Direct lenders
& private

Short Term Loans: Covering Your Financial Needs with Bad Credit

The very fact of getting into a debt circle sounds scary to many people. When they experience financial troubles they don’t know what to do. The solution happens to be very close, though.

Private lenders such as HartLoan offer a wide range of funding services. A short term loan is surely one of them. It is fast, simple, and intended for a short repayment period. Thus, you don’t have to suffer from tiresome loan obligations. You can take out the amount that you can actually cover within a short period of time.

If you have some financial needs, you can consider short term funds as a reasonable solution to your problem. You might find the below information useful before you actually complete an application.

Definition of Short Term Loans

The simplest definition of a short term loan is a financial debt scheduled to be covered in less than 12 months. This type of borrowing has become incredibly popular among customers whose financial situation needs urgent but temporary support. They are not going to get stuck in a debt circle for a long time. Instead, they prefer to pay everything back as soon as possible.

The average size of short term loans ranges from $50 to $50,000. This mainly depends on the funding company you refer to and the state you reside in. Thus, private and corporate customers have to follow the set limits.

Classic loans are most commonly repaid on a monthly basis, but best short term loans usually require weekly or daily payments. The latter poses a greater risk of falling into refinancing or debt trap. For example, the borrower may find himself accruing interest rates and refinancing a loan to minimize a payment.

Features of Short Term Funding

Short term loans for bad credit holders have certain features that distinguish them from other funding services. Before you send your request on the lender’s website, make sure that you know what you are going for.

  • High flexibility - Short-term loans are intended for multiple purposes. They can be utilized for arranging a wedding ceremony, spending a summer holiday, renovating your home, making a big purchase, or paying for an unexpected emergency.
  • No collateral required – Being an unsecured form of funding, it doesn’t need any collateral. This is very beneficial for customers who do not have any belongings to pledge as back-up.
  • Minimal documentation - The paperwork that is required for short-term funding is minimal. This makes the entire process painless for an average customer.
  • Convenient disbursal – Spending of short-term funds is relatively quicker than most of the other long-term funds. It doesn’t need you to provide additional documentation and take additional actions.
  • Size of funding - Small short term loans are taken out by individuals to cover short-term needs. The amount of money begins at just $100 and can extend up to $5,000. The customer can specify the size of loan based on personal needs.
  • Policies - Short-term funds are issued for a very short period of time. Thus, they take less time for repayment, from 1 month to 12 months.

Types of Short Term Funding

Direct lenders offer at least several variations of short term loans online. At, you can find the following options:

  • Personal funds - Getting a short-term personal loan has turned into an efficient way to cover financial gaps in your budget. Whatever kind of emergency you experience, you will be able to handle it with quick money from the private online funder. With relatively low interest rates, personal funds can get everything done with no financial analysis.
  • Installment funds - Short term installment loans are known for their high level of flexibility. They are quite easy to obtain and more convenient to repay. Upon approval, you will be able to choose the most reasonable repayment scheme to be addressed by due date. By making monthly installments, you will save yourself from unexpected expenses.
  • Payday funds - Short-term payday money can be used by employed citizens. They don’t fall under thorough checks and are more tolerant of the bad credit background. But you should be ready to cover the entire debt amount and pay an interest rate in one sum by payday. All payments are usually processed by the funding company that takes out a particular amount from your personal balance.
  • Lines of credit - A line of credit is often viewed as a corporate credit card with a particular limit. Thus, the funding company can step into it upon your request. This type of borrowing needs to be covered through monthly installments over a pre-determined period of time. The major plus here is a relatively low APR.
  • Merchant cash advances – This type of cash advance has characteristics of a classic loan. A funder provides you with the requested amount of money on your bank card. You become obliged to pay everything back in several parts by letting the funder access your financial institution. Each time you make a purchase, a pre-determined percentage of the total loan value is charged from you.
  • Bridge funds – They are usually taken out for several weeks. Some funders allow you to cover the debt within three years if you request the arrangement of longer-term financing. It is perfect for private and corporate clients who have gaps in their budget that need to be filled by the end of a certain period. Bridge funds are more expensive than traditional funds due to additional risks. This is why they often have a higher interest rate and additional costs that are amortized over a shorter period.

