Short Term Loans
Our online short-term personal loans provide simple, straightforward financing when you need it most. It’s easy to get approved for a short-term loan, so when your car breaks down or your lease is due tomorrow, a short-term loan is a convenient option, even with bad credit or no credit. FundingHall’s short-term loans are a “consumer friendly” alternative to traditional short-term loans and “payday loans” and our advantages are obvious:
Even if you have less-than-perfect credit and need money fast, an online short-term loan could be the answer! Apply now to get started.
FundingHall offers access to short-term financing up to $40,000 with fair loan interest rates and 12, 36 or 60 month installment ppayment plans.
- Quick online loan application
- No fees to verify your rate
- No credit check may be required
- No early payoff penalties
- Loan amounts from $100 to $40,000
Short-term loans are often personal loans that may allow you to borrow a small sum of money. You then repay the amount borrowed, and any interest, over time. Short-term loans may feature smaller borrowed amounts, from a few hundred to a few thousand dollars, which you repay over a shorter period of time than a long-term loan. Short-term loans may also be unsecured, which means you don’t have to offer collateral. Qualifying for a short-term loan generally depends on your credit history and your credit score at the time.
When to consider a short-term loan
How might a short-term loan be useful? Unexpected or new expenses may lead you to consider loan options. Medical expenses or the birth of a child, a major car or home repair, a wedding or funeral, or emergencies may require a short-term loan to help you cover the additional costs while still making ends meet.
Types of Short-Term Loans
There are several types of short-term loans to consider depending on your income, budget, credit, and other qualifications.
Lines of Credit
If you are not sure how much money you need to borrow, a line of credit may be an option for you. With a line of credit, you can access funds as needed within a predetermined credit limit. This can be especially helpful if you’re not sure how much an emergency expense will cost upfront. You usually have the option of repaying the amount borrowed in a lump sum or in payments over time.
Payday loans
Payday loans are short-term loans that allow you to access cash quickly and sometimes require repayment in full with interest on your next payday. Payday loans can be a risky option because interest rates are often much higher than other types of credit. According to the Consumer Federation of America, payday loans typically have an APR of 400% or more†. It can be a big risk to your pocketbook and possibly your credit score if you get a payday loan and have trouble paying it back on time. Consider this option with caution.
Installment loans
Installment loans are a type of short-term loan that generally allow you to borrow a small lump sum quickly. Unlike payday loans, installment loans often have predictable weekly and monthly payments with lower interest rates. This flexibility can be helpful but can end up causing problems if you can’t meet your repayment deadlines.
How to get a short-term loan
You can get short-term loans from banks, credit unions, and other lenders. Depending on where you choose to get your short-term loan, different loan amounts, fees, repayment periods and interest rates may apply. Qualification for a short-term loan also usually depends on the lender. Many lenders may request information about your credit history, credit score or verifiable income to determine if you qualify.
Standby Cash is a line of credit that may be available to you right now. Log in to your FundingHall account online or on the mobile app to see if you qualify. You can access between $100 and $500 in just a few clicks. And it’s free (i.e., zero interest) when you set up automatic payments; otherwise, a 1% monthly interest charge (12% APR) is applied to your outstanding balance.
To qualify for Standby Cash, you need $1,000 or more in monthly deposits into a FundingHall personal checking account for three consecutive months and an average daily balance of $200 or more in your checking account. Other eligibility requirements apply, including your recent overdraft and/or repayment history. With Standby Cash, your credit score does not affect your access and once you’re approved with a few clicks online, it’s available for immediate use. Once you open Standby Cash, the account and its activity are reported to the credit reporting agencies, so its use could affect your credit score positively or negatively.
While Standby Cash is not overdraft protection, FundingHall customers can take advantage of it to help pay off an overdraft. If you think you are going to overdraw your account, you can use Standby Cash and make a transfer to prevent the overdraft from occurring. If you were overdrawn for more than 24 hours, you will not be able to use Standby Cash until your account is no longer negative. Therefore, be sure to keep an eye on your finances and avoid overdrafts and chargeback transactions.
Advantages and Disadvantages of Short-Term Loans
Short-term loans are an opportunity to cover additional or unexpected costs without affecting your budget. However, there can be drawbacks to taking out a short-term loan instead of raising funds in other ways.
When deciding to borrow, always consider your monthly income and budget. This can help you determine the amount you will need for your short-term loan and what type might be right for your circumstances. Also make sure you understand the terms of your repayment plan and that you will have the means to cover it.
Short-term loans may require a higher monthly payment than other loan options, which can put additional strain on your budget. Depending on the type of short-term loan you choose, you may also encounter fees that require prepayment or high interest rates.
Features that short-term loans may offer include quick access to borrowed cash, a typically faster application process, and a relatively easy qualification process.