Payday loans, also known as short term loans, offer a way for you to get money you need quickly. One potential downside is that usually you have to repay it in as soon as a few days, or your next biweekly paycheck. Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
A selection of loans you can apply for
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How one-month short-term loans work
How quickly you are approved and receive your short term loan funds depends on whether you apply for it online or in-store. Many short term lenders can provide instant approval when you apply online, in which case you can usually look forward to receiving the money in your account by the next business day.
With a 30-day short term loan, the repayment terms will be based on your pay schedule and can be debited from your bank account automatically. If you use an in-store short term loan lender, they may instead require that you give them a post-dated personal check for the amount that will be owed.
Questions to ask
It is always a good idea to compare your 1 month short term loan options before applying. Here are 3 important questions to consider:
- What are the fees involved?
Short term loans charge interest in the form of fees, which are normally charged by every $100 borrowed, and are higher than the fees a conventional loan comes with. While the amount you borrow has a bearing on the fees you end up paying, there are state regulations that will also apply. Make sure to review the loan’s term and conditions so there are no surprises down the road.
- What kind of repayment flexibility is offered?
Some lenders allow you to repay the loan amount ahead of time without charging penalties. Some give you other payments methods from which to choose, including credit cards, Western Union and MoneyGram. An important note is to avoid paying late, as this will only incur more fees.
- What amount do I need to borrow?
The more you borrow, the more you may be charged in fees. Also, you want to be sure you can repay the loan on time. Consider carefully before accepting a higher amount than you initially asked for, if offered by the lender.
Benefits and drawbacks
- You can get the money quickly. Lenders can have your money to you in 1-2 business days, or in as little as a few hours.
- Use the money however you want. Once you get your money, you can spend it in any legitimate way.
- You can apply with bad credit. Most short term lenders don’t run credit checks with the three major credit bureaus. They might use Teletrack and look at your ability to manage the repayments, but there are short term lenders that don’t check this either.
- The higher than normal fees. While most states have regulations regarding APR, rates can still reach into the thousandth percentile.
- May not be available in your state. Your ability to apply will depend on the state you reside in.
Check availability in your state
Check the map below to see if payday loans are legal in your state.
Payday loan availability by state
Getting a short term loan that you can repay in 30 days can help cover you for unexpected emergencies or special occasions, but be sure you compare your options before applying.
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