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Short Term Loans

At iPaydayLoans, we can quickly partner you with one of several short term loan lenders that will be able to help you find short term loans near me that can be applied for online, approved and deposited in your account as soon as the next business day.

How Much Do You Need?

Want to borrow more than $5,000? Click here!

What Is a Short Term Loan?

In simple terms, short-term loans are a form of borrowing that comes with a short repayment period, which in most cases tends to be limited up to a year. And depending on the lender, these loans can range from a few hundred to a few thousand dollars, which can be repaid in installments. They also tend to be widely available and easily accessible, as you can often apply for short term loans online. Plus, they also come with a wide variety of options to choose from, such as payday loans and cash advances.

And since most short-term loans tend to come unsecured, this means that you don’t have to put up any collateral. This makes them an ideal option for covering unexpected expenses like car repairs or medical costs, as well as utility bills during those times that you find yourself short on cash. The only downside is that they can often come with high interest rates, but the benefit of these loans is that even if your credit score is poor, most short term lenders are still willing to consider your application, as long as you can prove that you are financially capable of repaying the borrowed amount on time.

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Types of Short Term Loans

Merchant Cash Advances

Merchant cash advances are a type of short term loan where you essentially borrow against your future sales and make your repayments with a portion of your daily credit card sales or by initiating weekly transfers from your business account. The repayment period on these loans can usually range from 4 months up to 18 months. And while these short-term loans can be easy to obtain, the downside is that their high interest rates tend to make them a big risk.

Lines of Credit

Lines of credit are one of the best short term loans due to their high level of affordability and flexibility. These are an ideal option to consider, especially if you aren’t sure how much money you need to borrow because regardless of you using part or all of it - you will only need to repay what you spend, including interest. Plus, you will usually be able to pay back the amount borrowed in installments or in a lump sum, depending on what you prefer.

Payday Loans

Short term payday loans can often be applied for online and if approved, you can expect the money to be deposited in your account in as little as 24 hours. This makes them an ideal option when you need access to cash quickly to deal with unexpected expenses. The downside is that they are high interest loans that not only require you to make a full repayment by the time your next paycheck clears, but can also come with a 400% APR or more.

Installment loans

Installment loans are short term cash loans that typically allow you to borrow a small lump sum quickly and can be used to pay for a wide variety of purchases. And unlike short term payday loans, these loans come with predictable repayment periods and lower interest rates. This in turn ensures that you are always in control of how much you owe each month, as well as when your payments will be due.

Invoice Financing

Invoice financing is a great short-term loan option that involves borrowing money using business accounts receivables as a form of collateral, which is essentially the unpaid invoices of customers. The lender will usually charge interest based on the number of weeks those invoices remain outstanding, which means that if your customers pay what they owe quickly, it can often prove to be an affordable short-term finance solution.

Loans for 18-Year-Olds

If you’ve just turned 18 and need urgent cash, you can apply for a short-term loan with no credit history. Unlike students’ loans provided by the government, these short-term loans for 18-year-olds do not have strict requirements for students and are easier to be approved for. With higher interest rates and short repayment terms, however, you should consider if you can repay the loan on time to avoid any damage to your credit.

Advantages and Disadvantages of Short Term Loans


One of the biggest benefits of short-term loans is that since they can be applied for, processed and approved online, they usually come with fast turnarounds, which means that the money you borrow can be deposited in your account, as soon as the next business day. This makes them an ideal financial solution should you need to pay for some unexpected expenses. And unlike traditional loans, they don’t require long-term commitment, as they can be as short as 90-day loans, which means that the total amount of interest you will need to pay is often significantly less.

Moreover, most short term lenders don’t need you to put up collateral, be it your car, house or any other valuable asset you own. Furthermore, even if you have a poor credit rating, these loans are easy to apply for and also come with a relatively easy qualification process, in part due to the fact that most lenders are usually more interested in you being able to show that you have a steady source of income and can afford to make your repayments on time.


The downside with taking out online short term loans is that since they don’t require collateral, they tend to only come in small amounts, which means that unlike traditional bank loans, they can’t be used to make large purchases. Moreover, they usually come with higher interest rates than other lending options, which can end up increasing your financial burden. Plus, if you were to default, they usually come with high late payment fees and penalties. As such, it is always essential that you take your time to fully understand the terms and conditions being offered by short term lenders and that you only apply for an immediate cash advance when you have the means to cover it.

How to Apply for Short Term Loans Online?

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    Get Started

    The benefit of applying for short term loans online is that the application process tends to be fairly easy and straightforward. And one of the best ways to get started is by using our online broker service, which allows us to quickly match you with one of several short term lenders in our network that will be able to offer you fast approval and even have the money deposited in your account in as little as 24 hours.

