Top-Ranked Short-Term Loans in 2023

best short term loans
Written by William Jameson
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In the scenario of any sudden personal need or immediate business requirement, a short-term loan can be a major solution. In this case, it can be any reason ranging from a sudden medical problem or any kind of business expense. You can save tons of time and stress by applying for short-term loans. 

However, taking a loan means that you have to repay it within a stipulated time frame. So, it can be extremely risky. Thus before applying for the best short-term loans you need to understand its general overview and all types of options. This article will give you all the best short time loan options available within the online marketplace. 

Comparison Table

Name Loan Term Loan Amount APR Time to Get Money Origination Fee Overall Rating
Upstart 3-5 years $1000-$50000 5.40%-35.99% 1 business day 0%-8% 4.5
LightStream 2-7 years $5000-$100000 5.99%-23.99% 1 day N/A 4.0
Reach Financial Personal Loans 2-5 years $3500-$40000 5.99%-35.99% 1-2 days 8% 4.0
SoFi 2-7 years $5000-$100000 7.99%-23.43% 1-2 days N/A 4.0
LendingPoint 2-5 years $2000-$36500 7.99%-35.99% 1 day 0%-6% 4.0
U. S. Bank 1-7 years $1000-$25000 8.49%-20.99% 1 day N/A 3.5
Upgrade 2-5 years $1000-$35000 7.96%-35.97% 1-4 days 1.85%-8.99% 3.5
Marcus 3-6 years $3500-$40000 6.74%-24.74% 1-4 days N/A 3.5
Wells Fargo 1-7 years $3000-$100000 6.99%-23.24% 1-3 days N/A 3.5
Discover Personal loans  3-7 years $2500-$35000 6.99%-24.99% 1 day N/A 5.0

Top 10 Short-term Loans with Features, Pros, and Cons

In case you are running low on cash online short term loans can be a major solution for you. Especially in the context of a start-up business, short-term loan companies can be much more beneficial than traditional loan options due to their lesser repayment periods. Now there are multiple options available in the marketplace if you are looking for effective short-term loan lenders. In this case, we are going to give you the 10 best choices in this sector so you can make the most beneficial decision for yourself. 

1. Upstart


In case you are looking for some of the fastest lenders in the market then Upstart loan services can provide you with a quick process. These kinds of companies can also be quite helpful for you if you are looking for lenders who do not want a healthy credit score. With the validation of more than 2.5 million clients Upstart as a loan, the service has come a long way from its initial days. You can easily fill out the application form within minutes and check all the available rates. These short term loan companies also accept the majority of the borrowers. You can easily get the funds within a single day. 

In terms of large purchases, you can definitely select the Upstart loan service as for application you will not require any hard credit check. The quickness of getting the funds also makes it one of the most attractive services among all the other options in the marketplace.   


  • You can easily get amounts up to $50000.
  • These short term loans online offer extremely quick service.
  • Any new credit card holder can also qualify. 
  • The APR rate ranges from 5.40% to 35.99%.  


  • You have the option to change the dates of payment.
  • The service also can offer you free of cost financial education.
  • Less strict credit checking procedure. 


  • You have to pay the origination fee.
  • There is no option available for secured loans. 


  • You have to be a verified citizen of the U.S.
  • You should have a bank account and at least 6 months of ongoing job. 

2. LightStream


LightStream loan service can be described as another valid alternative for you if you have a good credit history. This service can be perfect for you if you are looking for debt consolidation or medical expenses. The autopay option is also available for clients with a fixed APR rate of 5.99% to 23.99%. The online application process for the best short term loans is also quite easy to follow as you can read the agreement papers and e-sign the documents.  

The quick availability of the fund is also another perk that you can have while using this application. You can receive the fund within the same business day. This aspect really makes this service stand apart from the other traditional services. There is no payoff penalty that you have to go through in this service which can also be another perk for you.  


  • There are various rate discounts available for you along with the autopay option.
  • The smooth process of working can help you in sudden situations.
  • Offers for short-term loans range up to $100000.
  • You can easily manage your LightStream account on your phone. 


  • You will not be required to pay any kind of fee for your short-term loans best.
  • Offers long repayment options in case you require them.
  • Available options of discounts on autopay.  


