Best Short Term Loans: Top 4 Online Installment Loans for Bad Credit & No Credit Check 
Uncertainties are part of life. Itâs all fun and games until your car needs repairs and the insurance company tells you that they canât cover for it. Or when you need money to make renovations to your home but you are on a strict budget.
This is where short-term loans come into play.
You can borrow a short-term loan to deal with unexpected and untimely costs. A short-term loan is comparatively easier to get, and you will have to pay lower interest. Of course, the interest rate depends on your credit score, repayment period, and other factors.
Undoubtedly, short-term loans are a great option to have in times of need, so we have put together a list of reliable options for you to keep handy!
4 Best Short Term & SameDay Loans For Bad Credit
- Money Mutual: Best No Credit Check Loan
- Bad Credit Loans: Best To Improve Your Bad Credit Score
- CashUSA: Instant Loans With Guaranteed Approval
- Personal Loans: Get Your Personal Loans Approved In No Time
#1. MoneyMutual : Best No Credit Check Loans
If you have to pay your childâs school fee, finance repair of your car, or quickly clear a bad credit score, then the first name to pop up in your mind should be Money Mutual. The team at Money Mutual works hard to ensure that customers get the loan in less than 24 hours. This feature makes money Mutual convenient because you can pay for your expenses as soon as they are incurred.
To apply for a short-term loan, you have to fill a couple of online forms. These forms will altogether take five minutes to complete, since they are straightforward and ask for basic information. Remember that accuracy is the key. The chances of your request getting approved increases when you put accurate information.
If you are thinking about how small are the small loans, then here is the answer. You can get up to $5,000 at Money Mutual. But if you donât want an amount this high, then you can apply for smaller loans. The smaller the amount, the lower the interest rate charged. So, just apply for the amount of money you need.
Using Money Mutual, you wonât have to wait in long queues or hide your face out in public. The online setting has made it easier for you to apply for loans and receive them at the comfort of your home. All you need is a laptop and a reliable internet connection.
As mentioned above, interest rates at Money Mutual vary according to the loan amount, your financial standing, and your repayment period. Similarly, the loaning terms vary. This is why you should thoroughly read the terms and conditions that will apply.
Terms and conditions will help you understand the rules that you have to abide by. However, suppose you are confused regarding a certain term or feel like the term contradicts the information provided by the company. In that case, you should contact the customer care agents at Money Mutual.
The agents will reach to you as soon as possible and cater to your problems. However, if you canât find an agent at your preferred time, you can use the inbox option on Money Mutualâs Facebook page.
Convenient to find a loan
Some years back, finding a short-term loan meant spending hours at the bank, waiting in long queues, and wasting time. All of this was done just to check if the person was eligible to take the loan.
However, it is not the same with Money Mutual; the brand ensures that the customer is quickly connected to a lender. Moreover, the easy application process ensures that the customer can apply for a loan right away with a minimum origination fee.
Before applying for a loan at Money Mutual, make sure you meet its eligibility criteria. The criteria for Money Mutual is that you should be 18 years or above, a US citizen, earn at least $800 per month, and have a checking account at the bank.
At Money Mutual, you can get a short-term loan even if you have bounced a check or been through different credit hassles. You can learn more about Money Mutualâs short-term loan here.
- The application form is easy to fill
- Easy monthly payments
- You can get up to $5000
- Loan request gets approved within 24 hours
- Money Mutual does not provide services in New York
#2. Bad Credit Loans : Best To Improve Your Bad Credit Score
Bad Credit Loans was founded in 1998 to provide financial assistance to people with a bad credit score. In addition, the company has tried to help people with their emergencies and served over 750,000 customers to date.
The process to apply for a loan is quite simple. Once you land on the Bad credit Loan website, you will find directions to apply for a loan. The application form is easy to fill, and it barely takes a couple of minutes.
The team at Bad Credit Loans reviews your form and connects you with suitable lenders. These lenders provide you with your desired loan. Furthermore, the company ensures that your request is approved within 24 hours.
The interest rate at Bad Credit Loan varies from 5.99% to 35.99%. This depends on the kind of loan you want, loan amount, repayment time, and your min credit score. You will be charged with a lower interest rate if you opt for a short-term loan.
Remember that Bad Credit Loans is not a lender. Rather, it is a medium that connects you to a lender. So the interest rate and repayment time is determined by the lender you choose. In addition, finding a lender doesnât mean you have to settle for him or her. Instead, you can review the lenderâs terms and conditions before accepting the offer.
