Compare payday loans with low interest rates | finder.com
Low interest payday loans

Low interest short-term loans

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

In the market for a short-term loan but don’t want to pay high interest? Here’s how to find one with lower interest.

There is no telling when you may need some extra money, and if you’re not eligible for a loan from a bank or other traditional lender, you can consider a short-term loan. One major drawback of short-term loans is the relatively high costs, but not all lenders charge the same fees and rates.

The interest you are charged depends on the state you reside in and the lender you are applying with. While all short-term loans are going to have a higher Annual Percentage Rate (APR) and fees than you will find with standard personal loans, you can still find short-term loans with lower interest than the maximum standard rate. This guide will show you how.

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.
Go to site
Promoted

A selection of short-term loans you can apply for

Rates last updated October 21st, 2018
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.
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.
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 company offering unrestricted short-term loans at high maximums — fast turnaround.
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
Blue Trust Loans Installment Loans
Get an installment loan from an online tribal lender. Perks for returning borrowers.
$2,000
As soon as next business day
Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.
Slam Dunk Loans
Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
$2,500
As soon as next business day
Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.

Compare up to 4 providers

Where can I find low interest short-term loans?

short-term lenders that charge lower interest than what is usually charged can be found in any state where payday loans are legal. If you aren’t sure whether payday loans are legal in your state, or what fee and interest regulations apply, you can check here. There are a few types of lenders to consider if you’re looking for a more affordable short-term loan option:

  • Lenders that charge lower than the state maximums. Once you’ve taken a look at the state regulations, compare lenders and find ones that charges below this maximum. Some states have higher maximums than others and finding a lender that falls below these won’t be too difficult.
  • Lenders with a tiered rating system. Some lenders do not have blanket interest rates for all borrowers, instead classifying borrowers on a tiered system. The classification can be according to a borrower’s credit score, due to a record of repaying previous loans on time, or even based on completing educational courses and earning points (as with LendUp).
  • Installment Loans. If you’re looking for lower, ongoing repayments you may want to consider an installment loan. These loans let you pay back over a longer period rather than in a single sum as with short-term loans. While the APR can still be high, the repayments are spread over terms of between two months and five years.
  • Auto Title Loans. If you have a car, you can hand over its title to a lender for an auto title loan. You will continue to have full use of the vehicle and will be given back the title when the loan is repaid in full. As this is essentially a secured loan you can often find more competitive rates.

Payday Loans in your state

How to compare your low-interest options

When you’re comparing low interest rate short-term loans, consider following:

  • Interest. This is obviously your key consideration. Remember to check the state regulations before you apply, and compare what different lenders are charging for residents of your state.
  • Fees. Most states have caps on the fees lenders can charge you, but others will not. Check for upfront and ongoing fees to get an idea of what you might have to pay.
  • Processing time. Not all short-term lenders can have your money to you in the same amount of time. If you apply online you can have your money sent straight to your account when you’re approved, usually in a few hours or on the next business day. You may also have the option of picking the cash up in-store if the lender has a branch network, and if you apply in-store you can wait and pick up your money in less than an hour.

Find out about same day short-term loans

Cautions to consider before you apply

Make sure you go through the terms and conditions before accepting the contract so you have a clear understanding of the fees and charges. If you think you may face problems in repaying the loan, reconsider taking it in the first place.
Are instant short-term loans legit?

Frequently asked questions about low-interest short-term loans

Picture: Shutterstock

Are payday loans available in my state?

Elizabeth Barry

Elizabeth is an editor for finder.com.au specialising in personal finance and fintech. She enjoys reading PDSs so you don’t have to.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Privacy and Cookies Policy and Terms of Use.

US Payday Loans Offers

Important Information*
Slam Dunk Loans

Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

LendUp Payday Loans

LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

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.

Go to site