Short term loans are nothing but loans that you can take from banks and then pay it back with in a shorter time period which may be around one year or less. Not just the pay back duration is faster but also the time in which the loan is processed by the banks is much faster than long term loans. Many a times you may get these loans in just few hours or it may take a day or two. Also a person who has a bad credit history can apply and get this loan sanctioned as the bank might just over look your credit history while providing a short term loan. Short term loans may be referred to as short term finance or short term installments loans because they can be paid back in monthly installments.
Eligibility criteria for applying for short term personal loans
- The applicants need to be employed
- The monthly income of the applicant should be of a minimum amount, the amount varies from bank to bank
- Ability of the individual to provide all supporting documents also stands as a major factor.
Here are some of the best lenders of short term personal loans in the market-
Prosper is one of the best in the market when it comes to lending short term personal loans. It requires a minimum Experian credit score of 640.They will also consider other factors to give you a shot at a better interest rate. It may take a week or two for this lender to process your money.
Another good option for you to seek for personal loan that is for short term basis is the Lending Club which is a popular lender. It is a bit more lenient with credit scores, requiring a minimum of 600, but a bit stricter with other criteria such as debt-to-income data. The lender also charges check processing fees.
Wells Fargo is another good choice that you can make for having a short term personal loan. It is a well-established and an old bank, and so it is highly reliable. But you cannot apply online for loan from this bank.