Are you strapped for cash but can’t get a traditional loan because of bad credit? A short-term loan could help you resolve the situation. Short-term loans are easier to get when you have a poor credit history, and since you pay the loan quickly, they can help to rebuild your credit history. But, with so many offerings for people with bad credit in the market, how will you choose the best one?
Read on to learn how you can assess and apply for personal loans for people with bad credit and get instant approval online.
What Are Short-Term Loans for Bad Credit?
A short-term loan designed for people with poor credit is a financial product that lends cash to a person whose credit score prevents them from receiving a traditional loan. Under the loan’s terms, the funds borrowed are to be repaid quickly, usually between 1-12 months of receiving the funds, although the exact term varies between lenders. A short-term loan is best for covering unexpected expenses like car repair, medical bills, or other personal expenses.
What Are the Best Short-Term Loans for Bad Credit?
The top three loan options for bad credit are:
1. Emergency Loans
An emergency loan is a short-term personal loan designed to cover unexpected expenses that fall outside your budget in an emergency. Although it’s technically a personal loan, it serves a different purpose than the regular loan. Typically, emergency loans are used to cover unexpected medical expenses, car repair bills, and emergency household costs. But, lenders do not have restrictions on what you can use the funds for, so you can get them to cater to any financial need that requires quick addressing. The APR and repayment terms of the emergency loan often depend on your credit history and credit score.
In your review of emergency loan offerings, beware of payday loans, often marketed as emergency loans. Payday loans are risky, with exorbitant interest rates going up to 400 percent. So, carefully evaluate lenders’ offers for personal loans for bad credit and only opt for proper emergency loans, especially those that can give you instant approval online.
2. Payday Advances
We’re seeing some of the most significant price rises in modern history. They’re happening faster than our budgets can keep up, and you may need a quick financial fix here and there. When it comes to short-term loans for bad credit, Payday advances offer employees looking for additional cash to use before their check comes in, especially those with difficulty accessing other loan types due to having poor credit. Employers typically offer payday advances, but you can also get them from online lenders. Be careful not to apply for a payday loan in place of a payday advance loan.
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 traditional 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
Where To Apply For Short Term Loans For Bad Credit
Minute Loan Center has earned its reputation as the best provider of personal loans for bad credit with instant approval online. Our loans have fair APRs and are easy to repay, with the aim of helping our customers through periods of financial difficulty and needing a quick financial solution. We do not look at your credit score in your application, and you’re more likely than not to qualify for a Minute Loan Center short-term loan.
Sign up to create your VIP Member loan account and make your application today. Applying takes a few minutes and has a high success rate, with *97% of all applications approved. We only have a few requirements, including:
- Be a US resident over 18
- Have an active bank account
- Show proof of income
For more information on short-term loans for bad credit, contact us, and our customer service representatives will respond to you promptly.
Kevin brings over 15 years of experience in marketing, with a specialized expertise in growing online businesses. As the Director of Marketing at a leading FINtech company, he employs innovative strategies to enhance brand visibility and customer engagement. Kevin’s passion lies at the intersection of technology and finance, where he pioneers solutions that not only meet but exceed consumer expectations. His commitment to leveraging his expertise ensures impactful results and the building of lasting relationships in the digital landscape.
