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Best short-term loans in 2020
Find a payday lender your trust when you can't qualify for other types of financing.
With APRs easily topping 700%, payday loans are meant to be saved as a last resort when you can’t qualify for other types of financing — like a personal loan. If they’re the only option available to you, comparing lenders is key to getting the most competitive deal with a reputable company. Consider factors like turnaround time, eligibility requirements and customer reviews to find a lender that best meets your needs.
CashUSA Installment Loans
Bad credit is OK
No application fee
Debt education resources
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
Minimum loan amount: $500
Maximum loan amount: $10,000
Turnaround time: As early as 1 business day
Loan term: 90 days to 72 months
Must have a monthly income of $1,000+ after taxes and valid checking account.
As many states move to tighten laws on short-term lending, we checked each lender’s legitimacy, business practices and website security. We also weighed borrower reviews on the Better Business Bureau and Trustpilot.
We then analyzed and compared each lender’s maximum loan amounts, APRs and funding speed. And because some lenders are moving from payday loans to installment loans, we paid extra attention to lenders and connection services that offered both options so you can compare loans more easily.
What features make a short-term loan the best for you?
Here are some simple questions you should ask yourself while searching for a short-term loan:
Do you prefer a secured loan? Finding a short-term loan that doesn’t require any form of collateral shouldn’t be difficult, but some short-term loan providers might want you to provide collateral in the form of your car’s title.
Is there a store network and online presence? Any lender that calls itself the best short-term loan company should offer you convenience when it comes to borrowing. This may mean they have a wide network of stores across the country or that they let you apply for and manage your loan online.
How long does it take to process the loan? Some of the best short-term loans ensure that you have access to the approved funds the following business day. A limited number of lenders provide prepaid debit card loans which can give you access to funds quickly after approval by transferring the amount to your eligible card. You can then use the money anytime and anywhere.
Are you aware of all the fees? While some of the best short-term loans provide quick access to funds, take the time to find out just how much you’ll have to pay in the form of fees. The best short-term loan company in this regard is the one that charges the lowest fees. Remember how much you borrow affects how much you have to pay.
Does the lender accept bad credit applications? If you’re looking for the best bad credit short-term loan, take into account that most short-term lenders accept applications from individuals who don’t have good credit history. If the lender you’re looking at requires good credit history and you aren’t eligible, simply move on to the next.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Freedom to use the money as you like. You apply for a short-term loan no matter what reason you need the money.
Bad credit is OK. short-term loan providers will accept applications from people with poor credit histories, but make sure you compare other aspects when looking for the best bad credit short-term loan.
Higher than normal fees. Even the best short-term loan company will charge fees for providing loans, and short-term loans tend to attract higher fees in comparison to conventional loans. A general rule of thumb is that the more you borrow, the more you pay in the form of fees.
Disreputable lenders. If a short-term lender sounds great and is offering rates too good to be true, be sure to find out if they are. Ensure the lender complies with all relevant state regulations and that they are operating legally.
Not always available. Some states don’t allow short-term loans. If you live in one of them, look into installment loans or personal loans instead.
Watch out for overborrowing
Before you apply, ensure that you won’t have any problems in repaying the loan. If you think you might have trouble, don’t take out the loan. Late or missed payments come with increased fees, charges and interest rates on top of negatively impacting your credit. Always work the repayment schedule into your budget, and the best loans will remain the best.
Know that even the best short-term loans can end up costing much more than originally anticipated, especially if you don’t repay your loan on time.
Bottom line
Bear in mind that while the best short-term loans will give you quick access to the money you need, there are a number of good short-term loan providers vying for your attention, so compare all your options before applying.
Are payday loans available in my state?
Frequently asked questions
We understand that you may be cautious when applying for short-term loans. Here are some of the frequent questions our users have asked.
Payday loans are short-term forms of financing that are typically available in amounts ranging from $50 to $500, depending on your state of residence. And they’re expensive — most come with high fees that translate to APRs in the triple digits.
Applying for a short-term loan should take around five to 10 minutes, provided you have all the information needed to complete the application close at hand.
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over six years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at the IT Journalism Awards. Elizabeth's passion is writing about innovations in financial services (which has surprised her more than anyone else).
If you’re referring to the Walmart MoneyCard, according to their website, you can add money to the Card from the website of many banks, credit unions and financial institutions with an electronic funds transfer. This means that funds can be deposited into this account through a bank transfer. I hope this helps.
If you need funds quickly but don’t have a bank account, you may consider getting a payday loan from a lender and have the funds deposited onto a prepaid debit card. You may compare your options on this page.
Please do review the requirements and eligibility criteria when you apply.
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finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
Can funds be deposited onto Walmart debit card?
Hello John,
Thank you for your comment.
If you’re referring to the Walmart MoneyCard, according to their website, you can add money to the Card from the website of many banks, credit unions and financial institutions with an electronic funds transfer. This means that funds can be deposited into this account through a bank transfer. I hope this helps.
Regards,
Jhezelyn
I’m in need of a small loan but don’t have a checking or savings account. Is there any other way around it?
Hi Frankie,
Thanks for your question.
If you need funds quickly but don’t have a bank account, you may consider getting a payday loan from a lender and have the funds deposited onto a prepaid debit card. You may compare your options on this page.
Please do review the requirements and eligibility criteria when you apply.
Cheers,
Anndy