short term personal loans

short term personal loans

Unexpected expenses happen. No matter how carefully you manage your money, an illness or a critical car repair can disrupt all of your plans. Many people have found themselves in the difficult position of choosing between making their rent payments or coming up with cash to solve an urgent problem. Borrowing from friends and family isn’t always a possibility.

Applying for a personal loan online can take the stress out of surprise expenses, smoothing out your cash flow so you can keep your bills current. After all, you can’t put off a car repair when you rely on your vehicle to get you to work, and most medical expenses can’t wait. Of course, many people living on a tight budget worry that they don’t have the credit score required to qualify for a traditional credit card or a personal loan from the bank. Even when those options are available, they take time. To apply for a loan, you often have to go to the bank during business hours to apply, which is tough for folks who work all day.

Getting a short-term personal loan - What to consider

LendUp offers online personal loans through a quick, easy online application. New customers who meet our criteria can borrow up to $250.

Our goal is to simplify the process. From the moment you visit our site, you can clearly viewyour interest rate as you adjust for the amount and length of the loan. Our loans have no hidden fees, and LendUp’s interest rates are often lower than similar products you’ll find from other lenders. All of the terms and conditions are spelled out clearly, and we are available by phone to answer your questions.

Why consider us for a short-term personal loan?

Online personal loan applications are among the fastest, easiest ways to get the money you need right away. The online application typically takes less than five minutes from your computer or mobile device and you’ll get an instant decision LendUp can't guarantee receipt of your funds within a certain timeframe, though, because although we initiate a transfer of money to you, your bank controls when you’ll have access to it.

Once your loan is approved, all of the information you need will be right on your customized LendUp dashboard. You can see exactly how much you have borrowed, how much you will pay back, and when your payment is due, all on one user-friendly screen. If you have any questions, LendUp’s efficient customer service representatives are ready to help you.

At LendUp, we believe that building trust by paying your loans back on time and taking full advantage of our free online financial education courses. Even if you don’t apply for a loan, you can visit LendUp’s site now to utilize our free online education courses, whichcover multiple financial topics to help get you on a better path to financial health.

What makes applying for a short-term personal loan easy?

From your home computer or mobile device, go to www.lendup.com. You can use the sliders to drag the dial to choose your loan amount (up to $250) and repayment date (up to 30 days) before you enter any information, and view all of the fees up front.

Get started on your online personal loan with just a few pieces of information. First, we’ll need all of your contact information, including your home address, an active email address and a valid phone number that takes incoming calls. You will also need your bank account information, which can usually be found on the bottom of your checks. (Your bank account must be a traditional checking account that accepts electronic transfers to qualify.) We may also need to gather some information about your income.

Some people feel nervous about applying for a personal loan online, but remember, our top priority is to keep your information private and safe. We never sell your personal information to outside companies, which means you don’t have to worry about annoying telemarketers and spam in your email.

What requirements do I need to meet to apply for a short-term personal loan?

We make applying for a personal loan online as easy as possible by keeping requirements to a minimum. Before you place an application, please be sure that:

You live in one of the states that where LendUp operates. (You can check rates and terms here.)

You are 18 or older.

You have a recurring source of income; this can include income such as regular government payments or paychecks from your job.

You have a checking account that is open and active and can accept electronic transfers.

You are not an active member of the military, and you are not the dependent of an active member of the military.

If you’re approved, we may be able to help you get out of that tight financial bind online short-term personal loan application that makes it easy to get the money you need from the comfort of your own home.

The Benefits and Drawbacks of Short Term Personal Loans

Many people have utilized short term personal loans for a variety of different reasons. Short term personal loans are a way to get the money that you need, on a short term basis. This type of loan has a few worthwhile benefits. However, there are also some drawbacks associated with it as well.

