Short Term Personal Loans Options
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Get pre-qualified for loan offers with an easy online form
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Checking offers will not impact your credit score
Competitive payment options
Funding up to $100,000 and APRs as low as 4.99%1
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Learn About Short Term Personal Loans & If They Are Right for You
Sometimes, unexpected expenses can come up that we simply are not prepared for. A vehicle breaks down and needs a new transmission, or maybe your furnace goes out in the middle of a cold snap. These kinds of expenses are a part of life that seems to hit right at the worst times, and sometimes at the same time.
When you are not prepared financially to cover the costs of these emergency expenditures, what options are there at your disposal to get you back on track?
You might have an emergency credit card to use just in case, but maybe you have already maxed it out on a different emergency. When you consider the amount of interest you may pay using a credit card, you may start looking for another convenient alternative.
Quick. Simple. Secure.
How To Apply For Short Term Personal Loans Options
Fill out easy online form to check for pre-qualified offers with no impact to your credit score
Compare terms and payment options to select offer that’s best for you
Complete application process on your selected lender’s website
After loan approval, your funds should arrive within 1-2 business days2
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“The process couldn’t have been any easier. I filled out a short form that took me less than 2 minutes and within seconds I got multiple offers from lenders.”
- Mike T. (TN)
“It was important to me that I could review my offers without any impact to my credit score, before deciding on the best loan option.”
- Carol R (FL)
“I like the easy online and 100% paperless experience of Acorn Finance. I received my money two days after completing my application.”
- Bob S (WI)
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Learn More About Short Term Personal Loans Options
When you have exhausted your savings, you may want to use a short-term personal loan. Even if you have a credit card with available funds, a personal loan can save you money by offering lower interest rates. In addition, a personal loan should have a fixed monthly payment and set term, making it easier to manage than a credit card. There are short-term personal loans for bad credit, but they may have high interest rates. Whether you need a small short-term personal loan or a large short-term personal loan, you will be more likely to secure a low interest rate with a good credit score. Short-term personal loans are an easy and quick way to get the money you need to take care of smaller and more immediate needs. Keep reading to learn more.
Read more - FAQ
How can I get a short-term loan?
Getting a short term personal loan is often the best choice. To get a short-term personal loan, you should have some idea of what your credit score is. You can do this easily as by law you are allowed one free copy of your credit report every 12 months. There are three nationwide credit reporting companies, and each one should supply you with a free credit report when you request it.
Once you have your credit report, you should identify if there are any blemishes on your report that you can resolve quickly to help bump up your score. Increasing your credit score by only a small amount can do wonders to increasing your chances of being approved as well as give you access to better interest rates.
If your credit score is as good as it can be at the moment, or you do not have time to raise your score because you need the money fast, you should see if you can pre-qualify for a personal loan at Acorn Fiance.
What are the best short-term loans?
Here are some of the best short-term loan lenders currently working with Acorn Finance:
Upgrade – Best for people with credit scores 580+:
Upgrade has built a reputation of helping people use small loans to build their credit. You may only need a 580 credit score to qualify for loans starting as low as $1,.000. In addition, you should have a free cash flow of at least $800, but they may allow a higher debt-to-income ratio than other lenders.
BestEgg – Best for people looking for the lowest interest rates:
BestEgg is a reputable lender who is known for giving fairer interest rates to borrowers with bad credit. They do require a credit score of at least 600, although this requirement can vary depending on other factors. BestEgg has no minimum income requirements but you are usually required to provide proof of income.
OneMain Financial – Best for people with little to no credit:
OneMain financial is designed for people who have little to no credit since there is no minimum credit score requirement. They do tend to have higher rates and sometimes they may have pretty strict income requirements. Their small loans start at $1,500 and they are able to do same-day deposits, although funding times may vary.
Any of these trusted lenders can help you secure a short-term loan and they are all part of the Acorn Finance lender partnership circle. You can check offers from several lenders at Acorn Finance.
What is considered a short-term personal loan?
