Best Short-Term Loans for Bad Credit of February 2024

ElitePersonalFinance
Last Update: September 25, 2023 Loan Reviews Loans

If you have bad credit and are looking for short-term loans, you might end up with predatory payday loans. Most payday lenders use a marketing strategy with common phrases like: No money, No problem; Instant Cash; No Credit Check.

These are all red flags for predatory lending, and if you get a payday loan, you could quickly get stuck in a debt cycle. Payday loans have an average annual percentage rate of 400%. Avoiding payday and car title loans (which take your car as collateral) is a must. These are genuine instances of predatory lending.

Instead, we recommend the cheapest and most trusted short-term loans for bad credit. The correct definition of a “short-term loan” is a loan with a term of one year or less. Short-term loans can be personal, payday, and other types. Payday loans are types of short-term loans. But not all short-term loans are payday loans. People with bad credit can still get a personal loan with an APR of up to 35.99%.

In this article, we will show you the best personal loans for bad credit, alternative payday loans, loan apps (with 0 interest), and buy-now-pay-later (with 0 interest). We will guide you on which one to choose. You can apply for personal loans of up to $250,000 with annual percentage rates below 35.99%. Even better, these personal loans for bad credit have flexible repayment terms, so you can choose a monthly payment that fits your budget. Check out our review below for more information.

To find all loans in one place, visit our marketplace.

Best Short-Term Loans for Bad Credit of February 2024: Key Findings

Short-term loans typically are also small-amount loans. Their repayment period is less, their monthly fees are higher, and their total amount paid is lower.

Before getting a loan with higher monthly fees, it is essential to examine your finances and ensure that you can afford them without problems.

Short-term personal loans have APR of 15% to 35.99%.

To create this list, we pick: short-term personal loans; alternative payday loans; loan apps; buy now pay later.

Short-term loans for bad credit are not payday loans.

Best Short-Term Loans for Bad Credit of February 2024

Because we believe in being as forthright as possible, we feel obligated to let you know that the best loan terms, APRs, and amounts are typically reserved for applicants with good to exceptional credit ratings. The personal loan rates for bad credit are between 15% to 35,99%. But that doesn’t mean you can’t get a loan that fits your budget, and it certainly doesn’t mean you can’t improve your credit score and get better rates in the future.

Moreover, competition in the lending sector is higher now than in the past. Therefore, non-traditional indicators such as income, savings, education level, and rental history can tip the tables in your favor.

Lender:Loan Amount:APR:Min. Credit Score:Terms:Best For:
ZippyLoan$100 – $15,00012.00% – 35.99%06 – 60 MonthsBad or no credit
NextDayPersonalLoan$100 – $40,000Not ListedNot ListedNot ListedComparing bad credit loans
BadCreditLoans$5,00 – $10,0005.99% – 35.99%090 Days – 6 YearsComparing bad credit loans
LendingTre$1,000 – $50,0002.49% – 35.99%6001 – 5 yearsObtaining a low APR
SeedFi$950 – $8,0007.42% – 29.99%5208 – 44 monthsHybrid loan products
OppLoans$500 – $4,00059% – 160%09 – 18 MonthsReally bad credit
NetCredit$1,000 – $10,00034% – 155%030-90 daysBorrowers who don’t need a cosigner
SoLo FundsUp to $5003% – 10%015 daysPeer-to-peer lending
BrigitUp to $2500%0Repay manually or on your next paycheckCash advances of up to $250
DaveUp to $2500%0Repay manually or on your next paycheckLow membership fees
EarninUp to $150/Day or $500/Period0%0Send a money order or wait until your next paycheck to make your repaymentNo monthly fees
AffirmUp to $17,5000% – 30%01 – 48 monthsClothing, Electronics, Furniture
KlarnaVaries0% – 24.99%01 – 36 monthsClothing, Makeup, Home Decor