  • Quick money- The biggest benefit of a short term personal loan is that it gives you access to the money that you need quickly. If you are in an emergency situation, you need money quickly without a lengthy loan approval process. Short term personal loans can provide the money that you need within a much shorter time span than other types of loans.
  • No collateral- Many short term personal loans can be granted without having to tie up any of your property as collateral. When you have to use something as collateral, it puts that particular item at risk if you were to default on the loan. With a short term personal loan, you can get the money you need without risking any of your things.
  • Questionable credit approvals- Many short term personal loan lenders do not put a heavy emphasis on your credit history. As long as you have a steady income and do not have any other outstanding loans, many of them will give you the loan. This allows many people that would not be able to qualify for other loans, the ability to get money when they need it.
  • No long term commitment- One problem with larger loans is that you have to commit to something for a long period of time. Loans that last for many years can be an intimidating prospect to worry about. With this type of loan, you can focus on the immediate future only.
  • Flexibility- With many short term loans, you can find some very flexible terms to work with. For example, you may be able to just make interest payments each month and then pay off the balance of the loan at a later date. This can allow you to find a loan that fits with your current situation.
  • High interest- The biggest drawback to using a short term personal loan is that the interest rate is going to be higher than long term loans. In some cases, the rates can be quite a bit higher than you are used to. This adds to the total amount of the loan and it can make your payments higher.
  • Add to the problem- Many times, people take out short term personal loans because they are short on cash. They can not afford all of the bills that they have and as a result, they need to borrow some money. While this will get them by in the short term, many times they will not have any more money later when the loan is due. This can just compound the problem and get them deeper in debt.

The content on this site is provided for informational purposes only and is not legal or professional advice. Advertised rates on this site are provided by the third party advertiser and not by us. We do not guarantee that the loan terms or rates listed on this site are the best terms or lowest rates available in the market. All lending decisions are determined by the lender and we do not guarantee approval, rates or terms for any lender or loan program. Not all applicants will be approved and individual loan terms may vary. Users are encouraged to use their best judgment in evaluating any third party services or advertisers on this site before submitting any information to any third party.

What Is a Short-Term Personal Loan?

There’s no doubt about it—in life, stuff happens. Short-term loan scenarios are plenty. Think of a professional commuter whose car breaks down, and the repair costs are in the “budget-buster” category. A short-term loan could cover the fix, and get the commuter back on the road. Or, if a family breadwinner comes down with a threatening illness, a short-term loan could build a financial bridge in the interim, buying time until the borrower is healthy enough to go back to work.

Who is more likely to get a short-term loan? Fresh data from The Online Lenders Alliance reveals some interesting data on Americans and short-term loans:

  • The median age of a short-term loan borrower is 41-years-old, up from 39-years-old three years ago.
  • The median household income for short-term loan borrowers is $30,235, suggesting it ‘s lower-income consumers who are more likely to get a short-term loan.
  • The median short-term loan amount is $428, up from $388 in 2014.
  • The median cost for a loan (meaning loan interest and fees) is $113.
  • Online short-term borrowers are slightly older than offline borrowers (at 43-years-of-age), and have more median household income (at $40,263.) Median loan amounts are higher for online borrowers, at $667 per loan, and median loan cost is significantly higher, at $690, suggesting it’s prohibitively more expensive to borrow online.
  • Typically, short-term loan borrowers pay off their debt between three- and 12-months after getting the loan. Payday loans usually mandate shorter repayment periods, sometimes as tight as two-weeks.

What is a short-term loan? Financial experts generally agree that short-term loans are widely available, but are specifically targeted for consumers who are likely to pay the loan back. Short-term personal loans come in myriad packages, often specific to the borrower’s particular need.

“Personal loans are unsecured loans that can be given to anyone who has a regular source of income,” says Jordan Russell, marketing analyst at Loan Away, a Canadian-based loan provider. “Therefore, even if you are unemployed but have a provable regular source of income, you can have a personal loan.”

Costs, however, can be prohibitive for short-term personal loans, industry insiders say.

“Short term personal loans are expensive loans that you can get very quickly,” says Jeff White, financial specialist at Fit Small Business, in New York City. “You repay them a lot faster than you would other loans and they are typically used for an immediate cash flow shortage.”

“Generally, a short-term loan is defined as a loan that is expected to be repaid within a year,” says Matt Collins, owner of Loans Now, a lending platform that has helped thousands of individuals secure funding during emergency situations. “Fees on these loans vary by each lender and by type—payday loans for example, are considered extremely short-term but have a much higher interest rate than traditional type loans.”

Collins notes people can require a short-term loan for various emergency situations, whether it be car repairs or emergency vet visits. “It’s vital, however, that payments are maintained, especially for short-term loans, as there are often hefty fees attached to late payments. When taking a short-term loan, make sure to do your research. Not every short-term loan is equal, and some can hurt more than they can help.”

