Short Term Loan Lenders

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Short term loans can be availed when banks or other financial institutions reject your loan application because of low credit score or other reasons. Usually, this type of loan must be paid back within a year or within a few months. Payday loans are also considered a short term loan. When you’re tired of being rejected by multiple financial institutions, you may be forced to resort to a payday loan or a short term loan.

But be forewarned, short term loan has a higher interest rate. This is because a short term loan has a higher risk. Regardless, we cannot expect good things all the time. And in one way or the other, everyone is compelled to apply for a short term loan. If you’re facing a crisis in your financial life, and you’re looking to apply for a payday loan, here are your options.

$400 - 50,000
Bad credit
Approval rate
High approval rate
Deposit time
In some cases
Type of service
$500 - 10,000
Bad credit
Approval rate
High approval rate
Deposit time
In some cases
next day
Type of service
« Show more alternatives »

Where can I find short term loan lenders?

Everything has become so easy in this digital world of ours. And this even includes getting a loan. Even if you don’t have a good credit history, you can find a lot of online lenders who will gladly approve your application for a short term loan. There is no need for paperwork or go to the offices to submit your loan application. It requires a few clicks, read their terms and conditions, agree to it, and submit your application for a short term loan.

However, as simple as it may sound, it’s not that easy. You have to put a few things into consideration before you sign up for it. For instance, you need to equip yourself with all the information regarding the type of loan you’re applying for. This means you have to do a bit of research, compare the interest rates, and get to know their policies.

You’ll also have to make a solid plan with regard to the loan repayment, how you plan to make the payment, and how many months do you need to make the full payment. Also, consider how much money you need and how you’re going to use the loan money. By following a well sorted out plan, you make it easier to pay off the loan, and you’ll also get to see your expenses and your revenue more clearly. Most importantly, it allows you to clear your debts without incurring a lot of interest comfortably.

There are quite a good number of sites that allow you to choose the lenders simply by entering the loan amount you’re looking to apply. It’s best to use those sites as it makes it easy to find an ideal loan based on your needs.

Requirements for short term loans.

All lenders require you to qualify certain eligibility criteria in order to avail a short term loan. Below are the requirements for a short term loan that most lenders require you to have.

  • You must be 18 years or older.
  • You must be self-employed or salaried with a minimum monthly income of $2000. In some cases, $800 is also acceptable
  • Proof of income, such as bank statement/ social security statement, etc
  • Valid ID proof such as a passport or a driver’s license
  • A bank account that is currently in US

Difference between a direct lender and a connector.

There is a significant difference between direct lenders and connectors.

  • Direct lenders are the ones, who scrutinize the loan application, and distribute the fund. Connectors, also known as matcher or brokers, are those who work as a link between the applicant and the lender. To put it simply, connectors try to find clients for the lenders, and when they succeed in doing so, they get a compensation fee.
  • Direct lenders provide a quicker and easier service. This is mainly because they can make quick decisions, and they have the power to accept or reject the applicant’s loan request.On the other hand, connectors have to deal with various institutions or organizations to find a loan. This is why the loan process is usually longer with the connectors.
  • Your personal information is also safer with direct lenders because they are the ones who make the decision and pay the cash; your financial information is not passed to any other companies or institutions. The bad side is that they offer fewer options when it comes to loans, and their approval rates are pretty low.
  • If you can find a connector or a broker who does not charge fees (which is a rare find), that would be great. The best thing about working with connectors is that they will do all the work for you. So basically; the only thing you have to do is fill up an application. Another good thing about connectors is that they will get you a loan by any means, sometimes even across states.

As you can see, both direct lenders and connectors have merits and demerits. If you’re looking forward to applying a higher amount of loan, but your credit score is bad, finding a good connector would be the best solution.

Although you may have to pay the brokerage fees, it’s a good investment considering the time and resources you get to save.


  • The greatest of the short term loan is that it is not secured, which means putting up collateral is not required to avail the loan. So, even if you end up committing a default on your loan, you won’t be losing your property.
  • Short term loans are quite flexible as most lenders are open for negotiation. You can negotiate with the lenders about the repayment period and the interest rates.
  • Payday loans can be accessed or availed quickly. If you’re lucky enough, you may even get the money on the next day after submitting your loan application. In short, it can help you cover certain urgent financial needs, thus avoiding further damage or complication.
  • Generally, short term loans have a repayment period of not more than 12 months. Unlike other loans that have up to 10 to 15 years, you won’t have to suffer for so many years trying to pay off the loan.


Short term loans can be beneficial, especially when you’re broke, but it comes with a few downsides.

  • First of all, short term loans are known for having higher interest rates. So this means you have to pay extra dollars every month until you have fully paid off the loan.
  • Another disadvantage of the short term loan is that the penalty fees are very high. If you miss your payment, you’ll be forced to pay the late fines.
  • A payday loan is not a long term solution. No matter how well you plan it, a loan will always remain a loan which means, you’ll be carrying more debt.


As stated earlier, you may be forced by circumstances to apply for a short term loan in one way or another. But there is no need to be stressed if you’re in a similar situation. It’s not going to be very bad. Many financial advisors think that the only way to stop yourself from keeping your hands off payday loan money is by saving at least 10 dollars a week as an emergency fund.

Quick Stats

Highest AmountHonestLoans - $50,000

Loan Terms up toQuickLoanLink - 7 years

Recommended income$2,000+ per month

Grace Chen
Article written by

Grace Chen

Grace Chen has 10 years of experience in the financial field and have been delivering excellent business content through her articles.

Grace graduated from the Haas School of Business, University of California and is currently the chief editor of Communicate Better where she has written and edited thousands of articles published in various media.