  • You will require a sufficient period of credit history.
  • There are no options there for pre-qualification. 


  • You will need a minimum credit score of 660.
  • You will require a healthy income. 

3. Reach Financial Personal Loans

Reach Financial Personal Loans

Reach Financial services can be an exceptional service if you are looking for debt consolidation. In this case, you will require a good credit score to be eligible for this service. This service is especially good for fixing credit debt. The fast work process can also help you to get funds as quickly as possible. Thus, it can be really helpful for short-term requirements such as the best short-term loans. 

Moreover, the repayment terms offered by this service are much more customizable. With its direct payment process, Reach Financial has appeared to be one of the primary services in short-term loan solutions. You can also get the benefits from its fixed APR rates which range between 5.99%-35.99%. The loan terms can also be really flexible as Reach is one of the short term loan companies that give you a time frame that is close to 60 months.   


  • Offers an exclusive 90-day pause of payments for the clients.
  • Can give the clients options for a customizable repayment process.
  • Provides extremely quick service.    


  • Offers extremely quick service to clients.
  • 90-day pause in payments offered within the hardship program.
  • Will offer up to $40000 to all the clients.


  • This service charges an origination fee.
  • No co-signer options are available.  


  • You should be a citizen of the U.S.
  • You should be a minimum of 21 years old. 

4. SoFi


SoFi personal loan services have become one of the best services for clients looking for short-term loans. Whether you are looking for home repair funds or any other kind of emergency loan, SoFi is a viable option for you, so much so that this service has been awarded the best personal loan service in the marketplace. One of the many perks of SoFi is that it does not warrant any origination or pre-payment fees. This service can give you access to short term loans near me. 

With the 1-day funding process, you can access cash quickly from this service. They also offer unemployment protection to all clients. You can easily access the available rates in the marketplace within their application. You also have the option of pre-qualification, with a much less strict credit check. SoFi loan services can offer you up to $100000. 


  • This service offers the option of a joint loan for the clients. 
  • Offers mobile app accessibility through which you can manage your loans through these short term loan companies.
  • Offers a fixed APR rate of 7.99%-23.43% along with an option of autopay.


  • You can easily get pre-qualified as this does not hard check your credit history.
  • They offer high loan amounts with long repayment terms.
  • No extra fees are required to use this service.


  • There are no options for co-signed loans.
  • Fewer options are available on initial dates of payment.


  • Your minimum credit score should be at least 650.
  • You should be more than 18 years old for short-term loans online. 

5. LendingPoint


LendingPoint can be a really good option for borrowers who are looking for a midsized loan. If you have a problem with a bad credit score you can definitely check out this service. However, there might be other lenders with bigger amounts of loan options. Even then LendingPoint can be one of the best alternatives for borrowers as you can get full free credit access. 

This service also does not charge any penalties in the prepayment process. Moreover, you can also manage your short-term loans through its app services. The qualification process also does not require any extra checking on your part. So in this part also you can easily get more freedom while applying for this service. However, you will be required to have a minimum credit score for the application.  


  • Provides quite a fast service to all the borrowers.
  • Offers app services for easy tracking of personal accounts.
  • Less strict credit checks than other lenders from these short-term loan companies.


  • You have the option to change the date of payment.
  • Provides extremely fast and reliable service for all borrowers.
  • Healthy credit scores are not required for pre-qualification. 


  • You have to pay origination fees.
  • There are no options available for co-signers. 


  • You have to have a minimum credit score of 600.
  • You should have a bank account number personally. 

6. U.S. Bank

U.S. Bank

If you are looking to cover large expenses U.S. Bank loan service can give you up to $25000. In this case, you definitely have to be an existing bank customer. One of the greatest benefits of employing this service can be the loan term which can go up to 60 months which is better than most of the other short term loan companies. However, your creditworthiness can be a critical factor as the service will ask for certain interest rates according to that number. 

In case you have high credit numbers you can definitely get better interest rates. The absence of preppy penalties and origination fees are also some of the other benefits of using this service. However, you might require to visit the branch of a U.S. Bank for additional requirements of personal documents. This service also does not require any of your collateral. 


  • Can be used for any kind of home and education requirements.
  • Offers a quick funding process.
  • Can offer small short term loans up to $25000.
  • Gives special offers to autopay users with discounts on interest rates.


