Why Do You Need a Short-Term Online Loan?

There are a variety of reasons you might need a short term online loan. You could be a small business owner who needs to cover payroll that month, or you may have had a unique opportunity fall into your lap that you just can’t miss out on. Either way, short term online loans are meant to assist you in a variety of situations and be the ideal solution for whatever financial circumstance you find yourself in.

Two Types of Loans

In the world of personal short-term loans, there are two types of loans from which you can choose: payday loans and installment loans. Short Term Loans offers both options to customers who find themselves stuck with pressing and unexpected financial expenses. The loan types differ in two important ways, which are:

  • The amount of money you can borrow upfront. We offer loans from $100 to $3,500. The limit for a payday loan is lower than an installment loan.
  • The schedule on which the loan must be paid back. Payday loans need to be paid more quickly than installment loans.

Payday Loans

The first type of short term personal loan is called a payday loan. This type of loan is often preferred by people who are looking for a simple cash advance on their upcoming payday. Sometimes, an unexpected financial expense can’t wait until your next check! When you need to pay a pressing bill, replace an important item, or pay for car repairs—a payday loan can buy you the time you need to make things right.

Though the upfront maximums vary from state to state, the maximum you are allowed to take out at one time in Illinois is either $850, or 25 percent of your monthly gross income. For these types of loans, you will have to pay back the required balance in between the next 13 to 30 days.

Installment Loans

The other type of personal short-term loan is an installment loan. Unlike payday loans, which are repaid in a single sum, installment loans spread smaller payments out over a period of time. This option may be a better solution if you need to borrow more than you can afford to pay with a single paycheck. 

With this type of loan, you can take out up to $3500 at one time. However, your month-to-month payments can’t be larger than $1,000 or 22.5 percent of your monthly gross income. If you take out an installment loan, you will be required to pay back the required balance on your bi-weekly paydays.

What Are Your Best Options?

The best short term loan for you will vary depending on your personal financial situation and preferred repayment schedule. How much money do you need to borrow in order to alleviate your financial gap? When is the most realistic time for you to repay that loan? These are important questions to consider when evaluating the best personal short term loans online. Being able to answer these questions will help you decide which is the best option when it comes to evaluating short term loans online.

How Can I Get Short Term Cash Loans Online?

At Short Term Loans, we make it easy to get the best short term loans online you need to push through tight financial situations. Our application process only takes a few minutes to complete and asks for basic information about your income and employment. 

Through our process, it is relatively easy to get a short-term cash loan online, and you often only need to meet the following requirements:

  • Receive some form of regular monthly income
  • Have more than $1,000 coming in each month
  • Have a checking account in good standing
  • Be at least 18 years old

Most short-term cash loan online applications are designed to be easy to complete, and it is rare they take longer than 10 minutes to do so. Once you are approved for your loan, you can pick up your cash the same day from any Western Union location or wait until the next day to have the funds deposited in your checking account. If you chose our instant funding option, your debit card or pre-paid card will be funded almost immediately after your application is approved.

Where Can I Find the Best Short-Term Loans Online?

It’s important to choose a company that makes the process as easy as possible for you when looking for the best short term loan provider. If your car needs repairs, you have bills to pay, or some other expense has come up—the last thing you need is a lender who makes the process needlessly complicated. 

At Short Term Loans, we’ve streamlined our application and funding options so that customers can focus on what matters most to them. If you’re looking for friendly customer service and fast turnaround times for getting your cash, there is no better place to turn than Short Term Loans. We’re here to serve you in your time of need, no matter what your financial situation is.