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Best Short Term Personal Loans

July 2024

Short-term loans can be a useful way to get out of a tough financial situation when you need money fast. Find out which lenders offer the best short-term personal loans.
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Short-term personal loans are loans with repayment periods that are under 12 months. They usually are for small-dollar amounts (e.g. $3,000 or less) and don't require a security or collateral. One of the main advantages of short-term personal loans is they are often available to borrowers with poor credit. However, interest rates and fees can be very high. That is why it is important to compare multiple lenders before you choose a short-term personal loan.
Here is our list of the best-rated short-term personal loans currently available.
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SuperMoney's list of the best short-term personal loans is based on the qualitative recommendations of our community members and the quantitative recommendations of our ranking algorithms. We focus on lenders that offer short term installment loans and competitive rates.

What is a short-term personal loan?

There isn't a fixed definition of "short-term," but it usually includes unsecured personal loans for small amounts with terms that are shorter than 12 months. Short-term loans provide a fast source of cash that can be used for practically anything. However, their interest rates and fees are often very expensive. Lenders that offer small short terms sometimes require weekly or bi-weekly payments. Many don't charge a prepayment fee if you choose to pay the loan off early.

What are the pros and cons of short-term personal loans?

Short-term loans can be a lifesaver if you are dealing with a financial emergency. However, they are not always the best option available. Consider the following advantages and disadvantages before you make a choice.
Here is a list of the benefits and the drawbacks to consider.
  • Easy to qualify.
  • Flexible repayment options.
  • No need for collateral.
  • Fast access to cash.
  • They can be used for practically any reason.
  • High interest rate.
  • Expensive fees.

Can you get short-term personal loans if you have bad credit?

Yes, one of the advantages of short-term personal loans is that they are geared toward people with less-than-perfect credit. However, the interest rates available for borrowers with bad credit are expensive, so compare several short term loans for poor credit to make sure there isn't a better deal available.

Which lenders have the lowest interest rates for short-term personal loans?

It all depends on your financial circumstances and the eligibility requirements of the lenders available in your area. The APRs of the lenders in our list of best short-term personal loans range from 160% to 160%, but these are just ranges. In most cases, you don't know what rate you will get until you apply. This is the reason you should check at least three lenders (more is better) before choosing a lender. SuperMoney's loan offer engine allows you to compare leading lenders without hurting your credit.
The table below shows the ranges for the key terms to consider when comparing personal loans for hardscaping projects.
The lowest APRs of 160% are only available to high-income borrowers with excellent credit. Compare at least three lenders from the list above to find the best loan offer available for your credit profile.

What is the best place to get a personal loan?

Short-term personal loans are available from a wide selection of lenders. These include credit unions, online personal lenders, and payday lenders. Payday lenders are by far the most expensive choice and the source of credit that is most likely to push borrowers into a debt spiral because of the option of paying a fee to roll over or renew the loan.
Before you go down the payday loan, find out what rates and terms you qualify for with the lenders on the list above.
SuperMoney's loan offer engine allows you to get multiple loan offers from top lenders with one easy form without hurting your credit.

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