  • Provides multiple options in repayment terms. 
  • You do not have to pay any penalties in prepayment and origination fees. 
  • You can get the option of a joint loan.  


  • This service is only available within 26 states.
  • You may have to visit the branch to verify your documents. 


  • You need to be an existing customer of the U.S. Bank for a minimum of 4 months.
  • Your credit score needs to be at least 680. 

7. Upgrade


Upgrade loan services can be described as another major alternative for borrowers who are looking for one of the most convenient short-term loan companies. In case you are looking for multiple options in discount rates then Upgrade can be the perfect match for you. The credit score requirement for this service is also very low than others. Moreover, the direct payment options also make this service more suitable for certain borrowers. 

Upgrade as a service can give you up to $35000. So in case, you are looking to cover your business expenditures you can definitely have a look at the Upgrade service. With its fixed rates Upgrade can provide you the sufficient funds within a very quick period of time. 


  • Offers extremely secure and quick services.
  • Provides personal loans up to $35000.
  • Offers various cashback offers with Upgrade card services. 


  • Provides options for joint short-term loans.
  • Can give direct payments to any third-party creditors. 
  • The teams of repayments provided can be pretty long. 


  • The APR rate can fluctuate and get pretty high.
  • Charges extra origination fees from the borrowers. 


  • Your credit score should be at least 560.
  • Your credit history should be a minimum of 2 years. 

8. Marcus


Marcus is an investment bank service that gives personal short term loans online to interested borrowers. In case you are looking forward to fixing your wealth management you can lock your accounts in this service. This service can give you a more clear financial picture. You also have the option of discounts of 0.25% in APR but for that, you need to enroll yourself in autopay. Marcus as a loan service does not charge any extra payments. So this clearly makes it stand out from the other lenders in the market making it one of the best short term loan companies.   

You also can be pre-qualified with a less strict credit check. You can also get the facility of direct consolidation payments as it can be provided to any form of third-party services.  


  • Offers discounts in autopay to all borrowers.
  • Provides customization options in your payment loan and amount.
  • Gives you the option for pre-qualifying with a less strict credit check.  


  • These kinds of short-term loan companies do not warrant any form of origination and prepayment fee. 
  • You will have the option of autopay which can reduce the APR by 0.25%.
  • You can directly pay third-party creditors.  


  • This service does not allow any kind of co-signers.
  • It can take up to 4 days to get the funds from this service. 


  • You should definitely have a minimum amount of credit score that is 660.
  • You must have a social security digit. 

9. Wells Fargo

Wells Fargo

In the segment of personal short-term loan services Wells Fargo is another big name that offers the best short term loans to both old and new borrowers. So in case, if you are looking for quick funds for consolidation of your debt or any other kind of home and medical expenses you can check out Wells Fargo loan services. This service can offer you customizable loan amounts of $100000 within flexible terms. 

Moreover, you do not have to pay any extra prepayment and origination fee for this service. With the same-day credit option, this service can also give you a lot of freedom in terms of financial assistance. 


  • Can give you quick access to funds.
  • You can get loans for amounts up to $100000.
  • The rates provided by this service can be pretty low. 


  • Gives you a lot of options on repayment terms.
  • Does not charge any kind of origination fee.
  • You can get discounts of 0.25% if you are an autopay user. 


  • There are no options available for joint short-term loans near me.
  • For the discount of 0.25% on APR you should have an existing Wells Fargo account. 


  • New Wells Fargo clients have to visit offline branches. 
  • You will need to provide your income information. 

10. Discover Personal Loans 

Discover Personal Loans

Discover Personal loan services can offer online solutions to all borrowers with good credit scores. It is one of the premier loan services that can help you with your savings. This service can offer up to $35000 which can be helpful for borrowers with high-interest debts. With strong support provided to customers, this service is one of the best lenders in the marketplace.

In case you require any sort of unsecured loan for any purpose Discover loan service can give you proper assistance. However, you will definitely require a good overall credit score for the application process for this service. The quickness of its delivery of funds is also one of its many benefits. You can also have the app serve as an option to manage all of your loan accounts. 


