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Updated
Six-month personal loans are a good option for those who don’t have the credit to qualify for longer loan terms but still don’t want to risk the quick turnaround of a payday loan. Although you’ll still have to pay higher interest rates than with banks, you may be able to find a six-month personal loan with a competitive interest rate and low fees that make borrowing for an emergency or big project a breeze.
You need to have a regular source of income to qualify for a six-month loan. And if you’re not sure you’ll have a steady source of income for the next six months, you risk defaulting on the loan and hurting your credit. If you’re unemployed or worried you might lose your job, consider one of these short-term loan alternatives instead.
Six-month personal loans are designed to help you with your finances when you need money quickly but know you won’t be able to pay back your loan within a few short weeks. Many offer larger loan amounts as well, making them a good choice for those who need to make a big purchase or pay a hefty bill.
When you borrow a personal loan for six or more months, you’ll pay back your principal and interest in regular installments, with due dates usually set at once or twice a month. However, because many six-month personal loans are meant for people with poor credit, you’ll likely have to pay a high interest rate — sometimes well over 300%.
The exact amount you can borrow and the fees you’re required to pay will vary by your lender and your state. You can browse your options on the table below to see what rates you might qualify for.
Every lender has different eligibility requirements, but these are the basic criteria you’ll need to meet in order to qualify:
Fixed Term | Fixed Amount | |
---|---|---|
7 days | ![]() | $1,000 |
30 days | ![]() | $1,500 |
2 months | ![]() | $2,000 |
3 months | ![]() | $3,000 |
5 months | ![]() | $4,000 |
6 months | ![]() | $5,000 |
12 months | ![]() | $10,000 |
24 months | ![]() | Compare more |
Six-month personal loans can be exactly what your budget needs, but be careful: They tend to carry much higher interest rates than loans with longer terms. Calculate a budget and read our guide to installment loans before committing to a lender. It could help you avoid late fees and default down the road.
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what is the exact charges for each amount borrowed
Hi Domili,
Thanks for getting in touch! You will see the exact charges of the loan based on what you borrow and this will be computed by the bank during the application process. Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki
I am currently in debt reduction program. I do not own my car my bank has it. Is there a way I can borrow money I need overall to pay everything off in one payment?
Hi Tonya,
Thank you for getting in touch with finder.
Yes, there are ways to manage your debts and improve your financial status even if you are in a debt reduction program.
For now, I suggest that you speak to professionals for some good advice in managing your debts. You can seek help from financial experts for free.
I hope this helps.
Have a great day!
Cheers,
Jeni