Best Short-Term Loans

Some examples of short-term loans are personal loans, payday loans, auto title loans, and refund-anticipation loans. Each type of loan can offer quick repayment periods, often as short as a few weeks, but some can only be used for specific purposes.

Examples of Short-Term Loans

• Personal loans. Some personal loans have repayment periods as short as 6 months. Plus, personal loans hardly ever charge pre-payment fees.
• Refund anticipation loan. A refund anticipation loan is secured by your expected annual tax refund so you can get quicker access to funds instead of waiting for your full tax refund. You can apply for a refund anticipation loan through a professional tax preparation service.
• Bridge loan. A bridge loan is a temporary loan that you can take out before you get a larger loan or longer-term loan. They're typically used in real estate transactions. For example, they can be used to purchase a new home before you sell your old home. These loans have repayment timelines of 6 months to 1 year and are usually backed by collateral.  
• Payday loans. Payday loans typically have repayment periods of 2 to 4 weeks and fees equivalent to an APR of 400%+. They should be avoided.
• Auto title loans. Auto title loans let you borrow money against the value of your car. They typically have to be repaid within 30 days. If you don't repay the loan, you risk losing your car.
• Pawn shop loans. Pawn shop loans let you bring in items and get a portion of their value in return. If you don't repay the loan within a certain amount of time, typically a few months, the shop can keep and sell your items.
• Loans from friends or family members. You may be able to get a short-term loan from a friend or family member. They may offer more flexible terms than a major lender.

You should also consider some alternatives when researching short-term loans. For example, one alternative to getting a short-term loan is simply to use a credit card. You could make a normal purchase or do a cash advance. A cash advance is an expensive way to get cash quickly, thanks to a high interest rate and cash advance fee.

If you're set on getting a short-term loan, check out WalletHub's picks for the best short-term loans and estimate your rates with our free pre-qualification tool.

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 5.99% - 24.49%.

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.

The best short-term loans with no credit check are from OppLoans because the company offers repayment periods of 9 - 18 months, loan amounts of $500 - $4,000, an APR range of 59% - 160% and no origination fee. Since OppLoans does not do a hard pull of your credit history when you apply, the loans are fairly easy to get.

Best Short-Term Loans with No Credit Check

If you want to see more of the top-ranked offers, check out WalletHub's picks for the best short-term loans overall and estimate your rates with our free pre-qualification tool.

During your research, you should also consider some alternatives. For example, getting a loan from a friend or family member or using an easy-to-get credit card may work better for you.

On the other hand, you may see payday loans advertised as short-term loans with no credit check, but you should avoid them. Payday loans often have fees equivalent to an APR of 400% or higher.

The best short-term loans that you can get online from a direct lender are from LightStream because the company has loan amounts of $5,000 - $100,000 and a repayment period as short as 24 months. LightStream also handles the full loan process, from reviewing applications to collecting monthly payments, in all states. Most other short-term online loans are only from direct lenders in certain states.

Best Short-Term Loans Online From Direct Lenders

To learn more, check out WalletHub's picks for the best short-term loans overall. Then, you can estimate your potential rates with the free pre-qualification tool on WalletHub.

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

Personal loans are your best option if you're looking for a short-term loan. These loans can be used for almost anything, and they have APRs as low as 2.49%, minimum term lengths as short as 6 months and funding as soon as the day you apply.

To see what lenders may approve you and which rates may be available to you, check out the free pre-qualification tool on WalletHub.

Short-Term Business Loans

Short-term business loans are a little different than short-term personal loans. They offer a wide range of loan amounts and have repayment periods of up to 18 months, but they also typically have a higher APR and may require more frequent payments. Some lenders require payments to be made daily or weekly, but the payments are usually smaller than a normal monthly payment.

Short-Term Loans to Avoid

Payday loans

Payday lenders offer very expensive, short-term loans. These loans are usually small ($500 or less), and you have to pay them back within a few weeks. Lenders will typically charge outrageous fees, equivalent to a 400%+ APR.

Auto title loans

Auto title loans are secured by the title of your car - the document that grants you ownership of the vehicle. The lender will give you a portion of the car's value upfront, and you're expected to repay the loan within 15 to 30 days. If you don't repay the loan, you risk losing your car.

Pawnshops

Pawnshops allow you to bring in your items and get a portion of their worth in return. You then have to repay the money with interest within a certain amount of time to get your items back. If you don't repay the loan, the shop will take ownership of the items and sell them.

Ultimately, unlike payday, auto-title, and pawn-shop loans, a short-term personal loan can be great if you have temporary borrowing needs and the ability to repay the loan quickly. If you're ready to start comparing loan offers, check out the top-ranked short-term loans on WalletHub.