  • The overall loan term of this service can go up to 7 years.
  • You can get a loan of up to $35000. 
  • There are options for you for pre-qualification with a less strict credit check. 


  • You do not have to pay any sort of origination fee.
  • Offers extremely quick funding procedures.
  • You can utilize the mobile app to manage your loan account.


  • There is a possibility that you might have to pay a late fee. 
  • There are no options available for you to use joint loan terms.


  • You should have a minimum credit score of 660. 
  • Your income should be $25000 annually. 

A General Overview of Short-term Loans

best short term loans

You probably want to understand the answer to the question “What are short term loans?” In that case, short-term loans can be defined as a type of loan that is attained to support a temporary need which can be both personal or business oriented. Just like any other loan this loan also needs to be paid back within a certain time frame. This kind of loan can be described as mainly a credit facility that can help you assist with any financial drought. 

Short-term loans are personal loans that can be repaid within 1-2 years. It is a kind of unsecured loan so you will not be required to put up anything for collateral. However, you might require a good credit score for getting short-term loans as these loans generally have higher interest rates.     

Procedure to Get Short-term Loans

As described earlier various loan services want different things from the borrowers as the procedure to get a short-term loan can be slightly different from each other. In most cases, an easy online application form needs to be filled up for your loan application. You also need to show your verified address and bank account details to the lenders. Adding to that you also have to be a certified U.S. citizen for loan approval. In some other cases, your credit score should be healthy so that you can get better interest rates. Additionally, you should have a secure job and you should be more than 18 years old. Your bank and credit history also can be checked by various lenders. 

Different Types of Short-term Loans

All the best short term loans can be dissected into various types. Some of these are:

Cash Advances

In this case, cash advances can also be described as a part of a loan service. If you want to borrow any kind of loan from the lender you have to open your access to credit to the lender. In this process, you can pay the loan amounts. Anytime you will buy anything a percentage will be taken by the lender.  

Lines of Credit

The line of credit is also another type of short-term loan that can be accessed by the borrower. This very much works like a normal credit card but with a lesser APR. All the monthly payments thus fluctuate a lot as it depends on the line of credit. 

Online Loans

Online short-term loans are a very popular form of short-term loan as it can be really easy to fill out an application form for approval of the loan. It does not take more than a few minutes to get connected with the application for the loan. It is a kind of installment loan

Payday Loans

Payday loans are also another type of short-term loan that is much easier to get as it is a no-denial payday loans. However, the main disadvantage of this type of loan is you have to repay the entire amount with a high-interest rate. The interest rates in this case are much higher than other types of short-term loans.   

Short-term Loans Advantages 

There are many benefits of using short-term loans, as acquiring a loan amount for a short period of time can give you a quick solution to your problems.

Lower Amount of Total Interest Rates 

Many short-term loan companies give you a fixed period of time to return your debt, like a year. This clearly means that you can pay a very low total interest compared to long-term loans. 

Quick Access to Funds 

In case of your sudden requirement for funds, short-term loan companies can be much more beneficial due to their quick access. The maturity date is also much shorter than the long-term loans. In this way, the borrower can easily get access to funds much more quickly than with long-term loans. 

Easy Application 

Through the option of a digital application for short-term loans online, you can easily apply from any of these companies, which offer the entire procedure online, either on their website or via other means. They can be a lifesaver in certain moments of the financial crisis. It is pretty easy to meet the requirements of the lenders. Thus, making it rather easy to apply. 

Setbacks of Using Short-term Loans

Even though short term loan companies do provide certain benefits, especially for borrowers with start-up businesses. There are also certain drawbacks to using these types of loans, some examples are as follows:

High-Interest Rates

Some lenders have much higher interest rates than others, which is one of the major drawbacks of using short-term loans online. So if you are not careful then these high numbers might ruin your start-up business. 

Lack of Options in Repayment Terms 

The repayment terms can be a lot less than other loans. This means you do have to repay the loan in a shorter period of time. This is where the monthly payment options need to be looked at by the borrowers before it gets out of hand. 

Requirement of a Guarantor 

In certain short-term loans, you may need to assign a guarantor so that if you can not repay the loan back in time he or she can do the same. Finding that person as a guarantor can be a huge challenge. So, in this case, you may have to recheck the loan terms and conditions from the lender. 

