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By: Frank Partnoy | Updated: 2024-03-31 07:53:01

Short-Term Loans Explained

A short-term loan is a type of personal loan. You get some cash and have between a week and a year to pay it back. There is no collateral, and folks often use it to fix up their home, pay off debts, or other personal spending needs. They're pretty straightforward to get, but you'll need to look over the loan details carefully to spot any extra fees, such as setup charges, penalties for late payment, or charges for paying off the loan early.

Finding the best loan deal might take a little time, but with our service, 24CashToday, you can speed up the process and find exactly what you need way quicker.

Short vs. Long-Term Loans

It’s clear to understand that the main difference between these types of loans is repayment terms. Short-term loans should be paid off quickly, typically within a timeframe ranging from one week to one year, while long-term loans can stretch out for up to 10 years. 

Also, short-term loans can have lower Annual Percentage Rates (APRs) than payday advance loans, but they usually have higher interest rates than long-term loans.

Types of Short-Term Loans

Short-term loans are there to help you deal with these situations and get you back on your feet. But with so many options to choose from, how do you figure out which one is right for you? Each type of short-term loan has pros and cons, so it’s good to know all the aspects before you apply.

Payday Loans

Payday loans are the quick-fix solution for urgent situations. They do not require credit checks but will look at your income to see if you can realistically repay the loan. The amount you borrow is usually repaid automatically from your bank account on payday, which is super convenient.

Although this type of short-term loan offers benefits like speed and accessibility, it’s also one of the most expensive ones. APRs can reach 400% or more.

Personal Loans

This type of short-term loan is well known for its flexibility. You can find deals with different interest rates and payback times. To get a personal loan, you usually need a credit score of 650 or more and an annual income of at least $45,000. Loan amounts range from $2,000 to $10,000, and you'll have between 3 to 36 months to pay it back.

Credit Union Loans

If you're looking for a more budget-friendly option, consider credit union loans. They offer a more affordable choice with maximum annual percentage rates (APR) limited to 18% and flexible repayment periods of up to a year, making them easier on your finances.

Credit unions consider your membership history, credit score, and income before making a decision. Because they're owned by their members, they're usually more understanding and flexible for people with bad credit than regular banks or online lenders.

Applying for a Short-Term Loan

Are you looking to get a short-term loan? Here's a step-by-step plan for getting one, from checking your credit to submitting your application.

1. Know Your Credit Score: Your credit score matters a lot here. It decides if you qualify and the interest rate you'll get. So, start by checking your score. You don't want any surprises! Free credit score checks? Places like Credit Karma or Experian have got you covered.

2. Eligibility Check: Before you start, make sure you meet all the lender's requirements. This usually means being over 18, having a steady income, an active bank account, and living in the state where the loan is available.

3. Get Your Docs Ready: You'll need to gather a few things:

  • Driver's license or passport - to prove who you are.
  • Proof you've got money coming in (your pay stubs or bank statements).
  • Your Social Security number.
  • Email and phone number.
  • Your bank info.

4. Application Time: Go to the lender's site and fill out the loan application. You'll be asked for some personal and financial details. Double-check everything you enter to keep things moving smoothly. 

5. Hit Submit: Take a minute to review your application, then send it off. Be ready to provide any extra info if the lender asks. And that's it—you're on your way to securing a short-term loan!

Short-Term Loans for Bad Credit

Struggling with a low credit score but need a short-term loan? Don't worry; there are pathways for you, including online loans, loans that require something valuable as security, and getting someone with better credit to co-sign.

Online Lenders

The digital world might have what you need. Direct online lenders often offer the quick cash loans you’re after, sometimes with better rates than you'd find at traditional places. They're known for being more flexible with repayment and more open to working with folks who don't have the best credit.

Just a heads up, though: some might charge higher rates, especially if your credit is bad.

Secured Loans

If your credit is poor, a secured loan might be a route to consider. You’ll need to offer something of value as collateral—like a car or savings account—which can help you get lower interest rates and possibly borrow more.

On the flip side, if you don't pay back the loan, you risk losing something you promised to the lender as security for the loan.


Bringing a co-signer on board can boost your loan application. A co-signer is someone who agrees to pay back the loan if you can't, adding their better credit into the mix to help you get approved.

Picking the Right Short-Term Loan Lender

When you're looking for a short-term loan, you should shop around. Check out the interest rates, any upfront fees, and what the loan agreement really says. These things can affect how much you end up paying and how easy it will be for you to manage the loan.

Interest Rates: Start by comparing who's got the best interest rates. A lower rate means you pay less over time. But don't just stop there; also look at the Annual Percentage Rate (APR). The APR includes the interest plus any other fees that come with the loan. It tells you the total cost of the loan.

Origination Fees: Watch out for origination fees. These are charges some lenders take to set up your loan. They usually take a small part of the loan amount, like 0.5% to 1%. These fees increase the overall cost of your loan, so you should keep an eye on them.

Repayment Terms: Consider how flexible the loan is. Can you pay more when you can afford it without getting penalized? What happens if you run into financial trouble—do they let you pause payments? These details can really help you decide which lender is the best fit for you.

How to find Short-Term Loan Lenders Fast

24CashToday streamlines the process, allowing you to submit one application and get connected to multiple lenders. This setup lets you easily compare offers, focusing on important details like interest rates, costs, and repayment schedules. 

Beyond simplifying the search, 24CashToday offers fast support, instant decision-making, and robust security features, making it a go-to resource for finding the right short-term loan provider efficiently.

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