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Applying does NOT affect your FICO® credit score!

Can I get a short term loan with bad credit?

“Yes,” getting a short term loan if your credit scores are bad is not even that difficult. Well, it’s even much faster, and much simpler, than applying for a bank loan or credit card.

Applying does NOT affect

your FICO® credit score!


What type of short term loans for bad credit can I borrow?

It depends on what you consider short term. For instance, mortgages have terms of up to 30 years. Personal loans have terms of 1 year to 7 years. Payday loans have a standard duration of 14 days. There are payday-installment type loans with terms of several months.

Who offers loans that I can pay off in several months?

You can get short term loans online from alternative lenders. These are companies that unlike traditional lenders, operate entirely on the web. Primarily, they interact with clients through their modern websites. Customers also get personal profiles where they can log in and manage aspects to do with their loans. Many of these lenders for short term loans provide exceptional support to customers by phone call, email, or live chat.


How can I find short term loans near me?

Searching for this phrase on Google, Bing, or your favorite search engine might turn up results of cash stores with physical locations near you. But it is better to apply online. And that is the direction that lending is heading, where you don’t have to walk into a store, fill out paperwork, speak to the hawk-eyed loan officer, and really waste a bunch of time waiting to get approved.

Applying does NOT affect

your FICO® credit score!

Should I borrow personals loans or payday loans?

Do you have bad credit? Online, you’ll find lenders offering personal loans (also called installment loans) or payday loans. Here is a side by side comparison of these two options:


Personal Loan (What to expect) Payday Loan
APR 5.99% to 35.99% or more with bad credit
Loan amount of up to $35,000+
Repaid in equal installments
Average APR of 400%
Borrow $100 to $1000
Repaid in one lump sum payment

Is my credit important when applying for a personal short term loan?

When engaging with an online loan lender, they are not strict as banks are when it comes to your credit type. In fact, the loan amounts are really influenced by your earnings. However, if you have poor scores, the loan will be more expensive. That is you’ll have a higher interest rate to contend with.

How can I find the best short-term loans?

The best way to find a good product is actually to compare offers from different lenders and find the lender offering the best product. So, what should you look out for? •Interest or APR: Look for the lowest rate so as to save money on interest. Having a high APR could also mean having higher installments that might be hard to manage.

•Loan amounts: Start out by determining the amount of cash you require before shopping for a loan with a brief term. For instance, if your car broke down and requires $600 to have it fixed, this is a great place to start.

•Lenders credibility: Check out for reviews of different lenders from past users. This might shed light on the efficiency of the support team, affordability of products, etc.

•Funding options: Loans have to be disbursed. Now, there are many ways loan companies can use to fund customers, for instance, through prepaid credit cards, direct deposits to your bank account, in-store cash pick up, etc. If you require a loan on the same day, choosing a lender with a network of cash stores might be faster when taking out a payday product.

What happens if I can’t repay online loans?

Well, the first action companies take when you have an overdue payment is to charge late fees. Now, late fees have been capped by different state laws, for instance, they might not exceed $35. Calls from the company asking for payment are to be expected. Now, if they can’t collect on your outstanding balance, they hand over your loan to collection agencies. It is difficult for an online lender to report defaults or on-time payments on short-term loans. But collection agencies have no issues reporting defaults to bureaus. This will leave a dent on your credit history.

What else should I know about these loans?

Well, they are only suited for emergencies, such as car repair, home repair, emergency relocation, etc. Now, the reason not to use them for purchases is that they are more expensive than other ways to borrow. For instance, if you need to purchase a boat, the best approach is trying your options with a bank for long term loans that have higher amounts, and lower monthly payments.

Applying does NOT affect

your FICO® credit score!


Do you have any further questions?