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Best short-term loans of 2024

Compare small and short personal loans with rates as low as 5.99%

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.

6 best short-term loan providers

Best overall: SoFi

SoFi personal loans

4.4
★★★★★

Finder score

Go to site Read review
Min. credit score680
APR8.99% to 29.99% fixed APR
Loan amount$5,000 to $100,000
  • Available in all states
Fixed rates from 8.99% APR to 29.99% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 3/06/23 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

Best for low rates: Lightstream

LightStream personal loans

4.8
★★★★★

Finder score

Go to site Read review
Min. credit scoreGood to excellent credit
APR6.94% to 25.29%
Loan amount$5,000 to $100,000
  • Not available in: Iowa, West Virginia
*Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of 3 years would result in 36 monthly payments of $303.99.

Truist Bank is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Best if you don’t have a bank account: OppLoans

OppLoans Installment Loans

4.7
★★★★★

Finder score

Go to site Read review
Loan amount$500 - $4,000
Turnaround timeAs soon as the same business day.
Online applicationYes
  • Not available in: Colorado, Connecticut, Georgia, Iowa, Maryland, Massachusetts, New York, South Dakota, Vermont, West Virginia

Best for shortest loan term: Possible Finance

Possible Finance Mobile Installment Loans

Read review
Loan amount$50 - $500
Turnaround timeAs fast as 1 business day
  • Available in: Alabama, California, Delaware, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Washington

Best for self-employed borrowers: Avant

Avant personal loans

3.4
★★★★★

Finder score

Go to site Read review
Min. credit score580
APR9.95% to 35.99%
Loan amount$2,000 to $35,000
  • Not available in: Iowa, Kentucky, Massachusetts, Michigan, Montana, Virginia, West Virginia
Personal loans from $2,000–$35,000. If approved, the actual loan amount, term, and APR that a customer qualifies for may vary based on credit determination and other factors. Avant branded credit products are issued by WebBank, member FDIC.

Best for comparing lenders quickly: LendingTree

LendingTree personal loans

4.6
★★★★★

Finder score

Min. credit scoreGood to excellent credit
APRStarting at 5.99%
Loan amount$1,000 to $50,000
  • Available in all states

Best personal loans: By the numbers

Compare short-term lenders quickly by APRs, amounts and more.

LenderAPRsLoan amountsTurnaroundLoan terms
Lightstream★★★★★ 6.94% to 25.29% with autopay discount$5,000 to $100,000As soon as the same day24 to 240 months
SoFi★★★★★ Starting at 8.99% with autopay discount$5,000 to $100,000As soon as next business day2 to 7 years
OppLoans★★★★★ 160% - 179% APR APR$500 to $4,000One business day9 to 18 months
Possible Finance
Not yet rated
Around 91% or 122%Up to $500As soon as the same day2 months
Avant★★★★★ 9.95% to 35.99% APR$2,000 to $35,000Soon as next business day24 to 60 months
LendingTree★★★★★ Varies$1,000 to $50,000Varies12 to 120

Methodology: How we picked the best providers

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 more personal loan providers

Name Product USFPL Filter Values APR Min. credit score Loan amount
Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
Best Egg logo
7.99% to 35.99%
640
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Upstart personal loans
Finder Score: 4.2 / 5: ★★★★★
Bankrate logo
7.40% to 35.99%
300
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
SoFi personal loans
Finder Score: 4.4 / 5: ★★★★★
Bankrate logo
8.99% to 29.99% fixed APR
680
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no required fees.
Upgrade
Finder Score: 4 / 5: ★★★★★
Bankrate logo
9.99% to 35.99%
580
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
LendingPoint personal loans
Finder Score: 3.3 / 5: ★★★★★
Bankrate logo
7.99% to 35.99%
Not stated
$2,000 to $36,500
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
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Customer reviews

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.

ProviderBBB ratingTrustpilot rating
LightstreamA+ rating, with 1.38-star rating out of 52 reviews1.5-star rating out of 81 reviews
SoFiA+ rating, with 1.47-star rating out of 349 reviews4.5-star rating out of 8,754 reviews
OppLoansA+ rating, with 4.41-star rating out of 442 reviews4.5-star rating out of 3,557 reviews
Possible FinanceB rating, with 4.51-star rating out of 340 reviews4.5-star rating out of 689 reviews
AvantA+ rating, with 1.08-star rating out of 285 reviews4.6-star rating out of 29,214 reviews
LendingTreeA+ rating, with 1.38-star rating out of 99 reviews4.5-star rating out of 12,316 reviews

How short-term loans work

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.

How to compare small, short-term loans

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:

  • Interest rate. The rates you’re eligible for largely depend on your credit score. And the shorter the loan, the higher your interest rate is likely to be. It may be wise to prequalify with lenders first to get realistic estimations on how much it’ll cost you to borrow.
  • Extra fees. Lenders may charge fees like origination fees, prepayment penalties, administration fees or late fees. But some lenders don’t charge these extra fees at all, such as SoF, which can mean huge savings.
  • Ask about discounts. Most lenders offer an autopay discount, usually getting you a 0.25% interest rate discount. Other typical discounts include student, military or relationship (for current customers).
  • Hardship options. Hard times can hit anyone, so it’s worth asking a lender if they offer deferment plans in case you run into a tough financial situation in the future.
  • Flexible repayment plans. Ask whether you can choose your due date or have the option to move your payment due date. A few lenders may allow for bi-monthly payment plans as well, which could save you on interest.
  • Lender reputation. If a lender has multiple BBB alerts, a history of FTC complaints or an overwhelming number of negative reviews, it might be time to look for an alternative lender.

How to prequalify for a short-term personal loan

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:

  • Good credit score, 670+
  • Debt-to-income ratio below 43%
  • Full-time employment or enough monthly income to repay loan
  • No active or recent bankruptcies
  • Active bank account
  • At least 18 years old, in most states

Read more on personal loan eligibility requirements

How much do short-term loans cost

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.

Should I avoid payday loans?

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.

Alternatives to short-term loans

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.
Some alternatives to short term loans include:

  • Extend the loan a little. It’s a simple solution to high monthly payments. Additionally, longer loan terms tend to qualify for lower interest rates, but know that extremely long loan terms may cost more in the long run despite a lower rate.
  • Home equity products. If you have a home with at least 20% equity, then a home equity loan or home equity line of credit (HELOC) could be an affordable borrowing option. Just know that the home is collateral on these loans, so tread carefully.
  • Cash advance apps. There are multiple cash advance apps available, some with monthly membership fees. However, most apps have borrowing limits up to $250, but cash apps don’t charge interest — just extra fees.
  • Credit card cash advance. You can use an existing credit card at an ATM to withdraw a cash advance up to your available credit limit, but it may be wise to do this only if your rate is lower than other borrowing methods. There are credit cards with 0% introductory rates, though. Compare the best credit card offers of the year.
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Editor, Banking

Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio

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