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Best Short-Term Personal Loans

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By: Jacob Wade
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Edited by: Amanda Futrell
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Fact-checked by: Jon Bortin

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NetCredit, Best Egg, Achieve Personal Loans and Upgrade

Our 5 picks for the best short-term personal loans

Upgrade

Upgrade
4.5
948 reviews
Loan amounts
$1,000 to $50,000
Term lengths
2 to 7 years
Minimum credit score
620
Compare Offers Read Reviews
Disclosures
Pros
  • Fast approvals for most borrowers
  • No prepayment penalty
  • High upper limit for loans
  • Low minimum loan amount
Cons
  • Charges late fees (starting at $10)
  • Includes an origination fee up to 9.99% as of publishing
  • May take two weeks for funds to reach creditors

Upgrade offers flexible loan terms as short as 24 months. The company also lets you borrow as little as $1,000, which is ideal for short-term borrowers. Upgrade earns excellent marks for customer satisfaction and loan processing speed, making it a dependable choice for short-term borrowers.

Upgrade’s origination fees can be high, but borrowers with strong credit often qualify for lower fees and better interest rates.

Upgrade is an online lending platform that partners with several banks and financial institutions to originate loans. It estimates your rate by doing a soft credit pull. Once you’re officially approved, Upgrade deposits funds into your bank account in about a day.

Upgrade stands out for its wide range of repayment terms, which are between 24 to 84 months. Plus, there’s no application fee. Upgrade also offers a smaller minimum loan amount than many other lenders, starting at just $1,000.

3x Award Winner
Selected for having one of the highest satisfaction rates for Best Loan Process, Best Experience with Staff and Best Value for Price

Best Egg

Best Egg
4.5
2,313 reviews
Loan amounts
$2,000 to $50,000
Term lengths
3 to 5 years
Minimum credit score
640
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Disclosures
Pros
  • Available for a variety of purposes
  • Fast funding for most borrowers (within 24 hours)
  • Low starting APRs for borrowers with good credit
Cons
  • Loan minimums vary by state
  • Origination fee up to 9.99%
  • Insufficient funds fee of $15

Best Egg is an established online lender that offers personal loans up to $50,000, with low starting interest rates and terms as short as 24 months. Best Egg continues to have high customer satisfaction and responsiveness ratings, making it ideal for borrowers who want fast and friendly service.

Best Egg also lets you open two loans at the same time, as long as you don’t exceed a total balance of $50,000 between them. This makes them more flexible than most other lenders that limit you to one loan per customer.

Best Egg offers personal loans ranging from $2,000 to $50,000. Select borrowers may have two open loans at a time, although the combined loan amount can’t exceed the upper limit of this range.

Best Egg is one of our top picks because it has relatively low starting APRs, and it only takes a few minutes to check your rate. You’ll need your email address and phone number to get started. Most approved borrowers get funding within one to three days. It also has an easy, online-only application and loan terms as short as 24 months.

1x Award Winner
Selected for having one of the highest satisfaction rates for Best Customer Service

Achieve Personal Loans

Achieve Personal Loans
4.7
912 reviews
Loan amounts
$5,000 to $50,000
Term lengths
2 to 5 years
Minimum credit score
640
Read Reviews
Disclosures
Pros
  • Flexible credit requirements
  • High maximum loan amounts
  • Custom rates
Cons
  • Not available in all states
  • Origination fees up to 8.99%

Achieve offers quick personal loans with terms as short as 24 months and loan amounts starting as low as $1,000. If you need a larger loan but have a lower credit score, Achieve has more flexible credit requirements than most other lenders.

Achieve is also unique in that your interest rate is determined by more than your credit score, factoring in additional considerations like your income, on-time payment history and more. Achieve also has high customer satisfaction ratings from borrowers, making it another great option for short-term loans.

Achieve is an online lender that funds loans for various purposes, including debt consolidation, home improvement and medical expenses. It sets your APR based on your credit score, your job details and your payment history.

Over a recent three-year period, Achieve received lots of positive feedback regarding its loan process, customer service and speed. It can fund loans within 24 hours, and it requires a credit score of 640 for borrowers.

