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Should I get a 6-month personal loan?

Boost your budget and avoid the quick turnaround of other short-term loans.


Fact checked

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.

Consider an alternative if you’re unemployed

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.

Resources to help you through the coronavirus outbreak

How does a 6-month personal loan work?

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.

Find an installment loan

Data updated regularly
Name Product Filter Values Loan amount Turnaround time Requirements
OppLoans Installment Loans
$500 - $5,000
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
 Check Into Cash Installment Loans
$100 - $3,000
1 to 2 business days
Bank account, email address, phone number, US citizen or permanent resident, ages 21+, $3,500 minimum income in California
Borrow money with lower payments and more time to pay than a traditional payday loan.
Fast5kLoans Short-term Loans Connection Service
$100 - $35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
Monevo Installment Loans
$500 - $100,000
Varies by lender
Credit score of 500+, legal US resident, ages 18+
Quickly compare multiple online lenders with competitive rates depending on your credit.
$500 - $10,000
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.

Compare up to 4 providers

How do I compare options?

  • Interest rate. When looking for a six-month personal loan, rates will vary based on whether you choose a personal loan, installment loan or short term loan. Shopping around is the best way to ensure you end up with a loan with competitive rates.
  • Repayment terms. Another thing you should consider when applying for a six-month personal loan is whether it offers a payment plan that suits you. The monthly payments shouldn’t be more than you can afford, and many lenders often schedule them on your paydays to ensure you have the money to make a payment.
  • Approval period. Turnaround time will vary, so the faster the approval process the better. Unlike bank loan applications, which are in-depth and often time consuming, six-month personal loans tend to have quicker turnaround, with some lenders able to approve you within a few days.
  • Fees and other charges. Some short-term loans carry hefty penalties for missed payments, which could end up straining your finances more and raising the cost of borrowing in the future.

Always compare your options

Remember, it’s important to compare multiple lenders to see which might offer you the best deal in terms of interest and fees. Using a combination of lender reviews, comparison tables and your own research can help you make the best decision for your financial situation.

What are the benefits?

  • Quick approval. Lenders offering six-month personal loans know that you need cash in a hurry, which is why they make the application and approval process much quicker than banks. You can apply for a six-month personal loan online and get approved in a day or two.
  • Flexible loan amount. Different lenders offer different loan amounts, but you can generally borrow anywhere from $300 to $5,000.
  • Flexible terms. Most six-month installment loans offer you a flexible repayment period and payment options that suit your finances. You usually have the option to make weekly, biweekly or monthly payments to suit your budget.

What should I watch out for?

  • Higher fees and rates. Six-month personal loans are meant for short-term financing. This makes them more expensive than standard loans. Don’t be surprised if your loan has an APR with three digits, especially if your state doesn’t regulate the industry.
  • Avoid overspending. It may be tempting to borrow more than you need with short-term loans, but keep in mind that the interest rate and other fees make these loans quite expensive. Borrowing more now might mean you can’t pay it back later.
  • Missing payments. Make sure that you can comfortably make your monthly payments before you apply for a loan as there are usually steep penalties for late payments.

How do I know if I’m eligible?

Every lender has different eligibility requirements, but these are the basic criteria you’ll need to meet in order to qualify:

  • Be at least 18 years old
  • Be a US citizen or a permanent resident
  • Have a regular source of income

What type of loan are you looking for?

Fixed Term

Fixed Amount

7 daysPicture not describedcheckmark$1,000
30 daysPicture not describedcheckmark$1,500
2 monthsPicture not describedcheckmark$2,000
3 monthsPicture not describedcheckmark$3,000
5 monthsPicture not describedcheckmark$4,000
6 monthsPicture not describedcheckmark$5,000
12 monthsPicture not describedcheckmark$10,000
24 monthsPicture not describedcheckmarkCompare more

Are payday loans available in my state?

Bottom line

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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4 Responses

    Default Gravatar
    DomiiDecember 9, 2018

    what is the exact charges for each amount borrowed

      Avatarfinder Customer Care
      nikkiangcoDecember 12, 2018Staff

      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.


    Default Gravatar
    TonyaApril 11, 2018

    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?

      Avatarfinder Customer Care
      JeniApril 12, 2018Staff

      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!


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