Usually, the lender will do a soft pull credit check or review your pay stubs to see your credit score and your current income. Most short-term loan providers can do this process for you in as little as an hour and transfer the money into your bank account within as little as 24 hours.
Why use a short-term loan?
For personal use, they can be used for whatever you need them to be for. Some examples being: car repairs, rent, groceries, pay off credit cards, get caught up on mortgage payments, pay a quick hospital bill, pay a car loan to prevent repossession of the vehicle, and thousands of more uses.
Small businesses may use a short-term loan to pay vendors, purchase a vital piece of equipment to keep the business running, and boost payroll.
Short-term loans also make a great option for people waiting on a cash settlement and know that they have money coming in soon, but need cash right away.
How much can you borrow with a short-term personal loan?
If you are applying for a personal loan, the term offered may depend on the loan amount. If you are requesting a small loan amount such as $1,000, the lender often assumes you are looking for a short-term loan. Therefore, the term they offer is short-term. However, if you need to borrow a higher amount and need more time to pay, you can still use a personal loan. Terms can vary depending on the lender and other factors. Due to the fact that short-term loans are, well, short-term, borrowers may put less time into researching.
Be wary of companies offering small loans for $500 or so that have a two-week payback period. This is what people have come to be known as Payday lenders or consumer-friendly lenders. You can see places like this in strip malls across the country. They give you a loan for $500 and might charge you a fee of $15 for every $100 you borrow. Might seem like an ok thing to do if you are in a bad spot, but once you start missing payments, the cycle may never end and they often have access to your personal checking and savings account which you signed away when you accepted the terms of the loan.
What is the easiest short-term personal loan to get?
Qualifying for a personal loan or installment loan may not be all that hard but if you are new to credit or have a low score, you may need a cosigner. If you have a cosigner with excellent credit, that is probably the easiest way to get a short-term loan that is going to give you the most favorable terms and interest rates. This can save you money over other short-term loan options, but it could impact your relationship with the cosigner and not everyone is comfortable being asked to be a cosigner.
Can you prequalify for a short-term personal loan?
What is the interest rate for a short-term loan?
What are the advantages of short-term personal loans?
Some of those advantages consist of:
They can be funded quickly: The best part of a short-term loan is that you usually can receive funds in as little as 1 to 2 business days, although funding times may vary.
They are easy to secure and manage: In some cases, you can secure a short-term personal loan without ever leaving the comfort of your own home. With a fixed monthly payment, personal loans are easier to manage than credit cards or some other types of short-term loans.
There are so many options: Online lenders that specialize in short-term loans have become mainstream and consumers have learned to trust these lenders as viable institutions that can help an individual acquire the financing they need. With this trust, there has been a boom in popularity for both lenders and borrowers.
Choices for bad credit: Many larger banks will not even look at you if you have bad credit, however, lenders that work with short-term loans may have many more options for borrowers that may just need a quick leg up. The lenders may keep the loan amounts small but they can still make a profit while the borrower can get the cash they need.
They are highly regulated by the federal government: Lenders are required to have a reasonable assumption that you can repay the loan and they must behave responsibly to people who miss payments.
These are the kind of advantages that make short-term loans a reasonable option for many Americans each day.
What are the disadvantages of short-term personal loans?
Here are some of the disadvantages you should know about:
High-interest rates: Lenders may charge you higher interest rates and you will have to pay them if you want to receive the funds. Lenders do this because of the risk they are willing to take to secure your short-term financing. Many borrowers may have bad credit and the lenders need to protect themselves. They also do this because since the loan amount is smaller, they want to ensure a healthy profit.
More fees: Be sure to make all your payments on time to avoid additional fees and penalties that could add up and cost you more money than the already higher interest.
Can I get a short-term personal loan online?
Acorn Finance has a network of top national lenders with a good reputation. To check offers you need to submit an online form and wait about 1 minute. Within 60 seconds or less, you can receive multiple personal loan offers with no impact on your credit score. After you compare offers you can choose the one you prefer and complete the process with the lender of your choice.
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