4x Award Winner
Selected for having one of the highest satisfaction rates for Best Loan Process, Best Experience with Staff, Best Value for Price and Best Customer Service

NetCredit

NetCredit
4.8
2,177 reviews
Loan amounts
$1,000 to $10,000
Term lengths
6 months to 5 years
Minimum credit score
Not disclosed
Compare Offers Read Reviews
Disclosures
Pros
  • Low minimum borrowing requirement
  • No prepayment penalties
Cons
  • Not available in all states
  • High APRs (starting at 34.99%)

NetCredit offers ultra-short-term loans up to $10,000 for borrowers who need quick access to cash. While the interest rates are high (34.99% to 99.99% APR), the shorter loan terms can make sense for borrowers looking for alternatives to a cash advance or payday loan.

NetCredit loan terms start as short as six months in length, and you can borrow as little as $1,000. There are also no prepayment penalties if you’re just using the loan as an advance.

NetCredit focuses on smaller loans (between $1,000 to $10,000 as of publishing). Its loans can be used for any purpose, including medical payments and car repairs. While its APRs are higher than rates from other companies in this guide, there’s no penalty for prepaying on your loan. The company does charge late fees, however.

You can check your eligibility for a NetCredit loan online. If you’re happy with your offer and accept the terms, you should see funds in your account within 24 hours.

4x Award Winner
Selected for having one of the highest satisfaction rates for Best Loan Process, Best Experience with Staff, Best Value for Price and Best Customer Service

Reach Financial

Reach Financial
2.0
88 reviews
Loan amounts
$3,500 to $40,000
Term lengths
2 to 5 years
Minimum credit score
Not disclosed
Read Reviews
Disclosures
Pros
  • Free monthly access to credit score
  • Option to pause payments for up to 90 days
  • Cash bonuses for on-time payments
  • No origination fee for some borrowers
Cons
  • Limited uses for loans
  • No weekend phone support

If you’re looking to consolidate your debts or pay off high-interest credit cards, Reach Financial offers low rates, flexible loan terms and even cash bonuses for paying your bill on time. Reach Financial personal loans can be as short as 24 months, and if you have good credit, you may not have to pay an origination fee at all.

While the use cases for Reach Financial loans are limited to debt consolidation and paying off credit cards, the low starting APR and flexible payments make it a great choice.

Reach Financial specializes in personal unsecured loans for debt consolidation and credit card refinancing. It offers flexible terms, so you can customize your loan to fit your budget and financial goals. The company also provides tools and resources to help customers manage their debt and improve their credit scores.

Once you submit an application online, you can see your rate in minutes. Then you can select the terms that appeal most to you.

What is a short-term personal loan?

Short-term personal loans are loans repaid in under three years. They typically have repayment terms between six and 36 months, though most mainstream lenders start at 24 months. Short-term personal loans are designed to help cover immediate expenses or consolidate your debts. Short-term loans are best for borrowers who need a small amount of cash and have the ability to repay loans quickly.

Interest rates and fees on short-term loans are typically higher than on other types of personal loans. Lenders may charge fees such as origination fees, late payment fees or nonsufficient funds (NSF) fees if a payment is returned. Monthly payments also tend to be higher than on a traditional personal loan due to the short repayment period.

Origination fees cover the cost of processing, underwriting and funding a personal loan. The fees are typically 1% to 10% of the total loan amount, but may be higher for those with lower credit scores.

Lenders also look at your debt-to-income (DTI) ratio when deciding whether to approve your loan. This ratio compares your monthly debt payments to your income and helps lenders determine whether you can realistically afford another payment. Borrowers with lower DTI ratios and stronger credit profiles are more likely to qualify for better rates and loan terms.

Secured vs. unsecured short-term loans

Short-term personal loans can be either secured or unsecured. The main difference is whether you need to provide collateral to qualify for the loan.

  • Secured short-term loans require collateral, such as a car, savings account or other valuable asset. Because the lender has something to claim if you fail to repay the loan, secured loans may come with lower interest rates or easier qualification requirements. However, you risk losing your collateral if you default.
  • Unsecured short-term loans don’t require collateral. Approval is based primarily on your credit score, income and overall financial profile. Most short-term personal loans are unsecured, but they may come with higher interest rates since the lender takes on more risk.

What do you need to qualify for a short-term personal loan?

To qualify for a personal loan, you will need:

  1. Proof of income to show lenders your ability to repay the loan
  2. A minimum credit score of around 580 (this can vary depending on the lender)
  3. An active bank account
  4. Government-issued identification
  5. To be at least 18 years old

How much does a short-term personal loan cost?

The cost of a short-term personal loan depends on the loan amount, APR and repayment term. Because short-term loans are repaid faster than traditional personal loans, monthly payments are typically higher, though you may pay less interest overall than with a longer-term loan.

The APR, or annual percentage rate, on a personal loan is the combination of the interest rate and additional borrowing fees, expressed as a percentage.

Here’s an example of what a $5,000 short-term personal loan might look like:

  • Loan amount: $5,000
  • APR: 24%
  • Term: 24 months
  • Monthly payment: $264
  • Total interest paid: $1,345

Actual loan costs vary by lender, credit score and fees like origination charges. Borrowers with stronger credit may qualify for lower APRs, which can reduce both the monthly payment and the total interest paid.

What interest rates can you expect on short-term personal loans?

Expect interest rates on short-term personal loans to range from about 6% to over 35%. Your interest rate heavily depends on your credit score. The higher your credit score, the lower interest rate you’ll receive.

Other key factors that can influence your interest rate on a short-term personal loan include:

  • Credit history
  • DTI ratio
  • Income and employment information
  • Lender
  • Size of the loan
  • Length of repayment term

How to apply for a short-term personal loan

To apply for a short-term personal loan, you’ll need to submit your personal and financial information and provide necessary documentation to your lender. Here are the steps you need to take to apply:

  • Check your credit score: It’s a good idea to know your credit score before applying for a short-term personal loan. A higher score can help you qualify for lower interest rates, which often means smaller monthly payments.
  • Get prequalified: Most online lenders have some sort of prequalification form that allows you to preview your rates and terms without your credit being affected. Prequalification usually involves a soft credit check and a short application, with no need to upload documents or provide detailed financial information.
  • Choose your loan terms: Once prequalified, find the loan terms you want and choose one that fits your budget. For short-term personal loans, look for low APRs and low origination fees.
  • Submit your application: Once you’ve chosen a loan, you’ll need to complete a full application. This can be done online and may take around 15 minutes. When you submit the application, you’ll undergo a credit check, which can impact your score.
  • Receive the funds: Once approved, you’ll receive funding via wire transfer or direct deposit into your connected bank account. The best online lenders deposit as early as the next business day.

How to choose the best short-term personal loan

To choose the best short-term personal loan company for you, research different lenders, read company reviews and compare offers.

  1. Check your credit score: This will help you narrow down the different loan companies that you qualify for.
  2. Research the lender: Find a legitimate, licensed lender in your state. Make sure to also research the fees it charges.
  3. Read company reviews: Read loan company reviews to see how real customers feel about the application process, customer service, fees and other details about the company.
  4. Compare offers: Consider the total cost of the loan by comparing the terms and APR ranges of a few short-term loan companies. Also, calculate the monthly payment to make sure it fits in your budget.

Pros and cons of short-term personal loans

Pros

  • Fast access to cash (often within 24 hours)
  • Lower total interest than a longer-term loan
  • Unsecured (no collateral required)
  • Available to borrowers with less-than-perfect credit

Cons

  • More fees than longer-term loans
  • Higher interest rates
  • Bigger monthly payments due to shorter terms

» MORE DETAILS: Short-term loan pros and cons

Are short-term personal loans safe?

Short-term personal loans can be safe when you borrow from reputable lenders and understand the terms of your loan. However, because these loans are designed for quick funding and shorter repayment periods, it’s important to watch for high rates or unfair lending practices.

Watch for excessive fees, extremely high interest rates and pushy sales tactics. They could be signs of a predatory lender.

Many reputable lenders follow a general industry guideline that caps annual percentage rates around 36%. Loans above this threshold can quickly become expensive and may signal a high-cost or predatory product. Always review the APR and total cost before accepting a loan offer.

Predatory lenders may charge excessive fees, extremely high interest rates or push borrowers into loans they can’t realistically repay. To protect yourself, compare multiple lenders, read the loan agreement carefully and check customer reviews or regulatory records. Avoid lenders that guarantee approval without checking your financial information or pressure you to sign immediately.

Note that short-term loan regulations differ by state. Some states cap interest rates, limit fees or restrict certain types of short-term loans altogether. Before borrowing, check your state’s lending laws so you understand the protections and limits that apply where you live.

