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Cheap short-term loans

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Need money but don’t want to pay too much for the convenience? Here’s how to get a cheap short-term loan that meets your needs.

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.

OppLoans Installment Loans

OppLoans Installment Loans
  • Easy online application
  • Quick approval
  • Fast funding
  • Long repayment terms

OppLoans Installment Loans

Installment loans with competitive rates from a top-rated direct lender.

  • Minimum loan amount: $500
  • Maximum loan amount: $5,000
  • Turnaround time: 1 business day
  • Loan term: 9 to 36 months
  • Must have direct deposit and meet minimum income requirements
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A selection of cheap short term loans you can apply for

Check the websites of any providers you’re interested in to confirm they operate in your state of residence.

Rates last updated February 22nd, 2019
Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
Name Product Product Description Max. Loan Amount Turnaround Time Requirements
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
$5,000
1 business day
Must have direct deposit and meet minimum income requirements
Jora Installment Loans
Installment loans with repayment terms up to 30 months, depending on your state.
$2,600
1–2 days
Must have an active checking account, regular source of income and email address.
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
1 business day
You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
LendYou Short-term Loans
Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
$10,000
As early as 1 business day
Must have a monthly income of $1,000+ after taxes and valid checking account.
ACE Cash Express Short-term Loans
Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.
Varies by state
Generally receive the money the next business day
Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.
LendUp Payday Loans
LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see more details for your state.
$250
generally receive the money the next business day
Be 18+ years of age and have a checking account that can accept electronic transfers.

Compare up to 4 providers

How do these loans work?

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.

Find out how much your lenders can charge in your state.

What features come with a cheap short term loan?

When you’re comparing your cheap short term loan options, lenders will generally have the following features:

  • Lower APR. Short term loans charge interest in the form on an APR, which varies from one lender to the next. Cheap short term loans charge lower interest, although the APR may still be high when compared to other credit products from a traditional bank or through a credit card.
  • Fees. Keep an eye out for late fees, loan refinancing fees and fees for receiving approved funds through a debit card. While state regulations govern how much short term lenders can charge and if you can refinance, these differ between states and some states don’t have any regulations at all.
  • Online application and approval. If you’re looking to apply, you can submit your application online. You generally won’t be required to fax any documents over and the turnaround time is quick, usually within a few hours or by the next business day.
  • Bad credit applicants accepted. If you have bad credit, you can still apply for a cheap short term loan. The lender is mainly concerned that you will be able to repay the loan so having a regular income is the key when you’re looking to be approved.

Benefits and drawbacks

  • Multiple options. There are a number of direct short term lenders available for comparison online and loan-matching services who can find a lender for you.
  • Apply from anywhere. Most short term lenders in the US have an online presence, and there are plenty of options if you’d like to apply in-store. Whatever your preference, it’s easy to apply and get the funds you need.
  • Bad credit is OK. Short term lenders generally lend to bad credit applicants, and you can find lenders who do not report to the three main credit reporting agencies so borrowing won’t affect your credit.
  • Fees. Even though these are considered the cheaper short term loan options, short term loans are still an expensive form of credit. Watch out for high APRs and extra fees for late payments or refinancing your loan.
  • Short repayment schedules. You don’t have much time to repay a short term loan. Most lenders require the entire amount be repaid within a 30-day period.
  • Disreputable lenders. There are many disreputable lenders operating online who prey on people with bad credit so make sure you evaluate the lender before you apply.

You can borrow money online quickly and easily

Is there anything you should avoid?

Repaying a loan later than scheduled might cause you to pay considerably high late fees, NSF charges and loan refinancing fees, which can all negatively impact your credit rating.

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.

Frequently asked questions about cheap short term loans

Are payday loans available in my state?

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US Payday Loans Offers

Important Information*
CashNetUSA Loan

Apply for a short-term loan with an easy online application and dedicated customer service.

Check into Cash Payday Loan

With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

OppLoans Installment Loans

Installment loans with competitive rates from a top-rated direct lender.

LendYou Short-term Loans

Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.

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