A short term loan means cash fast — and higher fees
You can see your next payday coming up, but you’re short on cash now and in desperate need. If you’re out of all other options, a 1 week short term loan, also referred to as a payday loan, may help you in a pinch. Using a short term loan lender means money in your pocket fast, with up to 7 days to pay back the loan. It also means higher fees and short repayment terms.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure!
Looking to apply for a 1 week short term loan? Here’s what to know
Payday loans are not legal in every state. Check the map below to see if payday loans are legal in your state.
Payday loan availability by state
Eligibility criteria differs between lenders and states, but generally the minimum criteria is:
- Age. Minimum age requirement is usually 18 years old.
- Residency. You will need to be a US citizen or permanent resident and show what state you reside in.
- Income. You may need to meet minimum income requirements or show that you earn a regular income.
- Employment. Some lenders require you to be employed (and may request proof of your employment).
- Credit history. The majority of short term lenders do not require you to have good credit history in order to apply.
How do I repay a short term loan?
There are a few options available when it comes to repaying your loan. Depending on the lender and the type of loan you have applied for, you may be able to use any of the following options to repay your loan:
- Direct debit repayments. To make repayments this way you will need to provide an ACH authorization so the lender can debit your account. Before you sign the authorization make sure you know what dates the repayments are due to come out so you can be sure to have enough money in your account, and also know how to end the authorization.
- Post-dated check. This is another repayments option offered by lenders, mostly by those who have physical branches. This method involves you giving the lender a check that it can cash on the day your repayment is due. Remember to make note of the payment date.
A selection of loans you can apply for
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
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 use it for any legitimate purpose.
- 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.
- 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.
Is there anything to consider before applying?
Make sure you know exactly how you’re going to repay the loan in 7 days. If you think you may not be able to repay the loan on time, it’s best that you don’t take the loan at all. You could end up paying a large sum in fees, and your credit rating might suffer even more.
The bottom line
Getting a 1 week short term loan can help cover you for unexpected emergencies or special occasions, but with higher-than-average fees, be sure you compare all your options before applying.
How short term loans work
What type of loan are you looking for?