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The Best Short-Term Loans for Bad Credit [Brief Guide]

Apr 27, 2024 | Loans

Do you need to borrow cash but can’t get a traditional loan because of bad credit? A short-term loan may be the solution for you. But where can you get a loan with a low credit score, and how would you choose the best credit lender? 

In this article, we discuss short-term loans for persons with bad credit, the types of loans they can apply for, and the best lender for low credit scores in the United States market. 

What is a Short-Term Loan for Bad Credit?

A short-term loan designed for persons with bad credit is a financial product that lends cash to a person whose credit score prevents them from receiving a traditional loan. The loan has a short repayment period, 1-6 months, and like other short-term loans, is for relatively small amounts of money. 

The short-term loan is ideal for those who need fast cash to cover unexpected expenses and can repay the borrowed amount with their next paycheck. Today, these loans are not as expensive as before when lenders had to cushion themselves with high-interest rates. Lenders assess the security of the loan from your employment history, finances, and loan affordability, and when approved, you get the loan at an affordable APR. 

Before we answer the question, “Where can I get a loan with a credit score?,” let’s see the types of loans designed for persons with bad credit.  

The Best Loan Options with a Low Credit Score 

The top three short-term loans for bad credit are: 

1. Emergency Loans

Glass jar of coins marked emergency sitting on a bed of other coins

An emergency loan is a short-term loan designed to cover urgent, unexpected expenses that fall outside your budget. Typically, emergency loans don’t have any restrictions on what they can be used for, and you can direct the money to any expense needing your attention urgently. 

Emergency loans are used to cover the following:

  • Medical expenses
  • Car repair bills
  • Emergency household costs

This short-term loan for bad credit usually has payment terms that see the amount borrowed repaid on your next payday, meaning you won’t need a good credit score to apply and receive the funds. 

2. Payday Advances

A payday advance is a short-term loan that provides an applicant with additional cash to use, to be repaid with interest on their next payday. We’re seeing some of the most significant commodity price rises in modern history. They’re happening faster than our budgets can keep up and most people are needing an advance to get them to the next pay date. 

If your question is, ‘Where can I get a loan with bad credit to cover my expenses till payday?,’ this is one good option. Applicants do not need a good credit score because the entire loan is deducted from the next pay. 

3. Personal Loans

This loan type made it to this list, and there’s a good reason for it. Lenders do put no restrictions on how the borrowed funds can be used and will only require the borrower to meet the payment terms set out in the application. For this short-term loan for bad credit, Minute Loan Center does not conduct credit checks.  

You’re at liberty to apply for a personal loan and use the funds however you wish. Typical uses of an instant personal loan include:

  • Debt consolidation
  • Topping up finances
  • Building credit
  • Additional vacation expenses
  • Small household improvements

This type of loan is popular because it avails a larger amount of funds depending on your qualifications, better than other short-term loan options. You could get up to a few thousand dollars and use the money for considerable household payments.

Where To Apply For Short Term Loans For Bad Credit

Company executive sitting across the desk from a couple shaking a hand

This section finally answers the question many applicants ask, “Where can I get a loan with a low credit score?”

Get your short-term loan from Minute Loan Center. We are the best credit lender in the United States, offering loans to customers of all financial tiers, including those with bad credit. Create an account and check your eligibility without taking a hit on your credit score. Also, rest assured that we do not conduct credit checks in the application process.

Applying takes a few minutes and has a high success rate of *97%. To apply, you’ll only need to:

  • Be a US resident over 18.
  • Have an active bank account.
  • Show proof of income.

Thousands of customers have enjoyed their credit experience with us, so come on down to one 

of our locations or contact us from our website to become one of our satisfied customers. Apply for short-term loans for bad credit today!

*The 97% approval rate is a result of research conducted in 2021.

The information provided is for informational purposes only and is not a substitute for professional financial advice. You should consult a credit counseling professional concerning the information provided and what should work best in your financial situation. And any action on your part in response to the information provided is at your discretion.

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