Eligibility for Short Term Funding

To apply for short term personal loans online, you must fulfill certain requirements. They may slightly differ from one funder to another. However, the standard set of requirements needs you to:

  • Be a US citizen or a US resident
  • Be 18 years old (21 in some states) or above
  • Demonstrate a steady source of income
  • Hold an active bank account
  • Have an active phone number and valid email

If your rating is super low, you should be ready to provide some additional documents requested by a funding company. Your task is to prove your credibility.

Getting Short Term Funding with Bad Credit

Funding companies accept hundreds or even thousands of online short term loan applications every single day. They can’t approve all of them. So, they focus on those coming from the most reliable candidates.

When it comes to short term funding, companies don’t always check your credit report. But it doesn’t mean that it doesn’t check your credit rating. The lower it is the lower chances of getting approval you have. However, the situation can be fixed. An applicant just needs to prove his/her financial capability to cover the debt on a short term perspective. A stable income, long-term employment, solid bank deposit are some of the tricks to be tried by bad credit holders.

How to Claim Short Term Funding

Regardless of your credit background, you have the right to apply for short term loans near me. They are designed to provide short term financial relief, usually used in times of emergency. The main point is to qualify for eligibility criteria. If you are fine with them, you can proceed with an application procedure. It includes some standard steps to be taken by all Hart Loan applicants.

  • Fill out the form and wait for the confirmation message. It takes a couple of minutes to specify some personal and financial details.
  • Choose the type of short term loan with no credit check. Whether you are looking for payday funds or installment funds, you will have certain terms and conditions to follow. For example, the value of payday funds ranges from $100 to $1000, while the value of installment loans can get as high as $5,000.
  • Get approval. Most funding companies process applications at any time of the day and night. However, an official confirmation and actual funding take place during working hours.
  • Get funds to your bank balance. Once your application is approved, you can get money to your bank account almost instantly.

Alternatives to Short Term Funding

A short term loan for bad credit holders is not the only option to cover your debt. There are some nice alternatives which look equally well.

  • Flexible funds are easy to obtain thanks to minimum requirements. However, they usually fall under extra charges such as high APRs and interests. The repayment scheme doesn’t cause any inconveniences as it is usually established by the applicant himself. If you manage to cover your debt earlier, you won’t have to pay any penalties.
  • Personal funds with early repayment can be a reasonable solution to any financial problem. Thus, you can turn a personal loan with its clear benefits into a short term loan by making an earlier repayment. Once you go for this affair, you should learn the value of early settlement.
  • A 0% credit card can be issued to those who have a good credit record. The main point is to use it correctly. You need to make at least the minimum repayment each month and cover the entire debt before the 0% term is up.
  • Overdraft on small amounts of money needs to be activated on your current bank account. Once you are done with it, you should check out the imposed interests or fees. In fact, they are usually cheaper than if you take out an average personal loan.
  • Peer-to-peer funding gives you money directly from investors and savers. The received funds can be repaid earlier without extra charges.
  • Credit unions help their members to sort out financial problems. They are quite flexible in their operations by lending smaller amounts over short periods or accepting earlier repayments. Compared to traditional short term payday loans, credit unions want you to save with them for a certain period of time.


Can I get a guaranteed short term loan?

No, you can’t. Even the funder with the highest approval rate can’t give you any guarantees. In each particular case, the financial decision depends on many factors. If your candidacy is viewed as unreliable, you won’t get approval.

How can I get funds for a short term period?

Short term funding is provided by many direct lenders. You just need to provide the most attractive offer, submit an application, and get approval.

How much can I get as a short term loan?

It depends on the funding company you refer to and the state you live in. However, an average short term loan ranges from $100 to $1,000.

Can I get a short term loan if my credit past is poor?

Yes, you can. You just need to prove your credibility to the funder. If you are employed or have a solid deposit in your bank, your candidacy can be satisfactory.

Where can I get a short term loan?

A lot of financial institutions are offering this type of borrowing. But all of them have different requirements. If your financial background has plenty of flaws, you will most likely have to contact a private lender. It will have less strict requirements but considerably higher side charges.