Short-Term Loans

Short-term installment loans — structured, predictable, still expensive.

Short-term installment loans split repayment across 3-12 months at a fixed monthly amount. APRs are lower than cash advances but still high — typically 35-99%. They're a better fit if you need more than a paycheck cycle to repay.

Read the FAQ
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Before you borrow

Three things to weigh first.

1

True cost matters more than monthly payment

A small monthly payment over many cycles can quietly cost more than the original loan. Always compute total interest, not just the per-payment number.

2

Check alternatives first

Credit-union small-dollar loans, employer paycheck-advance programs, and negotiating directly with creditors are often cheaper than any short-term loan product.

3

Have a payoff plan

Rollovers and re-borrows are how short-term loans become long-term debt. Borrow only what you can repay on the original due date.

FAQs

Short-term loans — what people ask

What's the difference between installment and cash advance loans?
Installment = fixed monthly payments over 3-12 months. Cash advance = single repayment on your next pay date. Installment is almost always cheaper per dollar borrowed because the total interest is spread over multiple payments rather than charged on a per-cycle basis.
What credit score do I need?
Many short-term installment lenders work with scores down to 500-580. Some (Possible, Oportun) consider applicants with no credit score at all. The trade-off: lower scores mean higher APRs.
Can I pay off a short-term installment loan early?
Almost always yes, with no prepayment penalty. Paying early saves significant interest. Check the contract — a few lenders calculate interest upfront and don't refund it for early payoff.
Will an installment loan help my credit score?
If the lender reports to all three credit bureaus (most do), on-time payments build positive payment history. After 6-12 months of clean payments, you may qualify for better products at lower rates.
How fast do funds arrive?
Typically next business day, sometimes same day for early-morning applications. Funding time depends on your bank — some banks process incoming ACH transfers faster than others.