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

Apr 28, 2023 | Loans

Do you need to borrow cash but can’t get a traditional loan because of bad credit? A short-term loan for bad credit may be the ideal solution to your scenario. But, what are the best short-term loans for bad credit when so many options are available?

What is a Short-Term Loan for Bad Credit?

A short-term loan for bad credit is a financial product that lends cash to a person whose credit score usually prevents them from receiving a traditional loan. The borrowed funds under the loan’s terms provide a fixed amount of money to be repaid quickly, usually between 1-6 months of receiving the funds.

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. So which loans are the best for those with bad credit?

What Are the Best Short-Term Loans for Bad Credit?

Here are three of the best short-term loans for bad credit.

Emergency Loans

An emergency loan is a short-term loan designed to cover unexpected expenses that fall outside your budget in an emergency. Most of these products don’t have any restrictions on what they can be used for. Still, they cater to those requiring money fast to remedy an urgent situation.

A jar full of money for an emergency short-term loan

Typically, emergency loans are used to cover the following:

  • Medical expenses
  • Car repair bills
  • Emergency household costs

This short-term loan 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 cash. It’s a handy resource should there be an emergency and you might be short of funds.

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. 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.

Applicants do not need a good credit score, meaning they can apply for a payday advance without concern that bad credit will keep them from the funds they need. Should a person find themselves short of cash when their next paycheck is a while away, this short-term loan can be of real benefit.

Personal Loans

Why is an instant personal loan, or instant loan, one of the best short-term loans available? Lenders will 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.

That means you’re free to use the borrowed money as you wish, where applicants will face no credit checks and no inquiries that the cash is being used for its intended purpose. Typical uses of an instant personal loan include:

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

Again, there are no restrictions on using funds for this short-term loan, meaning it’s one of the more popular options. The amount available to borrow is usually limited to a few thousand dollars, where payments with interest must be made on the agreed terms.

People getting a personal short-term loan

So, where can you apply for one of these short-term loans with bad credit?

Who is the Best Short-Term Loan Provider?

Minute Loan Center is one of the best options in the nation for the best short-term loans for bad credit, as listed above. Applicants can check their eligibility without taking a hit on their credit score.

Rest assured that no credit check takes place in the application process.

Applying takes a few minutes and has a high success rate, with *97% of all applications approved.

To apply, you’ll only need to:

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

There are plenty of reasons why thousands of customers have enjoyed our experience, so come on down to one of our locations or contact us and become one of our satisfied customers!

Discover More About Applying for a Short-Term Loan with Bad Credit

If you’d like more information or to check your eligibility to apply for a short-term loan with bad credit, contact us to get everything you need.

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

Written by Antonie Meeker

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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