Loan Reviews

Best Short Term Loans 2020

EPF Last Update: September 23, 2020

Short term loans are smaller amounts of money people borrow and usually need to repay fast, in a few months or even weeks. For that reason, they can be quite tricky, as people tend to take them when they find themselves in a compromised position, with no way out.

It is generally a much better idea to ask for a loan based on your credit score. Although many payday loan companies promote their loans as short term loans, payday loans are not the same thing as short term loans!

Instead of looking for “short term loans” you would be better off looking for “short term personal loans.” In other words, you will be looking for loans with APR 5.99% – 35.99%. Payday loans often have APR of 400%! You see why we are strongly against them. For people with bad credit we have a guide on how to get a short term personal loans:

Because short term loans are usually on a small amount of money, you are more likely to get one, really fast. To get you started even faster, we’ve created a table you can find below. In it, we displayed all the best short term loan offers you can find on our site. All of the loans you will find below start with minimum repayment, and begin from minimal amounts, unlike some big companies that require loans of $5000+, which is probably not the right option for you.

Loan CompanyMin TermsMin AmountAPRMin Credit Score
PersonalLoans3 months$1,0005.99% – 35.99%580
Prosper36 months$2,0007.95% – 35.99%640
LendingTree12 months$1,0003.99% – 35.99%500
BadCreditLoans3 months$5005.99% – 35.99%0
Upgrade36 months$1,0007.99% – 35.97%600

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Pros and Cons of Short Term Loans


  • Lower amounts – typically, short term loans are on smaller amounts of money, which means you repay them quite fast. Every loan is a burden, and it is always good if you can get rid of it quickly.
  • Easy to get – because the amounts are smaller, you are very likely to get them, even if you have a bad credit score. Let’s face it, loaning $1,000 is not the same as loaning $100,000.
  • Lower total interest – because the repayment period is shorter, you usually pay lower total interests. You pay interests monthly, which means – fewer months, less total interest.
  • Buyer’s market – there are so many personal loans companies out there. Yes, browsing and finding good ones can be tough (that’s why you read articles like this one), but if you get a personal loan from a reputable company, you will probably get it without much hassle, and with quite good repay conditions.


  • Short term means higher monthly installments – although these loans are on smaller amounts, you still need to pay more per month. This means you need to be careful, making sure your cash flow is good when you start repaying.
  • Shady industry – there are just too many companies that offer these loans. Many of them are new names on the market. That doesn’t automatically means scammers, but it only requires you to be extra cautious. Do your due diligence before you commit.
  • Some reputable lenders have higher criteria – if you just need a couple of hundreds of dollars, you will have a hard time finding the right lender, but it is not impossible. Many institutions only give $5,000+ in loans, in order to get bigger interests.

Which Type of Online Short Term Loans to Avoid?

  • Payday loans

Avoid these!  Yes, having a bad credit score is rough, but there are much better solutions than getting stuck with a payday loan. You don’t need that APR of 400%, and you should avoid it unless it’s an absolute necessity, and it almost never is.

Personal loans have APR of 20% – 35.99%. It is still a lot, but it is undoubtedly a much better option than 400%. Getting drawn into a payday loan can lead to an endless debt cycle you never get out of. Plus, getting a personal loan with bad credit is easier than you might think.

  • Auto title loans

These are quite similar to payday loans, and the only difference is that you need to put one of your assets as collateral in case you don’t pay, for example, your car. While the APR is slightly lower than with regular payday (but still high, at about 300%), you risk more, as your car is involved. Avoid these whenever possible.

  • Secured short term loans

These work for people who want to get more money approved, or want to lower their APR. They also require you to put collateral (your car, again) as insurance. But, they have much lower interest rates than the auto title or payday loans. Still, putting your vehicle as collateral is not exactly pleasant, especially considering that it is usually worth 5-10x more than the actual loan. That is rarely necessary if you ask us, and personal loans are a much better option, as you are likely to get them even with bad credit score.

  • Cash advance

Although easily accessible, cash advance loans are extremely expensive options. You need to pay initial fees, and the interests are quite high. Plus, you will have to start repaying immediately, there is no grace period. And taking cash advance can further damage your credit score.

Short term loans near me / Payday loans near me / Short term loans without checking your credit / Payday loans online / Fast cash / Easy approval

Scam alert! That is how predatory lenders lure people who are struggling financially, trapping them into endless loops of never-ending interests. These are usually payday loans. But, sometimes even personal loans companies advertise this way, as you often get approved for a loan within a business day.

What to Do if You Find a Great Loan Offer, but it is Not Short Term?

If a lender advertises an excellent loan offer, but with a repayment plan that is longer than you would like (for example three months, and you only want one), go ahead, and sign for that loan. Nobody can stop you from paying your loan within the first month.

However, there might be some fees you need to take care of. So add everything up, and make sure the total amount (loan+interest+fees) is lower than other, short term loans. If it is, that long term loan you pay before the due date is a better option.

It all comes to numbers. Luckily, we have a calculator that will help you with this.

How to Pick The Best Loan Based on Your Credit Score?

Again, the term short term loan means nothing else than the fact it is repaid relatively fast. So, looking for the best short term loans is slightly wrong. Better search for best online personal loans and find what works best for you based on your credit score. We have great articles on personal loans according to credit score. We invite you to read them.

  • Best personal loans for really bad credit

In this article, we do our best to help people with a bad credit score and those in a bad financial situation to avoid payday loans and get a regular online personal loan.

  • Best personal loans for fair credit

Best personal loans for fair credit come with an APR of 10% to 20%. We are constantly updating our list of the best companies that help people with fair credit, so you will definitely find the best option for you.

  • Best personal loans for no credit history

No credit is better than bad credit. Bust still, lenders perceive this differently. Actually, no credit can mean different things: that the person is young, that they didn’t get a loan or that they have had a credit card till now, which means they are in a great financial situation.

  • Best personal loans for bad credit

The best personal loans for bad credit are not payday loans. Personal loan lenders approve people with bad credit much more easily these days than in the past. Bad credit personal loans come with an APR of 20% to 35.99%, which is considered expensive, but it is still much less than payday loans, which come with an APR of 400%.

  • Best personal loans for good and excellent credit

If you have good or excellent credit, you can expect an APR of 5% – 10%. In this case, we have really great offers for you.

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