Short term loan interest rates, research and statistics in the US | finder.com
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Short term loan interest rates, research and statistics in the US

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Find out what you will pay with short loans, and if the cost is worth the convenience.

If you need access to cash quickly, a short term loan can help. A short term loan can get you out of a financial jam, whether you need money for a medical bill, to get your car repaired, or more. They are designed to help you if you need cash fast, and can’t wait until payday.

It’s important to note that short term loans can have negative consequences, so be sure to understand how they work, what fees are involved, and what the interest rate is beforehand.

Check into Cash Payday Loan

Check into Cash Loans

Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.

  • Min. Loan Amount: $50
  • Loan Term: Varies by state
  • Turnaround Time: 1–2 business days
  • Total Costs: Varies depending on the amount and your state of residency.
  • Must be 18+
  • No security needed
  • Confidential and secure!

    Warning about borrowing

    Short term loans can be an expensive experience, so make sure you need one before you take it out. The APR is a lot higher for short term loans than other financing options. APR rates can reach astronomical heights and keep borrowers deep in debt with their payday lenders.

    Additionally, many short term loans have hidden fees and overdraft fees that can add up to over a hundred dollars.

    If you are struggling to pay bills, and your debt is piling up, talk to you utilities providers and see if they can work out a payment plan. If you are on government benefits, see if you can receive an advance.
    Consequences of a no-credit-check payday loan

    How does a short term loan work?

    Typically, short term loans range from $100 to $2,000, and on average have around a 2 week term. The loans are also called “payday” loans because the terms and amounts are usually coordinated to your income and how often you are paid from your place of employment.

    Short term loans, in general, do not usually help build credit or increase your credit score. If you want to build your credit score, it may be better to explore another financing option like a credit card.

    What are short term loan interest rates?

    The APR for short term loans is often much higher than that of normal bank financing. On average, short term loans have an APR of around 400%. The APR typically ranges from about 390% to 780%. For credit cards and personal loans with standard banks, the APR is a lot lower. For example, the national average APR for credit cards is around 15%.

    To give you an example of how APR works with short term loans, take a $200 loan amount with a loan fee of $30. If you have a repayment term of 12 days, your APR would come out to 456.25%.

    What is my short term loan interest rate?

    Your interest rate depends on how much you’re borrowing and for how long. You can get an estimate of the rate and costs using the short term loan calculator below. Use the slider to select how much you want to borrow and for how long, and you will get an indication of how much you will be charged.

    Compare short term loan interest rates

    Rates last updated December 11th, 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
    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.
    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.
    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.
    Check into Cash Payday Loan
    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
    $1,000
    1–2 business days
    You must be at least 21 and an American citizen and have a bank account, email address and phone number.
    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.

    Compare up to 4 providers

    How do these rates differ from other financial products?

    • Credit cards. Credit card interest rates vary by company and type of credit card. Additionally, credit card rates are variable, while short term loans are fixed. Credit card APR will also be higher or lower depending on your credit score. The national average credit card APR right now is 15.07%, but of course, can be more or less depending on different factors.
    • Personal loans. Personal loan interest rates also depend on the lender and if the loan is secured or unsecured. The interest rate for personal loans largely differs by what credit tier you fall under. For example, an excellent credit score would get an average APR of 10.94%, and a good credit score would receive around a 14.56% rate. For average credit, you would most likely get an APR around 19.56%, and a bad credit score would receive an APR of around 28.64%. No-credit-check loans typically have the highest APR, averaging about a 36% APR.

    What other fees come with short term loans?

    Short term loan fees vary by lender and state, but generally charge a fixed-fee based on the amount borrowed. You can expect around a $10 to $30 fee for every $100 borrowed. A $15 fee for $100 borrowed is pretty standard; going along with this example, these terms equate to around a 400% APR for a 2 week plan.

    The lender will usually outline the monthly and annual fees ahead of time. For late payments or defaults on the loan, you could be charged additional fees. Making payments on time and paying back all fees is essential, because the lender can take you to court otherwise.

    Comparison features to look at

    Things you should consider with short term loans

    There are a few things you should consider before getting a short term loan. Think about your personal situation and decide if a short term loan is the best option for you and your unique circumstances. It is important to look at the term options and if the repayment amounts will be doable for you. You can also explore other financing options like credit cards, an unsecured personal loan, or a line of credit.

    If a short term loan looks like your best option, make sure to avoid using multiple short term lenders,and be absolutely sure you can afford to pay the interest.

    Want to apply? Here’s how

    If you are interested in applying for a short term loan, you can compare different company options using the comparison table on this page. Once you decide on a lender, you can click “Go to site,” to then be directed over to the lender’s online application form. To be eligible for application, you must be at least 18 years old, and be generating income to your bank account.

    Are payday loans available in my state?

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    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