A wide range of services
Bad Credit Loans offers more than just loan. The company participates in different charity programs and other related events. Moreover, Bad Credit Loans has carried out thorough research on how to spot scams. As a result, the company has provided the Scam Alert on its websites free of cost.
Moreover, the platform educates users on how to spend money, when to request a loan, and how to budget income and expenses to repay a loan on time.
Convenient application process
You wonât feel confused using Bad Credit Loanâs website. The website guides its users to ensure smooth navigation. You will find directions to follow after you sign up.
Moreover, you donât have to worry if the company canât connect you with a lender. Bad Credit Loanâs website runs different ads for lenders that you can connect with. You donât have to worry about these lenders, since the platform doesnât share your information with them. Instead, the company just shares your contact with those lenders to help them reach you.
- Customers can easily find a loan
- The customers receive each lenderâs information to compare and choose the best one
- The company promises privacy and security of information
- The website is operational 24/7
- Credit repair services at bad credit loans might boost your credit score
- Customers have to meet the eligibility criteria to get a loan
#3. CashUSA : Instant Loans With Guaranteed Approval
CashUSA is another website offering short-term loans to customers with bad credit scores. If you are willing to use CashUSA, you should visit their website and sign up for their services.
Donât forget to read the terms and conditions before proceeding further. A lot of people ignore the terms and conditions and get stuck with bad offers. Make sure you do your research first to get the best deal possible.
If you are fine with the terms and conditions, you can fill out the online form to apply for a loan. CashUSA does not charge its customers, so you wonât have to pay anything to fill out the form. In addition, the online form is secured using industry-standard encryption. So, your personal information will stay safe with CashUSA.
Once your loan request is approved, CashUSA connects you to a lender. The lenders at CashUSA provide loans between $500 and $10,000. Moreover, the interest rates range from 5.99% to 35.99%. The lender sets the interest rate once the amount of loan and repayment time is decided. You can negotiate the interest rate if you think the rate is too high.
CashUSA steps out once the company connects you with the lender. As a result, customers can directly deal with the lender. This saves time and lets you directly define the terms with the lender. Moreover, the lenders at CashUSA are required to provide complete disclosure to customers before making any deals.
According to customer reviews, most of the users of CashUSA are happy using this website because of its timeâeffectiveness. Mostly, the website takes some minutes to approve the short-term and personal loans. And once the loan is approved, your lender will transfer money to your checking account in less than 24-hours.
The time of repayment varies depending on the lender and the amount of money borrowed. The floor for repayment is 3 months which can go up to 72 months. The repayment period is part of terms and conditions.
You have to meet the eligibility criteria to be able to apply for the loan. CashUSA has the most relaxed criteria, which states that you should be 18 years or above, at least $1000 per month, and have an email address and phone number.
CashUSA promises to protect its customersâ identity and information at all costs. In addition, the company works actively to secure the identity of those visiting CashUSAâs website.
CashUSA shares its customersâ personal information with the lender to ensure smooth lending. However, the information is disclosed only for business purposes. As a part of CashUSAâs contract, the lender has to protect the information.
If you are still skeptical, you can read more on our use of your personal information. This section will help you feel relaxed and protected.
Fast and convenient
The company tries to approve your request as soon as possible. Once your request is approved and connected with a lender, you will get the loan in one business day. You can speed up the process by gathering all the important information beforehand.
Educational resources for customers
CashUSA has a lot more to offer than just loans. The company educates its customers on how to make decisions regarding loans. Moreover, its website has multiple valuable educational resources that customers can read free of cost.
- Fast approval process
- Best loans for people with bad credit history
- The company is known for its secure transactions
- Offers multi-purpose loans
- Services are limited to citizens of the US
#4. Personal Loans: Get Your Personal Loans Approved In No Time
Personal Loans is another safe place for you in terms of improving your bad credit score. You can find different kinds of loans using the companyâs website. Moreover, services at Personal Loans are free of cost. Not just this, but the platform is famous for its speedy services.
One of the surprising facts about Personal Loans is that the company can find you a lender and transfer money to your account in the time it takes for others to approve your loan request. So, if you donât have enough time, you know where to go.
Their website is designed to perfection. Personal Loans website is easy to use and highlights every feature to make it easy to find your way. Moreover, the website is encrypted with advanced software to ensure security.
At Personal Loans, you can get from $500 to $35,000. Furthermore, the platform offers multi-purpose loans to its customers. This means you can get a loan for any event or occasion without having to pay an extra origination fee.
Lenders here charge interest rates between 5.99% and 35.99%. Moreover, you can repay your loan in 3-72 months. If you decide to repay your faster, you will have lesser interest to pay. But donât sign up for making big monthly payments if you donât have big earnings. You donât want to default on your monthly payments just because you wanted the debt off your shoulders.
