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Short-term loans, also referred to as payday loans, can be a convenient form of credit when you need it, but they also tend to be much more expensive than other loans.
Most states have restrictions on the fees and interest short-term loan providers can to charge, but some short-term lenders in the same state may be more affordable than others. Comparing your options can help you avoid high fees and slower processing times.
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
A cheap short-term loan is one that charges lower interest rates and lower fees when compared to similar loans. In most cases, states have regulations in place that keep these costs below a certain level. Some lenders may have smaller fees and lower APRs below the legal upper limit of the state to remain competitive.
For example, short-term lenders in New Hampshire can charge an annual rate of up to 36% for short-term loans, but you may find lenders who are willing to charge you less. This would qualify as a cheap short-term loan. Knowing the regulations of your state can help you identify lenders that are charging fewer fees and have a lower APR.
Some states don’t allow payday loans. In this case, there are other options if you need extra money.
When you’re comparing your cheap short-term loan options, lenders will generally have the following features:
Repaying a loan later than scheduled might cause you to pay considerably high late fees, nonsufficient funds (NSF) charges and loan refinancing fees, which can all negatively impact your credit rating.
While not all lenders report to the big three credit agencies that handle credit, some might choose to report late or missing payments. This is at the discretion of the lender, and if your loan is sent to collection because of late repayment, you will likely see your credit go down.
A good way to find out about all applicable fees and charges is to review your loan’s terms and conditions carefully. If you don’t think you’ll be able to repay your loan on time, it’s best not to take it out in the first place. All reputable lenders will provide all information on your loan contract, and if you don’t agree, you don’t have to sign it.
There are a few things you should know about cash advances to make the right decision:
Can I find cheap payday lenders in every state?
No. Payday loans are prohibited in some states. Check the payday loan regulations in your state to see if there any restrictions before applying.
What is the maximum amount I can borrow?
This depends on your state of residence, the lender’s terms and your credit. Because every lender has different rules, it’s best to check before you apply.
What requirements do I have to meet to get a short-term loan?
You must be a US citizen or permanent resident, meet state-specific minimum age requirements and be able to demonstrate an ability to repay the loan. In addition, some online lenders require you to provide a valid bank account.
Are there lenders that offer loans with no bank account required?
Yes. Some lenders offer other ways to receive your funds such as depositing money onto a prepaid debit card or allowing you to pick up cash in-store.
Can I repay my loan early?
This depends on the individual lender. When reviewing your loan contract, be sure to voice this question as some payday loan lenders charge extra fees for early repayment.
How long will it take for me to receive approved funds?
Funds are usually deposited into your bank account on the next business day. It ultimately depends on the lender and your bank.
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