Short Term Personal Loans
When it comes to getting money fast, short term personal loans are an option to consider.
Whether you need funds for an emergency or want to make a somewhat extravagant purchase and borrow the money to do so doesn’t really matter when it comes to personal loans. The items being purchased are generally not used to secure the loan as they would be for larger, longer term purchases like a home or automobile.
There are however a few things you should consider and compare when shopping around for the best possible short term personal loans to find the one most likely to meet your needs.
Interest Rates
While short term loans do not carry quite the length of repayment that a home loan carried, that doesn’t mean that the interest rate isn’t important. Loans that are made for a shorter duration often have a higher interest rate. Couple that with any credit hiccups or bumps in the road and a lower interest rate can add up to really big savings for you.
The interest rate on a loan determines the total cost of the loan. You will repay the amount you borrows plus the appropriate interest rate. That amount is multiplied over time and can really send the total cost of your short loan spiralling upward.
Credit History
The stronger and happier your credit history, the better the odds are that you’ll be approved for the short term personal loans you apply for and that you’ll have a reasonable rate of interest. On the other hand, bumps in the road can mean higher interest rates and the need for secured rather than unsecured loan.
The worse your credit history; the greater the likelihood is that you’ll be denied a short term loan in the current credit climate. Your best bet is to get your credit score in order and well in hand before applying for this type of loan if at all possible. If you are hope to re-establish your credit then a short repayment loan such as this can be a big help provided you are certain of your ability to repay the loan.
In the end, size matters most for many short term personal loans. The smaller the loan being applied for, the greater the odds are that you’ll be approved with some sort of security being required. Larger amounts however, may be inappropriate for short term repayments. Many lending institutions will not lend large sums of money without a long term repayment plan in place.
Featured Personal Loans
| Personal Loan | Details | Min Interest Rate | Min Comparison Rate | Min Loan Amount | Min Loan Terms | Apply Fee | |
|---|---|---|---|---|---|---|---|
 ME Bank Personal Loan | A low rate personal loan from ME Bank with no application fee for a limited time. | 13.59% | 13.81% | $5000 | 1 year | $0 |   |
 Aussie Personal Loan | A smart way to consolidate your bills to save time and money so you can pay for your holiday, a wedding or renovate the house. | 13.90% | 14.84% | $3000 | 1 year | $199 | |
 Sugar Money Personal Loan | Fixed rate personal loan with flexible options to get you funds when you need it. | 13.99% | 15.00% | $3000 | 2 years | $250 | |
 bankmecu Personal Loan | A convenient and fast way to purchase a car or debt consolidation with affordable rates and fees. | 13.49% | 14.55% | $1000 | 1 year | $150 | |
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