Can I Get a Short-Term Loan Online?

iQuanti: Online loans can be convenient if you need cash quickly. You can apply from the comfort of your home, and you may get the funds the same day you apply. But since there are so many options to choose from, you may be wondering which loan is right for you. Here are three short-term loans you can consider and what they're best used for.

Three short-term loans you can get online

Installment loans

With installment loans, you'll get a lump of sum of money that you can pay back in fixed monthly payments, or installments. These unsecured loans have repayment lengths that can last from a few months to a few years, depending on the lender and loan terms. You can apply and get approved for these loans online, and you may not need a great credit score to qualify.

Installment loans are a great short-term loan option if you need a larger sum of money, whether you need to pay for a home repair or want to go on vacation. If you get approved, you may receive your funds as quickly as the same day you apply or within 24 hours.

Cash advances

Cash advances are short-term, small-dollar loans that can get you cash to cover expenses before you get your next paycheck. You can then pay back this loan in two to four weeks, on your next payday. Many cash advance lenders consider factors in addition your credit score when deciding whether to approve you, like your income and employment history. Because of this, you may get approved with poor or fair credit.

Cash advances are good when you need quick cash, but remember that these types of loans can come with higher interest rates. Make sure you can pay back this loan before applying.

Title loans

Title loans are fairly common online, and a good way to score some extra cash without the pressure of immediate repayment. These secured loans let you use your car title as collateral to receive funds. After you fill out an application, the lender will appraise your car to determine how much it's worth. Then, you can receive a loan worth 25 to 50% of your vehicle's value.

Before you apply for a title loan, make sure you can pay it back. If you default, you may lose the title to your car and the lender can repossess the vehicle.

What you'll need to apply for a short-term loan online

Before you apply for a short-term loan, make sure you do the following:

  1. Have your photo ID ready: You'll need to upload your photo ID electronically for many loan applications. You may be able to scan it to a PDF on your computer or use the camera on your phone.
  2. Have your paystubs and W2 forms ready: These are documents you can upload electronically when the lender asks for proof of income. Have them ready before you apply.
  3. Have a valid email address and phone number: The lender may want to be able to contact you and you'll likely need to provide an email address when you sign up on their website.

Once you have all these items in place, you're ready to apply for an online loan.

Get a short-term online loan today

You don't necessarily need good credit to get a short-term online loan. There are many online lenders that will approve you with a poor or fair credit score. Research and compare lenders to find the right loan option for you.

Many online short-term loans come with quick application processes, so you may be able to apply in just a few minutes from the comfort of your home. If approved, you may receive the funds the same day you apply so you can cover expenses quickly.

Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.

Source: iQuanti, Inc: