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Short-term loans for students: A guide to compare lenders and terms

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At school and need extra cash? Short-term loans could be a fast option, but a costly solution.

Short-term loans for students are designed to loan cash to help you temporarily cover your financial commitments. This type of loan is typically in the $50 to $2,000 range. You could use the loan for things like paying for your class books or emergency costs, like flying home for a funeral.

Find out how these loans work and if they’re an option for you to consider.

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 deposit needed

    How do short-term loans for students work?

    Short-term loans for students are designed to offer emergency funding. Most students don’t have steady income and may have a problem getting approved for standard loans. Short-term loans, on the other hand, offer financing with more lenient lending criteria and very short approval times. This allows students to access emergency funds they can repay when they get income from other sources.

    Most lenders require students to provide their identification details and show they can repay their loans by providing 90 days worth of bank statements. The online application and approval process removes the need for any paperwork or face-to-face meetings, allowing you to possibly get your money faster. Remember that you may be required to pay for the loan in less than a month depending on the terms of your particular loan, and that the interest rates are a lot higher than what you’d normally find in a personal loan.

    Interested in a student credit card instead?

    How much will the loan cost?

    It’s important to be informed before taking out a short-term loan. It may seem harmless, but there could be a lot of fees associated with your short-term loan if you don’t read all the details before applying. Some lenders charge establishment or administrative fees in order to initiate the loan. There could also be penalty fees for things like late payments or even early repayment. So make sure you review the terms of the loan before you click submit on your application.

    Are students eligible for short-term loans?

    To be eligible for a short-term loan, you need to be over the age of 18 and receive some sort of income.

    • If you’re a part-time employee. Lenders need to see evidence of a regular income, but some will accept casual employees. Be sure to have pay stubs to verify your income.
    • If you receive welfare. Some lenders will consider applicants who receive welfare for short-term loans. Be sure to check the eligibility criteria of the lender you’re interested in.
    • If you have bad or no credit. Short-term lenders tend to be flexible when it comes to your credit situation. There are lenders who’ll approve your application even if you have bad or no credit.

    Comparison of short-term loans for students

    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.
    As early as 1 business day
    Must have a monthly income of $1,000+ after taxes and valid checking account.
    Same rates
    Go to site More
    Jora Installment Loans
    Installment loans with repayment terms up to 30 months, depending on your state.
    1–2 days
    Must have an active checking account, regular source of income and email address.
    Same rates
    Go to site More
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    1 business day
    Must have direct deposit and meet minimum income requirements.
    Same rates
    Go to site More
    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.
    Same rates
    Go to site More
    LendYou Short-term Loans
    Apply online with this loan-connection company offering unrestricted short-term loans at high maximums — fast turnaround.
    1 business day
    You must be a US citizen or permanent resident, age 18+ and have a regular income.
    Same rates
    Go to site More
    Check into Cash Payday Loan
    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
    1–2 business days
    You must be at least 21 and an American citizen and have a bank account, email address and phone number.
    Same rates
    Go to site More
    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.
    Same rates
    Go to site More

    Compare up to 4 providers

    How students can compare their options

    • Loan term.
      Short-term loans will usually have a term of between two weeks and several months depending on how much you borrow. When choosing a short-term loan, consider when you’re likely to get your next paycheck so that you can match your repayments to that schedule and avoid late payment penalties.
    • Approval time.
      The whole point of applying for a short-term loan is to avoid waiting around for approval and to hopefully get your cash instantly. It’s important to compare your options and choose a lender with a fast and easy online application process. This gives you the chance to apply and get approved for a loan within a few minutes, with no paperwork or meetings required.
    • Interest charges.
      Compare the APR on different loans to ensure you avoid paying excessive fees, especially if you miss a repayment. Short-term loans usually have high interest charges, so be extra careful when choosing one and take time to shop around.
    • Late payment fees.
      While shopping around for a short-term loan, be sure to read the fine print to avoid being caught off guard by crippling late payment penalties. Borrow what you need and be sure that you can manage your repayments to avoid falling into the lender’s trap and having to pay outrageous amounts in penalties and interest fees.
    • The application process.
      You should consider a lender with a good reputation, a simplified online application process and a quick approval timeframe. Some lenders even offer same-day loans so that you can get your money the same day you apply.

    Emergency student loans

    Before taking out a short-term loan from an outside lender, you may want to contact your college’s Financial Aid Office if you’re experiencing a financial hardship that requires emergency cash. Many schools offer low- or no-interest short-term loans that have a maximum loan amount of $1,000 to students who’ve had unexpected expenses pop up. These loans will typically need to start being repaid within 30 to 90 days, but as always, terms and conditions will vary by school.

    How to get an emergency student loan

    What are the risks of getting a short-term loan?

    • Unable to make your repayments. It’s important to keep in mind that short-term loans come with high interest rates. This could mean that by the time you’ve paid off your loan, there won’t be enough funds in your account to last until your next payday. This cycle can be very unhealthy for your finances.
    • Overcharged with fees. Be sure to make your repayments on time since these loans usually carry heavy penalties for missed repayments. Paying excessive fees for late payments is already a big problem for people with regular income, let alone students. It can suck you into a cycle of debt and possibly hurt your credit, making it harder to access financing in the future.

    Are payday loans available in your 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