Best Short-Term Loans in December 2024

Save money by paying off your loan in less than three years

Checking rates won’t hurt your credit score

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
Privacy Secured  |  Advertising Disclosures
 
Avant: Best short-term loans for fair credit
Avant logo
LightStream: Best for customer satisfaction
Lightstream logo
PenFed: Best small short-term loans
PenFed logo
PNC Bank: Best loans with shortest repayment term
PNC logo
SoFi: Best quick short-term loans
Sofi logo
Upstart: Best short-term loans for bad or no credit
Upstart logo
+
More Options

Short-term loan lenders at a glance

Best short-term loans for fair credit

(2,682)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

(2,682)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

9.95% - 35.99%

$2,000 - $35,000

24 to 60 months

Up to 9.99%

As soon as the next business day

Pros
  • Available to borrowers with fair credit
  • Highly rated mobile app for account management
  • Offers approval in minutes
  • No fees for paying off loan early
Cons
  • Other lenders offer lower rates
  • Charges an upfront fee
  • $25 late payment fee
  • Not available in all states

What to know

+

Avant is the best short-term lender for fair credit because it offers short loans to borrowers with scores as low as 550. If you want an even shorter loan, you can pay off your Avant loan early without paying fees called prepayment penalties. Plus, Avant’s mobile app allows you to adjust your due dates, enroll in autopay and sign up for payment reminders.

If you have good or excellent credit, you’ll likely qualify for better rates with another lender. Note that Avant does charge late fees and an upfront loan processing fee called an origination fee.

Read our full Avant personal loan review.

How to qualify

+

To get a loan with Avant, you’ll need to meet the following minimum requirements:

  • Residency: Not available to residents of Hawaii, Iowa, Maine, Massachusetts, New York, Vermont or West Virginia.
  • Administrative: May need to submit bank statements, pay stubs or tax documents to prove your income. Avant may also call your employer to verify your employment.
  • Credit score: 550

Best short-term loans for customer satisfaction

(356)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

(356)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

7.49% - 25.29% (with autopay)

$5,000 - $100,000

24 to 84 months

Loan Term Disclosure

Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $25,000 loan at 7.49% APR with a term of 3 years would result in 36 monthly payments of $777.54. © 2024 Truist Financial Corporation. Truist, LightStream and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

None

As soon as the same day

Pros
  • Rate Beat program and satisfaction guarantee
  • Low rates
  • No fees
Cons
  • Must have good or excellent credit to qualify
  • Can’t see rates without applying
  • Can’t change monthly due date

What to know

+

Few lenders offer more customer satisfaction guarantees than LightStream. LightStream will beat any competitor’s loan offer by 0.10 percentage points, and it’ll send you $100 if you aren’t satisfied during the first 30 days of your loan (stipulations apply to both offers).

LightStream repayment terms start at 24 months. But if you need a shorter loan, don’t sweat — you can pay off your LightStream loan early without worrying about prepayment penalties. Note that LightStream only approves borrowers with at least good credit, and you can’t check your rates without submitting a formal loan application.

Read our full LightStream personal loan review.

How to qualify

+

LightStream doesn’t specify its exact credit score requirements, but you must have good to excellent credit to qualify. Most of the applicants that LightStream approves have the following in common:

  • At least five years of on-time payments under a variety of accounts (credit cards, auto loans, etc.)
  • Stable income and the ability to handle paying their current debt obligations
  • Savings, whether in a bank account, investment account or retirement account

Best small short-term loans

(14)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

(14)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

8.99% - 17.99%

$600 - $50,000

12 to 60 months

None

As soon as the next business day

Pros
  • Offers loans as small as $600
  • Offers joint loans
  • Can check rates without damaging credit
Cons
  • Must become a member to get a loan
  • $29 late payment fee

What to know

+

If you need a small loan, PenFed Credit Union offers loans starting at $600 and repayment terms as short as 12 months. Borrowers looking for even shorter loan terms should note that they can repay their loan early without PenFed charging prepayment penalties.

PenFed Credit Union is an excellent alternative to a payday loan because it offers small short-term loans with much lower interest rates. Note that you have to join PenFed to take out a loan, but it’s easy to become a member.

Read our full PenFed personal loan review.