Simple to use
The application form is straightforward, fast, and easy to fill. After completing a few simple steps, Personal Loans will pass your information to multiple lenders to help you find a loan.
Moreover, Personal Loans also shares your basic information with third-party lenders who might offer quick loans to you. Third-party lenders usually help when no other lender is willing to make an offer.
Once you find a lender and accept the offer, you will receive funds into your checking account within 24 hours.
You donât need to have an emergency or meet an accident to get a loan from them. This company ensures that everyone with a financial need finds a lender. So whether you have to go on a trip or refurnish your room, you can apply for a loan at Personal Loans.
What makes it better is that Personal Loans donât charge any extra fees for multi-purpose loans. Moreover, there are no requirements other than the standard eligibility criteria.
- A huge network of lenders
- The best platform especially for getting an instant personal loan
- Offers multi-purpose loans
- The interest rate charged is market competitive
- Quick services
- Charges higher interest rate if you take longer to pay off your loan
How we made the list of Short Terms Loans With No Credit Check & Guaranteed Approval?
Firstly, we compiled the list of the most popular short-term loans available in the market. Now that short-term loans are in high demand, their supply has increased as well. This resulted in a very long list of companies for us.
Then, we browsed through the internet and looked at each authentic source to find customer reviews. Customer reviews provide important information that isnât available elsewhere. These reviews help understand whether the companies are genuine or not.
After looking at reviews, we paid attention to the time it takes for different companies to provide loans to their customers, the eligibility criteria, and the interest rates range. Based on these factors, we started shortlisting companies that met our standards.
However, this wasnât enough. So, we looked at different articles and reports to find the best short-term loans. In addition, we explored each best short-term loan network along the process. This helped us shortlist the four best short-term loans platforms that you will need during times of desperation.
While looking at customer reviews, eligibility criteria, and fees, we looked at multiple other factors, including:
- Terms and conditions of short-term loans with bad credit.
- The amount of time it takes for the customer to fill the form and receive a loan.
- What is the maximum repayment time.
- Transparency of information throughout the process of acquiring the loan. Whether the customer knows the interest rate, repayment time, and terms and conditions.
- Whether the company lend to someone with a credit score as low as 600.
- How easy it was for customers to find a lender.
- The companyâs reputation.
- Whether the companyâs website is updated and features important information.
- The fees charged by each company.
After closely reviewing each factor, we came down to the four best short-term loan providers. You can use their services to meet unexpected expenses without worrying about high-interest rates or strict terms and conditions. Scroll down to learn more about these companies.
Short Term Loans: Buying Guide
Before applying for a loan, make sure you plan on how to spend it. The last thing you want to do is run out of your borrowed money. Just donât let the happiness of getting a loan ruin your peace of mind in the future. Therefore, you should list down everything important to spend at.
Furthermore, before applying for loans, donât forget to do your research. During an emergency, you are most likely to rush and accept the first offer you receive. However, this offer might cost you the highest.
One of the biggest benefits of short-term online loans is that you can compare different websites, their charges, penalties, the interest rate charged by lenders, and more. So donât let this opportunity go away.
You are more likely to be charged with penalties if you have a bad credit score. In addition, you can be charged if you donât make monthly payments on time. Sometimes, you are even charged when you have a low balance in your account because the low balance portrays a low ability to repay. So, the companies charge you extra since they are risking their funds.
Moreover, the additional fee could be in the shape of an origination fee. Every lender has different charges and different percentages of fees, so you should opt for the one with the lowest charges.
In addition, consider the interest rate at each lender before accepting the loan offer. If you are here because you have a bad credit score, most companies are more likely to charge you a high interest rate. Therefore, choose the lender with the most flexible interest rate.
If you are new to short-term loans, you need to understand the importance of terms and conditions. Terms and conditions might be easy to ignore while updating software on your phone. However, if you skip reading terms, then you might land in trouble.
Terms and conditions tell about the lenderâs policies. For example, a lender can charge you comparatively lower interest. But that could be at the cost of lower repayment periods. So, it is advised that you read everything before finalizing the offer.
In addition, remember that every website claiming to be the best isnât actually the best. Some of them are scams, so it is better to avoid them. You can identify scams by the upfront fees, phone offers, state registrations, and reviews. You can read more about how to avoid scams here.
If a company promises to charge you a low-interest rate against an upfront fee, the company is most probably scamming you. Similarly, if you get phone offers from a company, the chances are that the company isnât genuine.