Short-term personal loan alternatives

While a short-term personal loan may give you quick access to cash when you’re in a time crunch, there are alternatives to consider:

Zero-APR credit cards

If you need access to quick funding, a zero-APR credit card may be a good option. Some credit cards offer an introductory 0% interest rate on purchases and balance transfers within a certain time frame (typically 12 to 15 months).

This allows you to make purchases and pay no interest during that window. If you treat this like a short-term loan, you can borrow interest-free as long as you pay off the card by the time the introductory period ends.

» COMPARE: Best credit cards

Home equity line of credit (HELOC)

If you have equity in your home, you may be able to open a HELOC and get access to funding within a week or so. While the turnaround isn’t as fast as a short-term personal loan, HELOCs typically have much lower rates and lower monthly payments.

Keep in mind, a HELOC is secured to your home, so if you default on your payments, the lender has the right to seize your house. Just make sure you have a plan to pay down your HELOC and keep up with payments.

» COMPARE: Best HELOC lenders

Cash advance apps

Cash advance apps allow you to borrow small amounts of money — usually up to $500 — for a few weeks at a time. Many don’t charge fees, and some don’t even charge interest, though you might need to subscribe to a monthly service to access it.

If you have a short-term need and can cover the borrowed amount when you get paid next, cash advance apps may be a better fit than a personal loan.

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FAQ

What is the shortest term for a personal loan?

The shortest term for a personal loan is around six months, though some lenders may offer shorter terms. If you get a short-term loan that only lasts a month or less, that loan is usually considered a cash advance and may come with much higher fees.

Are short-term loans better than payday loans?

Short-term loans are generally considered a better option than payday loans or cash advance loans because you’ll pay much lower rates and have a little bit longer to pay the money back. Short-term loans usually cap interest rates around 35.99% APR, and origination fees are usually under 10%. Payday loans may charge huge fees and interest rates — upwards of 300% APR.

How do I qualify for a short-term personal loan?

To qualify for a short-term personal loan, you’ll need a good credit score (usually over 620), proof of stable income and be at least 18 years old. You can find out if you qualify without hurting your credit by getting prequalified. This allows you to check your rates and loan options before applying.

What are the risks of taking a short-term loan?

Short-term loans have shorter payback periods, meaning they come with higher monthly payments than standard loans. If you can’t handle the payment, you could go into default and wreck your credit, hurting your ability to borrow in the future.

Another thing to keep in mind is that many short-term loans come with high fees and interest rates, which can wind up costing you a lot more money than you initially borrowed.

How does a short-term personal loan affect my credit score?

A short-term personal loan can affect your credit score in several ways. When you apply, the lender typically performs a hard credit inquiry, which may temporarily lower your score by a few points. Making on-time payments can help build a positive payment history and potentially improve your score over time. However, missed or late payments can hurt your credit and remain on your credit report for years.

Can I get a short-term loan with bad credit?

Yes, some lenders offer short-term personal loans to borrowers with bad credit. However, these loans often come with higher interest rates and fees because the lender is taking on more risk. If you have a lower credit score, you may improve your chances of approval by applying with a co-signer, showing steady income or reducing your existing debt before applying.

What credit score do I need to qualify for a personal loan?

Many lenders prefer borrowers with credit scores of at least 620 to qualify for a personal loan. Borrowers with higher scores typically qualify for lower interest rates and better loan terms. Some lenders may approve borrowers with lower scores, but the loan may come with higher APRs or stricter requirements.

Methodology

To determine our top picks, we used a weighted scoring system that took into account both reviews about each company from ConsumerAffairs users and specific company offerings we researched.

We conducted sentence-by-sentence sentiment analysis of thousands of reviews on our site from April 1, 2021, to March 31, 2025, to identify the aspects people care about most — and which companies reviewers were happiest with in terms of these aspects. For personal loans, these included:

  • Loan process
  • Customer service
  • Staff
  • Punctuality and speed

We then carefully selected the most important offerings consumers should consider before choosing a lender and researched these offerings at each company. For personal loans, these features included:

  • Minimum and maximum loan amounts
  • Lowest APR
  • Funding time
  • Credit score requirements
  • Maximum term length 

We then weighted all these factors to create a unique scoring formula. The companies with the highest scores made our top picks.

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