SoFi personal loans
Finder Rating: 4.45 / 5 ★★★★★
- Not available in: Mississippi
Minimum credit score | 680 |
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APR | 7.99% to 23.43% |
Loan amount | $5,000 to $100,000 |
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A short-term loan is usually considered a loan that’s less than 36 months, but it’s common to see personal loan providers starting their terms at 60 months. If you’d prefer a personal or installment loan with a quick payoff time less than three years, we’ve gathered some options.
The best personal loans have quick funding, a large variety of loan amounts and terms, low APRs and few fees. But it’s rare to find a lender that hits all those points. Here are the best short-term loan providers of 2022, sorted into six categories for unique needs.
SoFi personal loans
Finder Rating: 4.45 / 5 ★★★★★
Minimum credit score | 680 |
---|---|
APR | 7.99% to 23.43% |
Loan amount | $5,000 to $100,000 |
LightStream personal loans
Finder Rating: 4.83 / 5 ★★★★★
Minimum credit score | Good to excellent credit |
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APR | 5.99% to 23.99% |
Loan amount | $5,000 to $100,000 |
OppLoans Installment Loans
Finder Rating: 4.4 / 5 ★★★★★
Loan amount | $500 - $4,000 |
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Turnaround time | 1 business day |
Online application | Yes |
Possible Finance Mobile Installment Loans
Loan amount | Up to $500 |
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Turnaround time | As fast as 1 business day |
Avant personal loans
Finder Rating: 3.45 / 5 ★★★★★
Minimum credit score | 580 |
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APR | 9.95% to 35.95% |
Loan amount | $2,000 to $35,000 |
LendingTree personal loans
Finder Rating: 4.6 / 5 ★★★★★
Minimum credit score | Good to excellent credit |
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APR | 5.99% to 35.99% |
Loan amount | $1,000 to $50,000 |
Compare short-term lenders quickly by APRs, amounts and more.
Lender | APRs | Loan amounts | Turnaround | Loan terms |
---|---|---|---|---|
Lightstream★★★★★ | 5.99% to 23.99% with autopay discount | $5,000 to $100,000 | As soon as the same day | 24 to 144 months |
SoFi★★★★★ | Starting at 7.99% with autopay discount | $5,000 to $100,000 | As soon as next business day | 24 to 84 months |
OppLoans★★★★★ | 59% to 160% APR | $500 to $4,000 | One business day | 9 to 18 months |
Possible Finance | Around 91% or 122% | Up to $500 | As soon as the same day | 2 months |
Avant★★★★★ | 9.95% to 35.95% APR | $2,000 to $35,000 | Soon as next business day | 12 to 60 months |
LendingTree★★★★★ | Varies | $1,000 to $50,000 | Varies | 12 to 120 |
We compared dozens of lenders that offer short-term financing, including installment and personal loan providers. In determining our best picks, we looked for unique perks, considered each lender’s reputation and crafted categories to suit a wide range of borrower situations.
Each lender is weighed against 10 metrics: Loan terms offered, interest rates, origination fees, prepayment penalties, available discounts, credit score requirements, work and income requirements, credit reporting, funding turnaround time and state availability. Better Business Bureau profiles and Trustpilot reviews were also considered, factoring into lender reputation.
Compare BBB ratings and see average star ratings on Trustpilot. Reviews and ratings should be taken with a grain of salt, but they can provide valuable insight.
Provider | BBB rating | Trustpilot rating |
---|---|---|
Lightstream | A+ rating, with 1.2-star rating out of 25 reviews | 1.9-star rating out of 46 reviews |
SoFi | A+ rating, with 1.26-star rating out of 131 reviews | 4.4-star rating out of 3,934 reviews |
OppLoans | A+ rating, with 4.54-star rating out of 956 reviews | 4.6-star rating out of 3,557 reviews |
Possible Finance | B rating, with 4.57-star rating out of 400 reviews | 2.4-star rating out of 8 reviews |
Avant | A rating, with 1.2-star rating out of 173 reviews | 4.6-star rating out of 23,378 reviews |
LendingTree | A+ rating, with 1.38-star rating out of 99 reviews | 4.5-star rating out of 12,316 reviews |
A short-term loan is what it sounds like — it’s a short loan that’s usually defined by a term less than three years long and is typically unsecured.
If you go with a short-term personal loan, you’ll likely have a fixed interest rate, meaning the rate doesn’t change over the course of the loan. It’s common to see personal loan providers start loan terms around 24 months.
You may also run into installment loans that come with a fixed interest rate and no credit check, and are typically completed in 18 months or less.
Payday loans are also considered short-term, but are more risky, and typically require you to pay off the balance by your next paycheck.
Like any other loan, comparing short-term loans starts with the APR — annual percentage rate. It’s how much you’re charged each year to borrow. It can include your interest rate and various fees, such as an origination fee. The lower the APR, the more you’ll save.
Start comparing lenders by these features:
Prequalfication involves a soft credit check, and can help you see your chances of qualifying and view available rates. Personal loans tend to require a higher credit score — at least 670 — since these loans are unsecured. And keep in mind that shorter loan terms do tend to come with higher interest rates.
However, a few lenders, such as Avant, accept scores as low as 580. And if you go with an installment loan provider, there’s a good chance that the credit check will get skipped entirely.
Requirements vary by lender, but here are some requirements to plan for:
Read more on personal loan eligibility requirements
The cost of a short-term loan is determined by your APR and long term. The shorter the loan, the less interest will accrue. However, most lenders charge higher interest rates for shorter loan terms.
Use our personal loan calculator to see how much a short personal loan may cost you.
Yes, avoid payday loans if possible. While payday loans can be a quick and fast way to borrow money, they may lead to a cycle of debt. They’re known for very high APRs and gauging late fees, and they’re also not legal in all states. See our guide on payday loan alternatives for more information and other quick financing options.
Short-term loans can be a smart way to borrow — the shorter your loan term, the less interest the loan accrues. However, short loan terms also mean higher monthly payments, so while saving money is important, it’s also vital that you choose a borrowing method that you can comfortably afford.
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