Before accepting the loan offer, considers factors like:
- Funding time
- Terms of repayment
- Eligibility criteria
- Fees charged by the company
Each lender has different requirements. For example, some of them charge a low-interest rate, whereas others give higher time to repay. So, choose the lender who suits your needs.
Remember that you donât have to borrow a big amount just because your desired company offers that amount. Instead, borrow the amount of money you need to benefit from a lower interest rate.
FAQâs About Short Term & Instant Loans
Q. What is a short-term loan?
The term short-term refers to the time of repayment. Mostly, short-term loans have to be paid off in a year. The features of a short-term loan are the same as any other loan. You have to pay the monthly interest till the maturity of your loan. Upon maturity, you have to repay the loan amount.
Short-term loans are usually unsecured loans. While borrowing unsecured loans, you donât have to give any collateral. Credit cards and personal loans are an example of an unsecured loan. However, the lender is more likely to approve your unsecured loan if he believes that you will be able to repay the loan amount on time or you have a good credit score.
You can apply for a short-term loan for different purposes like a family trip, wedding costs, medical expenses, and more. The benefit of the short-term loan is that this kind of loan is easier to get approved and requires lower interest payments.
The reverse of a short-term loan is an installment loan which is to be paid after a year.
Q. Can I get a short-term loan with bad credit?
Just because you have poor credit doesnât mean you canât enjoy different loans. The companies that we have reviewed above will help you financially despite your bad credit. So yes, you can get a short-term loan if you have bad credit.
Remember that you are not the only person with bad credit. And there are a lot of lenders out there willing to lend to the ones with bad credit. So apply for a loan where the terms and conditions are suitable for you.
Finding ideal short-term loans for bad credit is the same as shopping for clothes. So, do your research and check each resource before settling for one. Many of the short-term loan networks have easy terms and low rates that you can avail of.
Q. How long do I have to wait to receive money once my request is approved?
The amount of time varies from company to company. But most of them ensure speedy funding. So, they try to connect you to a lender within 24 hours. Then, after you are connected with a lender, and your request is approved, the lender transfers money in one business day.
However, this isnât true for every company. Some of them might take between 4-7 days before the loan amount is transferred to your account. The delay usually happens when you apply for the loan on the weekend or national holiday.
One of the benefits of online lending is that they ensure quick services. You donât have to wait at a bank for hours or days before you get your approval. As a result, the process is shortened down. As a result, filling the form, submitting it, getting it approved, and receiving funds has become quicker and easier.
Q. Is my short-term loan going to affect my credit rating?
There is a misconception that short-term loans reduce the credit rating. Short-term loans will not negatively affect your credit rating if you make timely monthly interest payments and repay the amount on time.
However, different rating agencies calculate ratings employing different ways. So, some of them might not consider a short-term loan in a positive light. But, usually, a short-term loan doesnât affect a personâs credit score. So, apply for the loan now if you want to.
Q. How do I calculate monthly interest payments on my short-term loan?
Different websites provide loan calculators. You can use them to calculate interest payments by inserting the borrowed amount, repayment period, and interest rate. However, if you donât find this calculator, then you can always talk to your lender regarding payments.
Lenders are obliged to disclose all the information and make everything clear to the customer. So, if you want your lender to tell you about the monthly payment, donât hesitate and ask him. The lender will calculate it for you and inform you.
You can also get an idea about the interest payments using the website of personal loans. The website features an example section where you can look at the calculation of monthly interest payments.
Q. How am I supposed to repay my short-term loan?
The process of repayment depends on your lenders. Most of the networks provide repayment instructions in terms and conditions.
If you think about whether you will have to make the repayment physically, then you are mistaken. Most lenders have online systems where you can repay the loan using your bank account. However, if this method isnât feasible for you, you make a phone through the phone. Then, all you have to do is contact your lenderâs agent.
Most of the loan companies have outsourced the repayment procedure to third parties. So, some of them might ask you to pay using an electronic fund transfer. This is easy to use. Moreover, EFT will automatically make a payment on your behalf every month.
Payment procedure varies from website to website. You can apply at a website that uses a payment procedure that is convenient for you. Or you can request your lender to change the payment procedure. If the lender has the option, then your payment procedure is likely to change.
Q. Should I worry if I miss one of the payments?
The first thing you should do is contact the customer service team to let them know about the problem. If the team isnât helpful, then you should directly approach the lender. The lender might understand and allow you to make one or two late payments.
Make sure you are honest with your lender. For example, if you have difficulty making payments on a certain date, you should convey the issue to your lender. He might be considerate enough to set a new date for you.