Best Short Term Loans in 2024

Whether you’re planning for growth or need funds for a personal matter, applying for short term loans can be your smart bet. No matter your reason – an emergency, unexpected bills or business purposes, a short term loan can seem to be a financial lifesaver.


Do You Need Cash Immediately?

Fill out a request form to get money fast!

Get Money


Yet, borrowing money is never something that should be left to chance. Especially with bad credit. If you’re unable to repay the debt, you risk ending up with serious consequences.

So, before you apply for online short term loans, take time to study various options.

Compare the Best Short Term Loans Online

Are you looking for the best short term loans and advances? Depending on what criteria has the highest priority for you, there are also some other important things you should consider. The lender, its terms, loan amount, interest rate and fee (if applicable) – these are the basic things to consider before taking out a loan.

So, let’s compare short term personal loan offers to help you make the right pick. Now get the ball rolling.

It’s not a secret that short term cash loans were designed to help people in tough financial spot by offering a temporary source of economic relief. Still, such cash advances can be dangerous, if used irresponsibly. Considering that the number of short term loan lenders abounds, keep your eyes open before making the decision.

Upstart Loans

Upstart has a contemporary and flexible lending solution that caters to the diverse financial needs of today’s borrowers. They have emerged as a popular choice among borrowers, thanks to their innovative approach and customer-centric features.

The basic information:

With Upstart, you can borrow as little as $1,000 and as much as $50,000. With this flexibility, you can finance your dream vacation, debt consolidation, or even home improvements. Most loans are repaid over a period of three to five years, which ensures that borrowers are not burdened with debt.

Upstart’s fees are transparent and affordable. A one-time origination fee of 0% to 12% of the loan amount is deducted from the loan proceeds. Individuals can repay their loans early and save on interest costs with no hidden charges or prepayment penalties.


One of the most appealing aspects of Upstart is its competitive interest rates. Borrowers with good credit scores can expect to secure rates as low as 7.8% APR (Annual Percentage Rate). Nevertheless, the interest rates can fluctuate depending on several factors, including credit history, income, and loan amount – they can reach 35.99%.


Upgrade provides short term loan options with competitive interest rates, transparent fees, and user-friendly features, they are a reliable option for borrowers seeking an efficient and affordable personal loan experience.

The basic information:

With Upgrade, you can apply for a loan anywhere from $1,000 to $50,000, providing you with a customized solution. The interest rates vary depending on your creditworthiness, with APRs ranging from 5.49% to 35.97%. This means that the better your credit score, the lower your interest rate will be.

Upgrade maintains an open and straightforward fee structure. Depending on the loan amount, they charge origination fees of 1.85% to 8.99%. But at least borrowers aren’t penalized for paying off their loans early, thanks to the elimination of additional fees and costs for early repayment.


Upgrade offers flexible repayment terms ranging from 36 to 84 months – longer than most other lenders. This benefit helps borrowers choose a repayment plan that best suits their financial situation, whether they prefer lower monthly payments over a longer period or higher payments over a shorter term. - Best Small Short TermLoans

Cash Advance is one of the small short term loans providers trusted by thousands of consumers since 1997. Offering a unique level of security and customer care, is not a lender itself. Yet, it works with a large network of lenders and financial service providers to help consumers get the funds quickly.

The basic information:

  • Loan amount: $100 – $1,000
  • No control over the negotiations between a consumer and a direct lender
  • Loan period: 7 days – 12 months
  • Loan fees and interest rates are determined solely by the lender
  • You can apply if your income is $1,000+/month and you are 90+ days on the job
  • Bad credit is considered.


  • If an emergency requires a customer to obtain short term unsecured loans in the fastest way possible, the company can be a good option to try.
  • Using is completely free.
  • You can reach a range of the best short term money loans from a large network of financial service providers at one place. Thus, it’s more likely to get approved. - Best Short Term Loan Online

Personal Loans is another short-term loans company that works with a large network of lenders. It is a lending marketplace that offers a variety of lending options online, including peer-to-peer loans, lines of credit, short term loans for bad credit, etc. Thus, it helps connect a customer to a lender.

