Whether you are a first-time homebuyer or a seasoned borrower, having the right mortgage lender on your side can make all the difference. While it might seem like there are thousands of mortgage loan companies out in the market today, the truth is that not all of them offer quality service at competitive rates. To help you find the best short-term loan company for your needs, we’ve highlighted some of our favourite lenders below. Just because something is legal doesn’t mean it’s right. That rings especially true when it comes to taking out a short-term loan.
Many small businesses and individuals have trouble getting their credit card or bank loans approved because they don’t have credit history or collateral to show for previous short-term financial borrowings. On top of that, many organizations have rules against operating with unapproved business partners.
However, when it comes to taking out a short-term loan, most people are more than willing to break these rules if the deal is good enough – obviously not always! So which short-term loan companies do you need to know about? Let’s take a look at our top 5 short-term loan companies so you can zero in on the right one for your needs:
Earnest
If you’re looking for a short-term loan that’s backed by technology, then Earnest is a great place to start. This online lender takes a modern approach to the short-term lending industry, using big data, machine learning, and artificial intelligence to provide a computer-driven experience. That means you can apply for your loan and get a decision in just a few minutes – perfect for busy individuals or those who need to get a loan quickly.
The company also offers a range of flexible payment plans, including an option to repay your loan early without penalty. Earnest offers competitive rates across the board – especially for individuals with credit scores of 660 or higher. The company also has no prepayment penalty, which means you can repay your loan early without any extra charges. As another bonus, Earnest offers a built-in savings account that lets you earn interest on your short-term loan balance.
LendUp
If you’re looking for a short-term loan and want to go the extra mile to prove your financial responsibility, then LendUp is a great place to start. This online lender offers a unique approach to the short-term lending industry, requiring all borrowers to complete a six-month financial health improvement course. LendUp’s program encourages good financial habits through a six-month curriculum that helps you track and manage your finances.
The program is free and can be completed online or via the LendUp mobile app. If you complete the program and get approved for a short-term loan, LendUp lets you defer your loan principal and interest until the six-month mark, giving you plenty of time to pay back your loan based on your budget.
LendUp offers competitive rates across the board – especially for individuals with credit scores of 660 or higher. The company also has no prepayment penalty, which means you can repay your loan early without any extra charges. As another bonus, LendUp offers a built-in savings account that lets you earn interest on your short-term loan balance.
LoanMonger
If you’re looking for a short-term loan and want to avoid the common pitfalls of the industry, then LoanMonger is a great place to start. This company, which is licensed and regulated by the State of California, takes a modern approach to the short-term lending industry. Available online or via the LoanMonger mobile app, the company lets you complete your loan application within 10 minutes and get a decision immediately. LoanMonger also offers its customers a transparent loan process and a wide range of flexible payment plans that let you pay off your loan according to your budget.
LoanMonger offers competitive rates across the board – especially for individuals with credit scores of 660 or higher. The company also has no prepayment penalty, which means you can repay your loan early without any extra charges. As another bonus, LoanMonger offers a built-in savings account that lets you earn interest on your short-term loan balance.
Snappy Payday Loans
If you’re looking for a short-term loan and want to get the process done quickly, then Snappy Payday Loans is a great place to start. This company offers same-day loan approvals, letting you get your money in as little as a few hours after submitting your application.
Snappy Payday Loans also lets you repay your loan early without any penalties. That means you can repay your loan as soon as you get your next paycheck. Snappy Payday Loans offers competitive rates across the board – especially for individuals with credit scores of 660 or higher. The company also has no prepayment penalty, which means you can repay your loan early without any extra charges. As another bonus, Snappy Payday Loans offers a built-in savings account that lets you earn interest on your short-term loan balance.
Vending Machine Loans
If you’re looking for a short-term loan and want to get it from an industry leader, then Vending Machine Loans is a great place to start. This company is a household name in the short-term lending industry, serving over one million customers every year. Vending Machine Loans offers fast and easy application processes, letting you get approved for your loan in as little as five minutes.
The company also offers flexible payment plans that let you pay off your loan according to your budget. Vending Machine Loans offers competitive rates across the board – especially for individuals with credit scores of 660 or higher. The company also has no prepayment penalty, which means you can repay your loan early without any extra charges.
As another bonus, Vending Machine Loans offers a built-in savings account that lets you earn interest on your short-term loan balance.
Bottom line
A short-term loan is a high-cost, short-term, unsecured loan that is used to bridge the gap between paydays or other expenses. Rates can be very high, and the average term is only 5 months, so they are not a long-term solution.
These loans are also known as payday loans and are usually repaid by the borrower on their next payday, hence the name “payday loan.” Before you decide to take out a short-term loan, it’s important to understand the terms and conditions of the loan and how it compares to other types of loans that might be available to you. By taking the time to research your options and knowing which short-term loan companies to look out for, you can find a loan that meets your needs without breaking the bank.
