Short-term Loans
Short-term loans are designed to enable people to borrow small amounts of money in a short time period without the extensive requirements of traditional financing options for longer-term loans. They are used to help borrower’s pay unexpected expenses that they are unable to pay otherwise. Even though they charge a higher interest rate, short-term loans, such as a "personal loans," have grown in popularity because they can provide a convenient way to obtain needed money without the traditional financing process, requirements and qualifications.
Short-term loans only last for a short period of time and can be offered as a 2 - 4 week loan or a 6+ month “installment” loan. The loan amount varies based on loan type and lender, but is generally between $200 - $2,500. Borrowers that have a good history of paying off their short-term loans with the same lender can be approved for loan amounts beyond $2,500. Short-term loans such as “personal loans” are meant to provide immediate cash financing to solve immediate needs or emergencies. They should not be considered a long-term solution.
Personal loans do not require collateral to secure the loan. This means you don’t have to use your property to be approved for the loan. Short-term lenders will evaluate the information provided on applications, such as the one used on this site, to decide if they can offer the requested loan. These applications collect information about the borrower, including some employment information, such as a work number, how long employed and pay frequency.
Key characteristics of short-term loans:
- Faster processing with online applications
- No (or minimal) physical interaction to complete the process
- Approved online cash loans are deposited or sent to the borrower right away
- Borrowers can set automatic repayments to avoid penalties
- Some short-term loans can be made without checking the borrower’s credit history so bad credit is ok
There are several options available for short-term loans as listed below. You can use ConnectFinance to determine which is the best loan type for you, then connect with a lender that can provide that type of loan. Start by entering your information in the top right hand corner of the page to learn which type of short-term loan is best for you.
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A "personal loan" is a financial product that provides consumers with a low amount, short-term cash loan. These loans are typically 2-3 weeks in duration and are not based on the borrower’s credit. Using a simple application, like the one on this website, personal loans provide borrowers with a financial option for quickly acquiring the money they need to cover small unexpected expenses.
Installment loans are very similar to online personal cash loans in that it's a lending product that enables consumers to quickly acquire money needed to pay for immediate, and often, unexpected expenses. However, an installment loan is repaid over time based upon a set number of scheduled payments, instead of one lump sum like a personal cash loan.
Auto title loans, also referred to as car title loans or cash title loans, are a type of secured loan where the borrower can use their vehicle title as collateral. Borrowers must allow a lender to place a lien on their car title, and temporarily surrender the hard copy of their vehicle title, in exchange for the loan.
A line of credit loan is an online cash loan where credit is extended to individuals to be used as needed over a period of time. It uses a debit card to provide the credit, which the consumer uses for purchases.
A line of credit loan is an online cash loan where credit is extended to individuals to be used as needed over a period of time. It uses a debit card to provide the credit, which the consumer uses for purchases.
