What Are Short Term Loans?
If there is one thing you can depend on in life, it is that the unexpected (like an urgent car repair) will strike when you don’t have the cash to pay for it out of pocket. Whether your car needs a repair, you have an unexpected medical bill, or you have another emergency expense, you can count on short-term loans. This kind of flexible financing will be there when you need money now.
What is an online short term loan, and how borrowers qualify for one? Let’s go over the basics of short term loans, so you know what to expect.
A short-term loan is an easy funding alternative that allows you to borrow a small amount of money for a short time period: for up to 1 month with short term payday advances, and up to 2 years with short term installment loans. A short-term loan amount varies from $50 to $5,000, depending on the loan type.
Types of Online Short Term Loans
Short term loans online include payday loans and installment loans. With a short term payday loan, you can borrow a small loan amount (up to $1,000) and must repay the borrowed money in full by your next paycheck. Short term installment loans are designed for larger loan amounts ($1,000 – $5,000) than payday loans. You have more time to pay back them (up to 24 months), with regular monthly payments. Installment loans generally have lower APRs than payday loans but in the long run they are pretty expensive.
Can I Get an Online Short Term Loan with Bad Credit?
Borrowers who are concerned that a low credit score will prevent them from qualifying will be relieved to learn that it is possible to obtain short term loans online even with bad credit.
When you apply for short term loans through our site, our payday lenders don’t run a traditional credit check (hard credit inquiries) on your credit report. They perform a soft credit check instead. It doesn’t have any impact on your current credit score.
How Do I Apply?
To apply for short term loans, all you need to do is fill out a free loan form online. The short-term loan application process is fast and easy and takes you only a few minutes. You will find out instantly if you qualify. After submitting your loan request, one of our lenders will send you an offer directly to your email address.
Advantages of Online Short Term Loans
Short term loans come with various benefits. You can be approved for a payday or installment loan even with a bad credit score. You may borrow the right short term loan amount for your personal needs, but keep in mind that it comes with high interest rates. You may also choose a repayment schedule that fits your financial needs. Therefore, the repayment date may be totally up to you. We offer quick credit approval and funding. Our process is completely secure. No collateral is requested.
How Can I Get an Online Short Term Loan?
You must be age 18 or older to complete this process and must be a United States citizen or permanent resident. The lender will look to see that you have an active bank account. You also must provide valid contact details, including a phone number and email address, and verifiable proof of income.
Before you accept a short term loan offer, read the loan conditions in full, review the annual percentage rate (APR), take a look at the fees, and be sure this is the best short term loan product for your needs.
4 Easy Steps Towards Your Online Short Term Loan
1. Fill out our brief online application form.
2. Receive an instant decision on short term loan approval.
3. Review loan terms and conditions and APR and sign the agreement.
4. Receive the money within 24 business hours in your bank account through direct deposit.
Why Choose QuickCashLoans for Your Short Term Cash Advance Needs?
We help customers with a range of credit situations and financial requirements to successfully obtain the cash they need every day. We offer flexible short term borrowing solutions. Our lenders don’t check your credit scores. They are more interested in your creditworthiness (ability to repay the short term loan). We strive to bring our clients loans with low fees and rates, making sure our borrowers enjoy the most convenient terms and conditions for their short term loans. We work only with reputable, trusted lenders. We make the process rapid and transparent. The average approval and funding times are quick, so each borrower is approved for the right product straightforward.
There is no application fee to use our services and no down payment or prepayment penalties. We don’t sell or share customers’ information submitted as part of the online application. We offer a better way to borrow. Apply now and enjoy excellent client service and the best short term loan options available in minutes, regardless of credit records and loan purposes.
Frequently Asked Questions
How does a short term payday loan work?
Fill out the quick online form to find out if you meet the minimum eligibility criteria. Select the amount and the corresponding term and provide your personal and contact details. You can select an amount of $50-$1,000 for a short term payday loan. After submitting your request, you will receive an offer from our short term loan lenders. If you agree with the terms and conditions, you must e-sign a short term loan contract. Afterward, you will receive the money via direct deposit to your checking account within a business day. The repayment is typically made by automatic withdrawal on the due date. If you fail to pay off your short term loan by the due date, your credit rating might be negatively impacted, because some lenders report your payment history to one or more credit bureaus. Your debt may also be sent to a collection agency in order to recover the money lent in good faith. Make sure you pay back your debt in full on time. Avoid getting into debt traps by every means.
Are online short term loans good?
If they are the best fit for your requirements, yes, they might be a good loan option. They allow you to borrow only what you require and not pay more interest rates than necessary. Unlike a traditional loan from a bank or a credit union, they do not take days or even weeks to process. Bad credit or no credit history is not a problem, and the funds might be available to customers right away. Another benefit of short term loans is that borrowers don’t have a long-term commitment to loan payments. Remember that these short term loans are designed for emergencies, and should be used accordingly.
How do short term loans online help?
When your finances get out of control, and you are in a difficult situation, a short term loan offers quick access to money. A borrower can pay urgent expenses right away, or he may use the funds toward debt consolidation. They might be a good option if the borrower has a utility disconnected or must pay a credit card bill late. Once the borrower has repaid the debt in full on time, he may have a better credit rating in the future.
Who are "online short term loans near me" for?
Payday advance loans are a good option for borrowers with poor credit. They provide quick access to fast financing. However, short term payday loans should not be used for a long term financial problem. They should be used to cover some unexpected expenses and for budget shortfalls only.
Who is my lender, and how do I repay the cash advance loan?
By law, an applicant may only borrow from and make payments to a lending company licensed in his/her state. We can connect you with one of short term loan lenders in your state. Payments on your loan will be withdrawn automatically from your account by the lender you’ll choose.
Is there a fee when applying?
Our website doesn’t charge any fees for the loan application. Borrowers pay only the interest rates (APR) and other finance charges set by the lender. Make sure you read and understand all about loan rates and fees before signing the short term loan contract.
Are these the same as personal loans?
No. In most cases, a personal loan includes a longer timeframe (up to 5 years) for making monthly payments and lower interest rates. Also, personal loans typically are for larger amounts of money. Generally, in order to get qualified for one, you must have a good credit score.
Where can I get a quick short term loan with a competitive interest rate?
Borrowers can use our loan application form to apply for a short term payday loan with a competitive APR.