The basic information:

  • Amount: $1,000 – $35,000
  • Individual interest rate: 5.99% to 35.99% (it depends on your credit score, repayment history, and lender terms)
  • Lending period: 90 days – 72 months
  • Payment frequency: once or twice a month
  • Next business day money deposit
  • Prepayment penalty: None. may be a beneficial option if:

  • You have a good credit score (i.e. 580+).
  • Your verifiable income is at least $2,000 per month.
  • You have no: accounts more than 60 days late; active or recent bankruptcies; late payments; debt that cannot be covered by current income; recently charged-off accounts. - Get Short Term Loans with Bad Credit

As the name suggests, Bad Credit is another lending marketplace that serves low credit holders. The company connects customers with lenders offering to get short term loans with bad credit, yet, with higher interest rates. Debt consolidation, home improvement, vacation or wedding expenses, the company is the top place to get short term personal loans for bad credit.

The basic information:

  • Amount: $1,000 – $5,000
  • Income source: Employed, Self-Employed, or Benefits
  • Repayment term: 6 up to 60 months
  • Individual interest rates: 4,99% – 35,99% (it depends on a credit score, payment history, and other factors)
  • Payment frequency: once or twice a month
  • Next business day money deposit. may be a beneficial option if:

  • You have less than stellar credit score
  • You need money fast.

LendUp - Best Personal Loan for Short Period

LendUp is a popular online lending company that specializes in providing quick and reliable monetary help to consumers in every state. This service offers free resources for learning how to manage personal finances. Borrowers with good or bad credit rating may apply and it won’t affect their FICO score.

The basic information:

  • Amount: from $100 to $255
  • APR from 229.43% to 917.71%
  • Quick approval can be a beneficial option if:

  • You want to deal with direct lenders.
  • You seek fast approval.
  • You are over 18 years old. - Fast bad credit short term loan providers

CashUSA is one of America’s most trusted bad credit short term loan providers with a secure, fast and convenient online process. Working with a large lender network, CashUSA eases the application process by connecting customers directly to lenders. If approved, a customer can receive funds as early as the next business day.

The basic information:

  • Amount: from $100 to $255
  • APR from 229.43% to 917.71%
  • Quick approval

CashUSA may be a beneficial option if:

  • You have a poor credit score.
  • You need cash quickly.

Prosper - Acquire Short Term Emergency Loans is an online-based platform where consumers can solve their temporary monetary disruptions by acquiring short term emergency loans. The company welcomes borrowers with any credit rating and credit history although the terms may differ depending on your eligibility. Debt consolidation, home renovation, vacation or wedding expenditures, etc – everything can be funded with the help of short-term loans from Prosper.

The basic information:

  • Amount: $2,000 – $40,000
  • Income source: Employed, Self-Employed, or Benefits
  • Personal interest rates: 6.95% – 35.99% (it depends on the credit history, credit rating, as well as other factors)
  • Next day money deposit. can be a beneficial option if:

  • You need the money urgently.
  • You are over 18 and are a citizen or a legal resident of the USA (not available in West Virginia, Maine, and North Dakota).

What to Know Before You Apply for a Short Term Loan

Even though we’ve reviewed some of the most trusted service providers above, there are still a few important issues to consider before you apply.

  • Interest rate. In comparison to traditional bank loans, short term loan rates start from 15 percent. They are unsecured, thus considered to be risky for the lenders.
  • Fees include different types of payments for services, loan prepayment or origination, so it makes sense to learn exactly what fees you’ll be charged.
  • Guarantees. Since the number of short term loan lenders and providers abounds, some of them may require you to sign a personal guarantee. Say, if you take out a loan for business, get ready to pay it back if your business can’t do it.
  • Repayments. Things happen and your repayments may send you in a state of panic if there are no sufficient funds in your bank account. Think about this in advance to cushion your repayments.
  • Lender plays a significant role in how easily a customer can pay back the amount involved. That’s why finding a reliable online financier for a short-term loan with bad credit can greatly improve your odds to clear off your debt quicker. Choosing to work with direct lenders, providers of short-term payday loans, or peer-to-peer financiers are up to you.
  • Terms and conditions. It always makes sense to carefully learn the terms and conditions to ensure you’re not walking into a financial trap. If you are still looking for instant short-term loans online with no credit checks, don’t even try. No lender will risk giving you money for anything. Most lenders do a soft credit check to determine eligibility while some of them do the hard one during the application process. So, forget about such an option for now.
  • Loan amount. Never consider the amount you intend to borrow as something easy. Some lenders make the sum of money available flexible allowing you to borrow as much as you need. So, decide on the amount you can pay back, while it should be enough to cover the expenses.

