Low interest short-term loans

Where to find quick and inexpensive financing.

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One major drawback of short-term loans is the relatively high costs, but not all lenders charge the same fees and rates. While all short-term loans are going to have a higher APR than standard personal loans, some have lower rates than others.

Our top pick: OppLoans Installment Loans

  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Turnaround Time: 1 business day
  • Loan Term: 9 to 36 months
  • Requirements: Direct deposit, meet minimum income requirements
  • Easy online application
  • Quick approval
  • Fast funding
  • Long repayment terms

Our top pick: OppLoans Installment Loans

Comes with the option to change your due date so you won’t fall behind on repayments.

  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Turnaround Time: 1 business day
  • Loan Term: 9 to 36 months
  • Requirements: Direct deposit, meet minimum income requirements
Promoted

A selection of short-term loans

Updated October 24th, 2019
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
$1,200
As soon as the next business day
Regular source of income received biweekly or semi-monthly, Missouri or Utah resident, checking account with automatic deposits, not a military service member
Borrow up to $1,200 — but only if you live in Missouri or Utah.
$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.
$5,000
1 business day
Direct deposit, meet minimum income requirements
Comes with the option to change your due date so you won’t fall behind on repayments.
$2,600
1 to 2 business days
Active checking account, regular source of income, email address
Get access to tools to help you plan a career move, make some extra cash or search for a better-paying job.
$50,000
Same business day to 1 business days
Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
Get a flexible installment loan with fast funding through one easy online application form.
$15,000
Same business day to 1 business days
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
$10,000
As early as 1 business day
$1,000+ monthly income after taxes, valid checking account
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
Varies by state
1 business day
Regular source of income, bank account, US citizen or permanent resident, ages 18+
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.

Compare up to 4 providers

Where can I find low-interest short-term loans?

You can typically find low-interest short-term loans with some payday loan providers if it’s legal in your state or local financial institutions that offer payday loan alternatives across the country. :

  • Lenders that charge less than the state maximum APR.

    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 loan providers.

    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.

  • Federal credit unions.

    Some federal credit unions offer payday alternative loans (PALs) as an affordable short-term financing option to all credit types. These are regulated by the National Credit Union Administration, which caps interest rates at 28% — well below the starting rate for most other short-term products.

  • Local banks and credit unions.

    Many small banks and credit unions are actually Community Development Financial Institutions (CDFIs), which have an aim of improving the economic wellbeing of residents in your area. These tend to offer affordable short-term options to people who live nearby. Reach out to your local bank or credit union to find out if there are any low-interest options for you.

Compare payday loans near you

How to compare your low-interest options

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

  • 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

Interest vs. APR on short-term loans

Looking for a low-interest short-term loan might not translate into an inexpensive loan. That’s because most lenders charge a flat fee instead of interest — especially when it comes to payday and auto title loans that you repay all at once.

Instead, you might want to look for a loan with a lower APR. Your loan’s APR is its total cost — including both interest and fees — expressed as a percentage of your loan amount. Just make sure to compare the APR on loans with the same terms: The less time you have to pay back a loan with a term of less than one year, the higher the APR.

Cautions to consider before applying

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

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Are payday loans available in my state?

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