How to qualify

+

To qualify for a PenFed loan, you must meet the following requirements:

  • Membership requirements: PenFed membership (anyone can join)
  • Administrative: Open a PenFed savings account with $5 deposit; may need to submit documents to verify your identity and income

Best loans with shortest repayment term

(14)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

(14)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

7.89% - 24.74%

$1,000 - $35,000

6 to 60 months

None

Same-day funding if you visit branch

Pros
  • Loans as short as six months
  • Low rates
  • No upfront fees or charges for paying off loan early
Cons
  • Vague eligibility requirements
  • Can only borrow up to $35,000 (many lenders offer $50,000 or more)
  • Not available in all states

What to know

+

PNC Bank offers repayment terms starting at six months, making it the best choice for saving on interest with a very short loan. Borrowers with excellent credit can take advantage of PNC’s low starting rates, and you won’t pay a fee for taking out a loan or for paying off your loan early.

PNC Bank doesn’t specify what credit score you’ll need to qualify for a loan. You can only take out up to $35,000 with PNC, which may not be enough to cover your expenses.

Read our full PNC personal loan review.

How to qualify

+

PNC Bank considers the following when deciding whether to approve you for a loan:

  • Residency: PNC offers loans in Alabama, Arizona, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Missouri, North Carolina, New Jersey, New Mexico, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Wisconsin, West Virginia and Washington, D.C. Restrictions apply to loans in New York, Connecticut and Tennessee.
  • Credit history
  • How long you’ve been employed
  • Citizenship

Learn more about personal loan requirements and how lenders like PNC make approval decisions.

Best quick short-term loans

(97)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

(97)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

8.99% - 29.99% (with discounts)

Pricing Disclosure

Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. 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 and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of 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 0%-7%, which 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.

$5,000 - $100,000

24 to 84 months

0.00% - 7.00% (optional)

As soon as the same day

Pros
  • Get money as soon as today
  • Competitive interest rates
  • No late payment fees
Cons
  • Charges upfront fee for lowest rates
  • Must borrow at least $5,000
  • Not available to borrowers with bad credit

What to know

+

SoFi offers quick loans — it gives same-day funding to the majority of applicants (with the exception of debt consolidation loans). SoFi loans don’t come with late payment fees or prepayment penalties, meaning you can pay off your loan early if you want an even shorter loan.

You’ll pay an upfront origination fee to get SoFi’s lowest annual percentage rates (APRs). And if you need a small loan, choose another lender. SoFi’s loans start at $5,000, and you should only borrow as much as you need.

Read our full SoFi personal loan review.

How to qualify

+

You must meet the requirements below in order to get a loan from SoFi:

  • Age: Be the age of majority in your state (typically 18)
  • Citizenship: Be a U.S. citizen, an eligible permanent resident or a non-permanent resident (a DACA recipient or asylum-seeker, for instance)
  • Employment: Have a job or job offer with a start date within 90 days, or have regular income from another source
  • Credit score: 680

Best short-term loans for bad credit

(16,894)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

(16,894)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

7.40% - 35.99%

$1,000 - $50,000

36 or 60 months

0.00% - 12.00%

As soon as the next business day

Pros
  • Available to people with bad credit
  • Low rates for borrowers with excellent credit
  • Customer service available seven days a week (excluding major holidays)
Cons
  • May charge high upfront fee
  • Only two repayment lengths offered
  • Charges 5% of past due amount or $15, whichever is greater for late payments

What to know

+

Upstart considers more than your credit score, funding applicants who have been denied for other loans. Upstart’s AI-powered algorithm evaluates your education, income, employment status, financial history and identity.

But Upstart’s bad-credit loans don’t come cheap — rates go up to 35.99%. And Upstart charges upfront loan processing fees as high as 12%, when other lenders don’t charge an origination fee at all.

Read our full Upstart personal loan review.

How to qualify

+

Upstart has transparent eligibility requirements, including:

  • Age: Be 18 or older
  • Administrative: Have a U.S. address, personal banking account, email address and Social Security number
  • Employment: Have a job or job offer that starts within six months, or have regular income
  • Credit-related factors: Debt-to-income (DTI) ratio no higher than 50% (45% in Connecticut, Maryland, New York and Vermont), no bankruptcies within the last year, fewer than six inquiries on your credit report in the last six months and no current delinquencies
  • Credit score: 300

What is a short-term loan?

A short-term loan is a personal loan that takes between six months and three years to pay back. You can apply for short-term loans online.

Short-term loans generally come with higher minimum monthly payments than long-term loans, but you’ll typically save money on interest with a short loan.

Pros and cons of short-term loans

Like any financial product, short-term loans come with pros and cons. Here’s what you need to know:

ProsCons

  Save money. The shorter your term, the less interest you’ll pay over the life of your loan.

  Lower interest rates. Personal loans with shorter loan terms typically have lower interest rates.

  Less time in debt. Taking out a short-term loan means you’ll be in debt for a shorter period of time.

 Higher monthly payments. Since you’ll have less time to spread out your balance, your monthly payments may be higher.

 Limited availability. Not all lenders offer short-term loans.

