short hiccup and a prolonged issue. Short-term loans online can serve as that lifesaver, enabling you to cover unexpected expenses like medical bills or urgent car repairs. At UnitedFinances, we understand the importance of getting you the cash you need, when you need it. This article aims to guide you through the intricacies of short-term loans online, helping you make an informed choice.
Although there's no universally accepted definition, short-term loans are generally considered loans with repayment terms of 12 months or less. Unlike typical payday loans with exorbitant APRs, short-term loans from reputable lenders offer more reasonable interest rates, even for those with little or no credit history.
After extensive research, we’ve identified four distinct short-term loan providers that stand out in various categories:
Oportun stands out because it doesn’t require a credit score for loan approval. Additionally, on-time payments could help build your credit since Oportun reports to national credit bureaus.
Quick Prequalification: Oportun runs a soft credit inquiry, which doesn't impact your credit score, to provide you with tentative terms.
Co-applicant Option: If you want better terms, applying with a co-applicant is possible.
Loan Terms: Loans range from $300 to $5,000 depending on various factors.
Earnin is an app-based platform offering fee-free short-term loans. It allows you to withdraw up to $100 from your paycheck before payday.
Eligibility Requirements: Must have a consistent income source, a checking account, and adhere to other criteria.
Balance Shield: Alerts to notify you if your account balance falls below a certain level.
Affirm offers personal loans for retail purchases with partnerships across thousands of online and brick-and-mortar stores. Interest rates start as low as 0% APR.
Down Payment: May be required depending on your credit profile.
No-fee Promise: No hidden fees involved.
Personify offers a variety of personal loans with amounts ranging from $500 to $15,000. They offer flexible payment schedules—bi-weekly, semi-monthly, and monthly.
Origination Fee: May apply depending on your state.
Application Process: Easy online application, with funds available as soon as the next business day.
Before you go ahead and apply, check your approval odds on the UnitedFinances platform to know where you stand.
While payday loans might seem tempting, they often carry a high APR, sometimes around 400%. A payday alternative loan (PAL) from a federal credit union could be a more cost-effective choice.
At UnitedFinances, we allow you to compare multiple $500 short-term loans from various lenders so you can pick the one that best fits your needs. Take into account not just the APR but also the repayment terms and any possible fees involved.
We reviewed various lenders and their terms to provide you with the most dependable and cost-effective short-term loan options. Our evaluation is based on interest rates, fees, application processes, and customer reviews.
Short term loans, also known as personal loans, paycheck loans and same day loans, are designed to be used as a ‘bridge’ to get you through to your next payday. After all, we all have months where funds are short or where unexpected bills arise that need settling before next paycheck arrives.
For example, short term loans can be used for any of the following:
Emergency medical or dental bills not covered by your insurance policy
Auto repair bills
Property repair bills
To replace kitchen appliances that break down and can’t be repaired
To pay for birthday or Christmas gifts
To pay a holiday deposit or the next installment of a holiday payment plan
To cover automatic payments that go from your bank account so that you don’t incur overdraft charges
In fact short terms loans can be used for just about anything.
As we all know, banks never offer this type of loan because they make no profit from lending small amounts of money for just a couple of weeks or months. The lenders we work with here do offer such loans and, wherever possible, they will approve applications within a matter of hours.
Short term loans offered by our lenders are normally repaid on your next payday, but there are a few lenders on our panel that will extend the repayment terms.
All you need to apply for our short term loans is the following:
A permanent address, contact telephone number and email address.
A job that has been held for at least 90 days and proof of a steady income.
Proof that you are at least 18 years of age.
A valid bank account in your name.
Short term loans are quick and easy to apply for through our secure website and no one will ever know you have borrowed money unless you tell them. In most cases our lenders will assess your loan application within hours of receiving it, and if you gain approval (which the vast majority of applicants do regardless of credit history) the funds will become available to you within hours.
What does this mean for you?
It means you no longer have to worry about one-off mid-month bills that could put you overdrawn with the bank.
Or it means you can replace your fridge freezer or cooker without having to wait weeks to be paid.
Or it means you can get your car back on the road when you need it and not when you can afford it.
Or it may even mean you can book that discount holiday before the price goes back up.
Whatever you use them for, short term loans can be lifesavers but as with any other type of finance they should be used sensibly.
Short-term loans online can be a useful tool in navigating financial emergencies. However, they should not be entered into lightly. Always make sure to read the fine print and understand the terms fully. At UnitedFinances, we aim to make this process as straightforward as possible, helping you get the financial relief you need quickly and responsibly.
Short-term loans can offer financial relief in emergencies, but they often come with higher interest rates. Borrowers should carefully evaluate their ability to repay on time to avoid financial pitfalls like debt accumulation or additional fees. It's essential to compare options and read all terms before committing. Always ensure you borrow responsibly to avoid long-term financial harm.
What are the typical interest rates for short-term loans?
Interest rates on short-term loans can vary significantly depending on the lender and your credit score. Typically, they range from 10% to 30% but can be higher in certain cases.
What happens if I cannot repay the loan on time?
Failure to repay on time may result in late fees, higher interest rates, or damage to your credit score. Some lenders may offer extensions, but it's crucial to understand the terms upfront.
"United Finances helped me secure a loan quickly when I faced an unexpected expense. Their process was straightforward, and I received the funds within 24 hours." - Jane D.
"I found the comparison feature useful, making it easy to choose a loan that best suited my needs." - Mark A.
Short-term Loans vs. Payday Loans
While both options offer quick access to funds, payday loans often have higher interest rates and shorter repayment periods. Short-term loans, on the other hand, may provide more flexible repayment terms but still come with higher fees compared to traditional personal loans. It’s important to weigh the pros and cons of each option based on your financial situation.
Ready to get started? Head over to UnitedFinances today to find the short-term loan that’s right for you.
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