Short-term loans are also often referred to as payday loans, which are generally unsecured loans given to borrowers based on their next expected paycheck. “You’re essentially borrowing money you’re going to make in the future, and paying someone else to do it,” White notes.

While regular short-term loans come with interest rates as low as 8.0%, payday loan rates can soar as high as 15%-to-30% of the total loan amount, White notes. “These loans can be expensive,” he says. Experian offers various personal loans and if you sign up for free, you can see the best loans matched to you based on your credit data.

In early October, the Consumer Financial Protection Bureau issued some new rules for payday lenders. Essentially, the new rule requires lenders to determine upfront whether people can afford to repay their loans.

Benefits and Drawbacks of Short-Term Loans

Short-term loans do provide a significant service to borrowers—they get money to people who need it on a timely basis, often times to cover an emergency expense.

“The number one pro of a short-term personal loan is processing speeds—it’s not uncommon to have cash in hand the same day that you apply for this type of loan,” says Carmen Dellutri, founder of the Dellutri Law Group, a bankruptcy specialist firm located in Fort Myers, Fla. “The cons, on the other hand, are many and include steep fees, strict terms, and rates that are much higher than average than with traditional loans.”

Dellutri advises short-term loan borrowers to check the loan contract’s fine print carefully. “If you don’t pay back your loan on time, you could wind up with a hefty penalty,” he says. Those penalties often include a negative impact on your credit rating, hefty overdraft fees, credit collection calls and harassment, and legal action. “For example, lenders can take legal action if the borrower writes a bad check, and that could end up in court costing the borrower plenty in lawyer’s fees.”

At this point in time, payday loans are not reported to the credit reporting agencies—Experian, Equifax and TransUnion. This means that payday loans will not help you build a credit history.

Jordan Russell, marketing analyst at Loan Away, lists some “pros and cons” of short-term personal loans:

Positives of Personal Short-Term Loans

  • Personal short-term loans are unsecured
  • Non-payday loans can have low interest rates
  • They have flexible payback options
  • They’re easy to get (compared to a business loan or debt consolidation)

Negatives of Personal Short-term Loans

  • Sometimes, personal loans can take several business days to hit a bank account
  • A lender can place a lien on home if they go unpaid
  • Rates and fees can be costly with payday loans
  • Loans are not reported, therefore do not help build credit

The Takeaway on Short-Term Personal Loans

Short-term loans can be a viable option if you’re requiring a quick infusion of cash.

Just make sure you shop around for the best interest rates and terms, read the loan contract’s fine print, and make your payments on time. Do that, and the chances are good that your short-term personal loan experience will be a positive one.

“If I know I can pay back the personal within the given time agreed with the lender, then I would definitely take out a personal loan,” says Russell. “There is a need for them.”

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The 5 Best Short Term Personal Loan Companies

Short term loans are generally unsecured personal loans that have repayment terms of 3 years or fewer. Short term loans are also useful as a “bridge9rdquo;9mdash; if you’re short on cash now, but won’t be in the near future, or for large expenses such as home repairs or appliances when you know that you can pay for the item in a few months but you need it now. A short term loan might be a good fit if you don't want to risk your house, car, or other assets as collateral on a long term loan, know that you can repay the amount within the repayment term, and have good credit to keep the interest rates at reasonable levels.

The best loan companies that provide short term loans help you avoid carrying the burden of debt for too long. You’ll end up paying less interest overall, and the shorter the payment term the less interest you pay. Long term loans are a better choice if you are making a major purchase like a house or a car, need to spread payments out across a longer period of time so that each one is lower, and if you want to put up assets as collateral to get better interest rates.

1. ​SoFi

Borrow up to $100,000

APR rates begin at 5.49% for fixed rate short-term loans (rates rise if you choose a longer term)

Terms of 3, 5, or 7 years

SoFi​ is a direct online lender that promotes itself as a community as well as a loan provider. SoFi provides networking and job seeking support for its borrowers while also offering short-term personal loans. It's biggest strength for short-term loans is its flexibility. You can choose fixed or variable interest rates, a repayment term of 3, 5, or 7 years, and can change the date of your monthly payments even after the loan has begun.

