What are the best short-term installment loans? This question is about Best Installment Loans of June 2023

The best short-term installment loans are from Oportun because the company offers loan amounts of $300 - $15,400 with repayment periods of 6 - 46 months. Oportun also has APRs of 10.07% - 35.95% and a funding timeline of 1 - 2 business days. Best Short-Term Installment Loans Oportun: Loan amounts of $300 - $15,400 with repayment periods of 6 - 46 months and APRs of 10.07% - 35.95%. Integra Credit: Loan amounts of $500 - $3,000 with repayment periods of 6 - 18 months and APRs of 99% - 300%. Jora Credit: Loan amounts of $500 - $4,000 with repayment periods of 8 - 30 months and APRs of 99% - 349%. OppLoans: Loan amounts of $500 - $4,000 with repayment periods of 9 - 18 months and APRs of 59% - 160%. PenFed Credit Union: Loan amounts of $500 - $50,000 with repayment periods of 12 - 60 months and APRs of 7.74% - 17.99%. LightStream: Loan amounts of $5,000 - $100,000 with repayment periods of 24 - 84 months and APRs of 7.99% - 25.99%. Additionally, during your search for the best short-term installment loan, you should consider some alternatives. Using a credit card or asking for a small loan from a friend or family member may actually work better in a lot of situations. Also, keep in mind that if you get a conventional loan, you can repay the loan sooner than required, often without penalty. If you still think a short-term installment loan is best for you, check out WalletHub's top picks for the best short-term loans and estimate your rates with our free pre-qualification tool.

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What are the best short-term installment loans?

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This question is about Best Installment Loans of June 2023

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Grace Enfield, Content Writer

@grace_enfield • 02/15/22 This answer was first published on 02/15/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The best short-term installment loans are from Oportun because the company offers loan amounts of $300 - $15,400 with repayment periods of 6 - 46 months. Oportun also has APRs of 10.07% - 35.95% and a funding timeline of 1 - 2 business days.

Best Short-Term Installment Loans

Oportun: Loan amounts of $300 - $15,400 with repayment periods of 6 - 46 months and APRs of 10.07% - 35.95%.
Integra Credit: Loan amounts of $500 - $3,000 with repayment periods of 6 - 18 months and APRs of 99% - 300%.
Jora Credit: Loan amounts of $500 - $4,000 with repayment periods of 8 - 30 months and APRs of 99% - 349%.
OppLoans: Loan amounts of $500 - $4,000 with repayment periods of 9 - 18 months and APRs of 59% - 160%.
PenFed Credit Union: Loan amounts of $500 - $50,000 with repayment periods of 12 - 60 months and APRs of 7.74% - 17.99%.
LightStream: Loan amounts of $5,000 - $100,000 with repayment periods of 24 - 84 months and APRs of 7.99% - 25.99%.

Additionally, during your search for the best short-term installment loan, you should consider some alternatives. Using a credit card or asking for a small loan from a friend or family member may actually work better in a lot of situations. Also, keep in mind that if you get a conventional loan, you can repay the loan sooner than required, often without penalty.

If you still think a short-term installment loan is best for you, check out WalletHub's top picks for the best short-term loans and estimate your rates with our free pre-qualification tool.

Answer Question

What is a short-term loan?

A short-term loan is a type of loan that requires full repayment within a a year or less, sometimes weeks or months. The best short-term loans offer low minimum APRs and a wide range of dollar amounts, and some lenders do not charge an origination fee to get a loan.

However, there are a few types of short-term loans that you should avoid, like payday loans and auto title loans.

Short-Term Personal Loans

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What are the different types of installment loans?

The main types of installment loans are personal loans, mortgages, home equity loans, car loans, student loans and credit-builder loans. Each type of installment loan has different requirements, APRs, fees, payoff periods, and amounts of funding. Some are also used for specific purposes.

Types of Installment Loans

Personal loans

Personal loans are installment loans that can be used for nearly anything. They typically range from $1,000 to $100,000, with payoff periods of 12 to 84+ months,...

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What are three common types of loans?

Three common types of loans are personal loans, auto loans and mortgages. Most people buy a home with a mortgage and new cars with an auto loan, and more than 1 in 5 Americans had an open personal loan in 2020.

There are a number of differences between these types of loans, including what they're used for, loan amounts, APRs, payoff periods and collateral required. But one thing most loan types have in common is that...

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