Always Use Short Term Loans for Poor Credit Responsibly

Consumers almost always save money when they shop around, so it’s best to plan. Whether you are looking for short-term loans for students or bad credit short-term loans, use them responsibly. Sometimes it can be just what the doctor ordered but consider other options first.

High competition between the companies caused lenders to provide more flexible terms to make loans more affordable. All in all, no matter what online lender you’ll end up with, it’s important to stay confident in your future cash flow. Otherwise, you risk sinking into an inescapable financial situation. By purchasing around, chances are you may be able to find even better low-interest short-term loans available out there.

What Short Term Loans Are

Short term loans are a type of borrowing where the repayment period is typically less than a year. Designed to provide quick access to funds, often within 24 hours, they help borrowers navigate through unexpected expenses or urgent requirements.

The way they work is relatively straightforward. A borrower applies for a specific loan amount, typically ranging from a few hundred to several thousand dollars. Interest rates for these loans can be higher than long-term loans due to their shorter repayment period and the perceived risk involved.

Once the loan is approved, the funds are credited directly to the borrower’s account, and the repayment process begins as per the agreed schedule.

While short term loans can be a lifesaver in times of financial stress, they do come with attached terms and conditions. For example, additional fees and charges, or defaulting, can have a negative impact on your credit score.

Pros And Cons Of Short Term Loans

Like any financial product, there are both pros and cons of short term loans that should be carefully considered before deciding if this is the right option for you.


  • Accessibility: These loans can often be approved and funded within a matter of hours, providing a fast and efficient solution for those facing unexpected expenses or cash flow issues
  • Less stringent eligibility criteria: This makes them an ideal option for people with less-than-perfect credit scores or limited credit history
  • Flexibility: Borrowers can choose from different repayment terms and interest rates, allowing them to tailor the loan to their specific needs and financial situation. This can be particularly advantageous for businesses that experience seasonal fluctuations in revenue, as they can opt for a loan with a repayment schedule that aligns with their cash flow


  • High-interest rates and fees: While the total interest paid may be lower than that of a long-term loan due to the shorter repayment period, the annual percentage rate (APR) can still be significantly higher, making short-term loans an expensive form of borrowing
  • Risk of over-reliance: Given their accessibility, borrowers might be tempted to continuously rely on them to cover financial gaps, potentially leading to a cycle of debt. With this in mind, borrowers need to be sure they can repay the loan within the agreed-upon term and consider alternative options if necessary

Where To Find Short Term Loan

If you’re wondering where to find a short-term loan, look no further! There are several options available to you, each with its unique advantages and terms. We’ll go into them in depth below.

Online Lenders

Online lenders provide their loan products through a digital platform. These lenders have revolutionized the borrowing process by supplying quick, convenient, and often more affordable financing options compared to traditional banks.

Borrowing from online lenders is convenient. The entire process, from application to approval, is streamlined and can be completed from the comfort of your sofa. Aside from that, online lenders utilize advanced algorithms and data analysis techniques to assess a borrower’s creditworthiness, resulting in faster approval times and more accurate lending decisions.

And, as they operate with lower overhead costs than traditional banks, they can often pass these savings on to borrowers in the form of lower interest rates and customized repayment plans. And the best part? Online lenders are more open to working with borrowers who have less-than-perfect credit scores.