How to Choose the Correct Short-term Personal Loan?

How to Choose the Correct Short-term Personal Loan

Before choosing the best short term loans for yourself, you may be required to and we suggest you, look at certain options from different lenders. Loan terms, interest rates, APR, the requirement of collateral, extra or hidden fees, loan terms, and monthly payments, are all important factors to keep in mind while choosing your lender. 

For example, in the case of origination fee, LightStream can be a better service for you compared to Upstart, if you are looking for a lender that does not charge it. The interest rates can also be a major decider for borrowers to choose their correct services. For instance, services with lower rates can be beneficial for borrowers to continue their start-up business. Other than that, if you may need the ease of an online application process, making a short-term loan online option is much more tempting for you. All of these parameters can be compared between the lenders to help you choose the service that matches your requirements perfectly.

Options Available as Alternatives to Short-term Loans 

Sometimes just applying for short-term loans may not be healthy for your credit score. If you miss your repayment time the interest rates can pile up. So, it is better to find alternatives like these:

Getting Help from Friends and Family Members 

Taking funds from family members or friends can be a much more healthy solution than any short-term loan solution. In this way, you can borrow a certain amount of time that you require without any interest rate. You also can easily pay the person back on time as this can help you way better than other loan services. 

Payday Alternative Loan

In case you are a member of the credit union which is a part of the National Credit Union Administration you can easily apply for PAL. This service is primarily there to prohibit all union members from taking short-term loans from other commercial lenders. This kind of loan can be used for various urgent medical expenses.  

Co-signed Loan

While applying for a loan, the presence of the option of having a co-signer makes things much easier. In this case, both the signers can be accountable to pay back the loan on time. If your co-signer has a better credit score, then it can be much easier for you to repay the loan. 

Secured Loan

A secured loan can also be another valid alternative where you can put things up as collateral. If you are struggling with poor credit, you can easily get loan approval. In case you are not able to repay the amount on time, the lender can take charge of the collateral. 


1. Which loan is best for the short term?

In the segment of short-term loans, there are multiple lenders that are present in the market as you do need to compare their interest rates, APR, and loan terms. Some of the best options include LightStream, Upstart, LendingPoint, Upgrade, and many other such services. 

2. Are short-term loans risky?

Any loan service has a certain risk factor associated with them. In the case of short-term loans, they will have higher interest rates than other loans so it is definitely riskier. In some cases, you might also require a guarantor as there is a lesser period of time to repay the amount.  

3. Do short-term loans hurt credit?

Like any other loan short-term loans are also quite similar. In this case, you have to repay the loan amount on time so that it does not negatively affect your credit score. If it is paid on time then it can definitely help you to fix the ratings of your credit card. 

4. Do banks give short-term loans?

You can get short-term loans from various sources like banks, unions, or other kinds of commercial lenders. It all depends on your personal choice and for that, you need to go through the available rates and options. 


It is clear that short-term loans near me and short-term loans online can give you a sudden financial boost to recover from any unforeseen circumstances. However, you should also get to know all of their terms and conditions thoroughly as there are drawbacks as well. Choosing the correct lender can be tricky but a general background of all the best available options can give you a proper idea of how to do it. With a proper description of the ten best options available in the market, we definitely hope we helped you.

About Post Author

William Jameson

As one of the members of our editorial team, William Jameson is responsible for driving the vision of what we want to communicate on our website about the latest financial services, loan offers, and credit card offers. With more than 10 years of experience in content creation and copywriting, William Jameson is an expert in his craft. He has a Bachelor’s degree in Communications from the University of California and has held various positions within journalistic outlets prior to joining our team. With his knack for concise yet informative pieces, He ensures that every article published in City Hall News contains valuable information that readers can take away with them.
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About the author

William Jameson

As one of the members of our editorial team, William Jameson is responsible for driving the vision of what we want to communicate on our website about the latest financial services, loan offers, and credit card offers. With more than 10 years of experience in content creation and copywriting, William Jameson is an expert in his craft. He has a Bachelor’s degree in Communications from the University of California and has held various positions within journalistic outlets prior to joining our team. With his knack for concise yet informative pieces, He ensures that every article published in City Hall News contains valuable information that readers can take away with them.

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