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    Get Connected

    All you need to do is fill out an application form that won’t take you longer than a few minutes to complete. After submitting the application, the panel of expert lenders will then review your form, conduct affordability checks, verify your employment status, and make a decision. You will be able to compare offers to find the one that not only has competitive rates, but also offers repayment terms that are best suited to your financial situation.

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    Get Funded

    Once you’ve made your decision on which short term personal loan offer to accept, you can expect the money to be credited as soon as the next business day, generally through direct deposit. However, do keep in mind that this can sometimes vary depending on the lender.

How to Qualify for a Short Term Loan?

Most lenders’ decisions are swayed by two main factors: credit score and verifiable income. The first factor is important because having a healthy credit rating is what convinces a short term lender that you’re a trustworthy borrower. Secondly, it can often help you qualify for favorable terms and interest rates, saving you a significant amount of money over the life of your loan. However, having a poor credit score doesn’t mean that you can’t qualify for a short term loan, either. It just means that you will most likely be offered lower loan limits and higher interest rates due to the increased risk on the lender.

The second factor is where lenders will seek to verify that you can actually afford to borrow an ESL personal loan. And this requires you to present proof of income in your application by submitting your bank statements to show that you can actually afford to make your repayments on time. You should also make sure that you carefully consider as many short term lenders as you can before taking out any high interest loans. Luckily, with iPaydayLoans, you can easily compare short term loans online and choose a suitable lender in a matter of minutes.

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  • 1. When to consider a short term loan?

    Even if you have a good habit of managing your money well, there are times when an unexpected expense can suddenly put you in a very precarious financial situation. However, there may also be a chance that securing a loan from a bank may take too long or you may have a poor credit score which is limiting your borrowing options. And in such instances, taking out a short term personal loan can prove to be an effective financial fix, even if it means taking on higher interest rates and fees.

  • 2. How to choose a short term loan?

    Short-term loans can often prove to be a very helpful financial solution for a wide variety of situations. However, in order for you to secure an immediate cash advance that will help you fix your financial problems and not put you in an even deeper hole, you will need to take into consideration the reputation of the lender in question, their interest rates and fees, their late payment fees and penalties, as well as the repayment terms on offer. And the benefit of using iPaydayLoans is that you can compare different lenders until you find one with a suitable offer that best suits your case.

  • 3. How can a short term loan affect your credit?

    Much like traditional loans, short term loans can also affect your credit rating, and much like any double-edged sword, it can either have a positive or negative effect. This is because these loans can help you establish a track record for making on-time payments and this in turn can help you to raise your score for the better. The downside is that it goes both ways because if you miss a payment or default on the loan, there is a high chance that your credit score will take a dive for the worst. Moreover, there are some short term lenders that may conduct a hard check on your credit, and each time that happens, it shows up on your credit report and causes your score to dip. As such, it is always important that you carefully consider your options, before applying for a short term loan.

  • 4. How to get a short term loan with bad credit ?

    The good thing about applying for short term loans is that most lenders are still willing to consider your application even if you have a poor credit score. However, in order to secure one, you will usually need to show proof of income that verifies your ability to repay the loan amount that you are looking to borrow. It is also important to keep in mind that while having a bad credit rating will not stop you from being considered for a short term personal loan, the lower your credit score, the higher the interest rates and fees will be because of the increased risk for lenders.

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Compare Short Term Loan Offers Now!

Take your first step to securing short term loans by using our website to compare suitable short term lenders who will be able to provide you with an instant decision on your application. And the best part is that you can still get yourself an immediate cash advance even with a bad credit score, so act now!

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iPaydayLoans is a company committed to connecting borrowers to hundreds of reputable online lenders to apply and get small-dollar payday loans quickly, easily, and securely, helping cope with life emergencies like paying medical bills, home, or car repairs, and so on.

Customer Note: A payday loan is traditionally used to help people borrow a small sum of money until the next upcoming payday. It's a short-term solution to cover unexpected expenses when people have no savings or deep pockets. Those who find themselves in a bind with their budget and want to refill it with credits should seek the advice of a professional financial assistant. A borrower also has to peruse local regulations related to a payday loan.

Availability: The service of this platform may not be accessible to people based in restricted states. Please check the local regulations to find out its availability in the area. Rules of this website are subject to change without notifications.

NOT A LENDER Disclosure: iPaydayLoans is not a lender but a broker and does not charge you any fees for our broker services. The lenders or other broker services we introduce to our customers through this website may pay us commissions if customers enter into a credit agreement with them.

Disclaimer: iPaydayLoans is not a lender, does not take applications or make loans or credit decisions. We are not an agent, representative or broker of any lender. We provide a service to connect you to a lender from our network. We do not control and are not responsible for any lender's actions or decisions.