One of the key services supplied by banks is short term loans. These are typically designed to be repaid within a year, making them an ideal solution for temporary cash flow issues. Borrowing from banks has a multitude of benefits, including competitive interest rates, flexible repayment options, and access to expert financial advice.

Banks are reputable and regulated institutions, ensuring that your financial needs are met professionally and with care when you borrow from them. You can also choose from a variety of loan options tailored to fit your unique financial circumstances.

Some of the key features of short term loans provided by banks include:

  • Swift application processes
  • Minimal documentation requirements
  • The possibility of online loan management

These features make borrowing from banks a seamless and efficient experience.

Credit Unions

Credit unions are member-owned, non-profit financial institutions offering a wide range of financial products. As an alternative to traditional banks, credit unions have gained popularity due to their commitment to the financial well-being of their members and their focus on community development.

Borrowing short term loans from credit unions has numerous benefits that set them apart from other lenders:

  • Lower interest rates: Because they prioritize their members’ needs over profit, borrowers can save a significant amount of money on interest payments
  • Personalized service and flexibility: Since they are member-owned, they have a vested interest in finding their members the best loan terms and conditions
  • Promote financial education among their members: They can provide their members with budgeting tools and financial counseling to help them make better financial decisions

How To Choose The Best Short Term Loan

You don’t want to fall into a debt trap or deal with unscrupulous lenders. So, let’s delve into the steps you need to follow when selecting the best short-term loan for you.

  • Assess your financial needs and repayment capabilities: Determine how much money you need and how quickly you can repay it. This will help you avoid borrowing more than necessary or extending the repayment period, which may lead to higher interest charges.
  • Compare lenders: Find a lender with fair pricing structures, affordable interest rates, and payment terms that a favorable. Make sure that the lender has a license and is authorized via relevant authorities to guarantee that they adhere to industry standards and regulations.
  • Consider the reputation and customer reviews: A lender who has a proven reputation and encouraging customer feedback can be trusted more than one without those things. Moreover, take note of how responsive and helpful their customer service team is, as this can be a crucial factor when dealing with any loan-related issues.
  • Read and understand loan terms and conditions carefully: Pay particular attention to the interest rates, fees, penalties, and repayment terms. This will help you to calculate the total cost of the loan and verify that there are no hidden surprises.

How To Get Short Term Loan

After you have chosen your preferred lender, the next step is to apply for a loan with them. Here’s a step-by-step guide on how to get a short term loan so that you can tackle your financial challenges swiftly and responsibly.

  • Check your credit score: Make sure that your credit score is in good standing. If you have a good credit score, you have a greater chance of being approved for a loan, and you might be offered more favorable interest rates and terms.
  • Gather documentation: To streamline the loan application process, gather all the necessary documents, such as proof of income, bank statements, and identification. By doing this, you will speed up the approval procedure as well as substantiate that you are creditworthy.
  • Apply for the loan: Once you’ve identified your preferred lender, complete their application form, either online or in person, and submit the required documentation. Ensure that all information provided is accurate to avoid delays or rejection.
  • Review the loan agreement: If your application is approved, carefully review the loan agreement. This will detail the terms and conditions, including the interest rate, repayment schedule, and any penalties for late or missed payments.

Alternatives To Short Term Loans

Here, we discuss a few notable alternatives to short-term loans that can help you navigate through financial challenges with ease and confidence.

  • Credit Cards: These provide instant access to funds, often with lower interest rates and flexible repayment options. However, it’s crucial to use credit cards responsibly and pay off the balance in a timely manner to avoid debt accumulation.
  • Peer-to-Peer Lending: This innovative approach connects borrowers with individual investors through online platforms. It allows for a more personalized borrowing experience, often with competitive interest rates and flexible loan terms.
  • Family and Friends: Borrowing from family and friends can be an effective option for short-term financial needs, especially if you have a strong support network. But be sure to maintain clear communication and set boundaries to avoid strained relationships.
  • Invoice Factoring: For businesses, invoice factoring can be a valuable alternative to short-term loans. It involves selling unpaid invoices to a factoring company at a discounted rate, allowing businesses to access immediate cash flow without the need for a traditional loan.