- Personal Loans
- Payday Loans
- Home Loans
- Cash Advance
- Auto Loans
- Credit Cards
- Bad Credit Loans
Fast Cash in 3 Easy Steps
Apply for Loans Online
Finding Short Term Loans Online
Sometimes, people need a short term loan to help them get over a small financial crisis. Short term loans are taken out for a few weeks to a few months. Short term loans are sometimes called hit and run loans.
Finding short term loans online is very easy, quick and convenient. After a web search and a few minutes, you will have access to a number of short term loans. Most short term lenders will offer short term loans with a onetime payback. Some short term lenders will offer short term loans with short term installment payments.
Not all states allow short term loans and the states that do allow such loans regulate the loans. The regulations usually cap the interest rate that can be charged, the maximum loan amount that can be approved and the number of times a loan can be extended. The regulations were put in place for the protection of the borrower to make sure such loans do not cause additional financial hardship by becoming overwhelming to pay back. Short term loans usually come with higher interest rates that will be found with a standard bank or credit union loan.
Before signing on the dotted line with lenders that offer short term loans online, it is necessary to make sure the lender is a reputable lender. Currently, short term loans are not available in Wisconsin, West Virginia, Washington, D.C., Washington, Utah, South Carolina, Pennsylvania, Oregon, Ohio, New Hampshire, North Carolina, New York, Montana, Missouri, Maryland, Massachusetts, Maine, Kentucky, Kansas, Illinois, Idaho, Georgia, Colorado, Arkansas, and Arizona. If short term loans are offered in these states, they are being offered illegally and there may be no recourse if you have a problem with them.
If you reside in one of the states that outlaw short term loans, the web search will match you with a lender in your area with the best possible rates based on your criteria and credit status. There are some banks that offer a version of short term loans that are within the regulations imposed by the federal banking regulations. Approval may be more stringent than typical short term loans, but the interest rate will be somewhat higher than a standard bank or credit union loan.
Once the short term loan is found and you are sure the lender is somewhat legitimate and reputable, the application can be filled out and submitted by electronic means. Approval is usually quick and the loan will be transferred to your bank account, usually within 24 hours of approval. Credit score is usually not a consideration when applying for short term loans, making such loans accessible to almost everyone who needs a loan in a hurry.
The borrower will always have the opportunity to opt out of the loan if it is done within the appropriate time frame. Most lenders will give the borrower until 5 PM the next business day to accept the loan. Sometimes the time frame is before the money is transferred; sometimes the time frame begins the moment the money is transferred.