If you encounter financial trouble and can’t make your payments, SoFi permits you to request forbearance, namely suspending payments, for up to 12 months, 3 months at a time. SoFi also charges no origination fees, early repayment fees, or personal check processing fees. The late payment charge of $5 or 4% (whichever is lower) is only applied if your payment is over 15 days late. No minimum credit history or monthly income required to apply for a loan through SoFi. However, you do need a credit score of at least 660 and the highest loan amounts and best APR rates are kept for borrowers with the best credit ratings.

2. ​LendingTree

Borrow from $1,000 to $35,000 for any purpose you’d like

APR between 5.99% and 35.99%

Loan repayment terms can be as little as 3 months or as long as 15 years

LendingTree​ is an online loan aggregator that connects borrowers with loan providers. Taking a short-term loan through LendingTree means you can get plenty of preapproved quotes from a number of different lenders with just 1 application process. LendingTree's application is fully online and takes only a few minutes to complete, after which it is shared with the database of lenders and will quickly return at least 5 loan offers. The streamlined presentation and integrated calculators help you to compare loan options. LendingTree itself does not charge any fees but you could have to pay to the lender you end up going with and there is no minimum credit score requirement to apply for a loan.

3. ​LendingClub

Borrow $1,000 to $40,000

APR typically ranges from 5.99% to 35.89%

Loan repayment terms can be for 3 or 5 years

LendingClub​ is a peer-to-peer loan marketplace that matches borrowers with individual lenders. The advantage of using LendingClub for short-term loans is that the competition from a number of lenders bidding to fund your loan helps drive down interest rates. The online application is quick and asks the amount you want to borrow, the reason for the loan, and basic personal details. Lenders then send you pre-approved loan offers to compare and accept.

LendingClub charges an origination fee of 1% to 6%, a $7 fee for personal check processing, and 5% or $15 (whichever is greater) as a late payment fee. LendingClub offers a Hardship Plan, whereby you can ask to pay only the interest on the loan for 3 months if necessary. LendingClub provides loans for borrowers with credit scores from 600 and up. If your credit score is lower, down to 540, you can make a joint application with a co-signer whose credit rating is over 600.

4. GuidetoLenders

Borrow between $1,000 and $40,000

APR rates from 4.93% to 35.99%

Loan terms are from 2 to 7 years

GuidetoLenders​​ is a lending marketplace that helps borrowers find the best short-term loans from a number of respected and established loan providers. GuidetoLenders offers a range of different short-term loan options depending on the purpose of your loan. After completing the online application, GuidetoLenders will share your information with its community of loan providers and then suggest pre-approved loan offers. The online tools let you compare the loan options and choose the one that’s best for your circumstances. GuidetoLenders doesn’t charge any fees but you might be charged by the lender. GuidetoLenders does not set a minimum credit score and also provides loans for borrowers with less than perfect credit.

5. Even Financial

Borrow large amounts up to $100,000

APR rates from 4.99% to 35.99%

Loan terms stretch from 24 months to 7 years

Even Financial is also a marketplace for loan providers. The application process on Even Financial is the fastest around, taking just a few seconds to complete, and returning with pre-approved loan offers within a few minutes. Even Financial has no minimum credit score for application but mainly serves borrowers with credit ratings of about 580. Although Even Financial itself does not charge any fees for its services, the lender might charge an origination fee of 1% to 6% and determine the personal check processing fees, late payment fees, and other charges.

What to Look for in a Short-Term Loan

If you're looking for a short-term loan, you want to be sure to get the best terms possible while avoiding unscrupulous providers not afraid to hit you with hidden fees and high-interest rates. When comparing short-term loans, check if the interest is fixed or variable and whether the rate rises suddenly after a given period of time. Read the small print for charges like origination charges, loan insure charges, and high late payment charges that are applied immediately after your payment date. Keep an eye out for extremely short ‘payday' loans. These usually need to be repaid within 90 days and frequently carry exorbitantly high-interest rates. Features of a good short-term loan include early repayment without charge, good customer service, and options to pay less or suspend payment for short periods of time if you hit financial difficulties.

Short-term loans are often the best answer to temporary financial troubles or to fund large purchases. Anyone of our 5 best short-term loan providers can give you excellent loan options to suit your financial needs.

With short term personal loans you can avail precious monetary support within same day of application. http://bit.ly/1qeFqrh

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There are different situation in life when a person cannot fulfill his short term needs and looking to take a loan. In such situation, we consider Short Term Personal Loans to you. These loans deal with all your short term personal expenditures easily. It is an ideal loan support that fit into your budget and requirements.

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