 Risky. Short-term loans come with higher monthly payments. If you lose your job or have an unexpected expense, you may not be able to make your full loan payment.

loading image

 Pro tip: Make any loan shorter

If you want to take out an ultra-short loan but don’t want to pay predatory interest rates, get a loan with a lender that doesn’t charge prepayment penalties. You can pay your loan back as quickly as you want without worrying about penalty charges.

How to get a short-term loan with bad credit

It’s possible to get a bad-credit short-term loan. You can improve your odds by taking these steps:

  1. Check your credit score. Checking your credit score before applying for a loan will help you weed out the lenders that require better credit.
  2. Make on-time payments. Your payment history is the most significant factor in how your credit score is calculated. While you’re applying for loans, start to improve your credit by making your current payments on time.
  3. Pay down existing debt. Many lenders look at your DTI ratio to predict whether you’ll be able to pay back your loan. Your DTI ratio compares how much money you make to the amount you spend. Lenders typically consider a DTI ratio below 35% “good.” If yours is 43% or higher, pay down some of your current debt.
  4. Target bad-credit lenders. If you don’t meet the personal loan requirements for most lenders, consider lenders that specialize in bad credit. You’ll face higher interest rates, but you may find a willing lender using this tactic.

LendingTree Tool Get free credit score insights

Your credit score is more than just a number — it will make or break your ability to get a loan. Check your score for free with LendingTree Spring. You can even test scenarios, like how taking out a short-term loan will affect your score.

Short-term loans to avoid

A short-term loan can help you out of a financial bind, but watch out for predatory rates and fees. To avoid being taken advantage of, beware of short-term loans that:

 Don’t require a credit check

 Have an APR above 36%

 Come with prepayment penalties

 Have a repayment period that lasts days or weeks instead of months

 Have negative feedback on the Consumer Financial Protection Bureau’s complaint database

If your short-term loan comes with any of these red flags, choose another lender if at all possible. Predatory loans will leave you worse off financially than you were before taking out the loan.

Other types of short-term loans

Many people turn to other short-term loan options when they need quick access to money. While the following loans are convenient and easy to qualify for, you’ll pay for that convenience with expensive fees, high interest rates and very short repayment periods.

Whenever possible, choose an emergency loan or a hardship loan over the following options.

Type of loanWhat is it?BenefitsDrawbacks and risks
Paycheck advance from employerBorrowing part of your next paycheck from your workplace
  • No credit check
  • Don’t have to fill out an application
  • Your next paycheck will be smaller
  • Employers can charge fees or interest
Paycheck advance appBorrowing a couple hundred dollars from a lender using an app
  • No credit check
  • Don’t charge interest
  • Due when you get paid
  • May charge fees
Cash advance from credit cardUsing your credit card to withdraw cash from an ATM — the amount you take out will be added to your credit card balance
  • Convenient
  • No credit check
Pawn shop loanTemporarily giving a valuable item like jewelry to a pawn shop in exchange for cash
  • Convenient
  • No credit check
  • Risk losing your item if you can’t make payments
  • Pawn shops offer around 25% to 60% of what your item is worth
  • Charge expensive fees
  • Loan due in 30 days
Car title loanTemporarily giving a lender your car title in exchange for money
  • No credit check
  • Risk losing your car if you can’t make payments
  • Expensive — comes with high fees and interest rates
  • Lenders will only give you 25% to 50% of your car’s value
Payday loanTaking out a small short-term loan with rates as high as 400%
  • No credit check
  • Expensive fees and high interest rates
  • Usually due when you get paid

How we chose the best short-term loans

We reviewed more than 30 lenders to determine the overall best short-term personal loans. To make our list, lenders must offer personal loans with a minimum term between six and 36 months. The lender must also offer competitive APRs. From there, we prioritize lenders based on the following factors:

  • Accessibility: Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
  • Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.

According to our comprehensive rating system, the best short-term loans come from Avant, LightStream, PenFed Credit Union, PNC Bank and Upstart.

Frequently asked questions

It’s harder to qualify for an affordable short-term loan with a credit score below 580, but some lenders are willing to loan to bad-credit borrowers at higher rates. The higher your rates, the more money you’ll pay for your loan.

Traditional lenders have repayment periods that span from six months to several years, while payday loans tend to be due in a few weeks. Choose a traditional lender whenever you can, since payday loans come with high interest rates that make the loan extremely expensive.

On-time payments build your credit as long as your lender reports your payments to the credit bureaus. On the flip side, late loan payments hurt your credit.
 
Ask your lender whether it reports payments to the credit bureaus before you take out your short-term loan, and consider signing up for autopay so you don’t accidentally miss a payment.