Best Loans

Best Short-Term Loans

Sometimes, you find yourself in a difficult situation where you need urgent cash to sort out some problems. If you have some cash stashed away in a contingency wallet, you are good to go. If not, you will find yourself relying on an emergency loan.

When that happens, you may want to search for best loans for emergencies. Since emergencies are usually not long term issues, you may come across several short term loan options. There are several short-term loan options including payday loans, personal loans, and short-term installment loans.

Most of these loans are easy to access and the application processes are fast.

Some of these loans do not require credit score checks and you can easily qualify for them considering the requirements of these loans. Most often than not, the best option for such loans is personal loans. These loans do not require collateral since they are unsecured loans.


They also come with fixed rates and fixed monthly payments so you will even know the amount you will be paying at the end of every month. Although personal loans are great options because you do not need to put down collateral, they are always not the best. Sometimes there are loan options that are tailored towards the borrower.

For instance, there may be a better loan option for borrowers who have bad credit scores. It is important to check all these first before applying for a loan. Even if you decide to go in for a personal loan, you will still need to research the options to find the best lender.

Here is a list of the best personal loan options for people who need cash to attend to urgent situations.

  1.    Lending Club

Lending Club is one of America’s biggest peer-to-peer lenders. They offer competitive rates on their loans. The minimum credit score requirement is 600. When you apply you this loan, expect to pay an origination fee that ranges from 1% to 6%. When you make monthly payments by check, you will pay a 7% processing fee.

This lender offers loans at an APR that ranges from 6.95% to 35.89%. You also have a lot of time to repay the loan. the repayment period ranges from 30 to 60 months. You can access up to $40,000 in personal loans from Lending Club. Unfortunately, you can access this loan if you reside in Iowa.

  1.    LightStream

LightStream is an ideal loan option for people with Excellent credit. Their loans attract low APRs; the APRs on these loans range from 3.09% to 14.24%. This lender will ask for the purpose of the loan before deciding the loan term. The loan term ranges from 24 to 144 months.

You can get up to $100,000 when you apply for the loan. People who need huge sums of cash can apply for loans from LightStream. When you apply for this loan, you do not need to worry about origination or prepayment fees.

  1.    Wells Fargo

Wells Fargo is another lender you should consider if you are looking for the best personal loan. The APR on this loan ranges from 7.24% to 24.24%. The loan term for this Wells Fargo’s personal loans ranges from 12 to 60 months. You can get up to $100,000 in loans.

Wells Fargo is a well-established financial institution with over 6000 locations nationwide. Borrowers who want to do face-to-face business can walk into any of these branches and interact with the professionals. There is no prepayment or origination fee when you deal with this lender.

Unfortunately, new customers cannot apply for loans online. They will need to walk into any of the branches to apply. The online application is reserved for customers who have an existing relationship with the financial institution.

  1.    Prosper

Prosper is another peer-to-peer lending firm that is worth mentioning. You will need a minimum credit score of 640 to get a loan from this lender. The APR on this loan ranges from 6.95% to 35.99%. The loan terms range from 36 to 60 months and you can get up to $40,000. You can get a loan in 48 hours with Prosper, however, the loan can take up to 7 days. Unfortunately, loans are not available in West Virginia and Iowa.

  1.    SoFi

SoFi can offer you a loan with an APR that ranges from 6.99% to 14.865%. You can get up to $99,999 when you apply for this loan. You will need to pay back within a period that ranges from 36 to 84 months. SoFi has an unemployment protection program that allows you to suspend the loan payments when you lose your job.

This will at least take away the stress of being unemployed. When you apply for a loan from SoFi, you do not need to worry about origination fees; you will not be paying one. SoFi has a high credit score requirement. They will also review your debt-to-income ratio and you are expected to have a dependable employment as at the time you apply for the loan.

  1.    Earnest

Earnest can offer you up to $75,000 when you apply for their personal loan. The APR charged on this loan is 5.25%. The loan term ranges from 1 to 3 years. You will need to show proof of source of income and responsible savings history.

  1.    PeerForm

Peerform has a simple website that allows you to find your way around your application processes easily. The APR on their loans range from 5.99% to 29.99% and the maximum loan amount you can get is $25,000. Unfortunately, you do not have the option of choosing the repayment term when you apply for this loan. The loan term is fixed – it is three years.

You can apply for a loan from PeerForm with a credit score as low as 600. If you apply for a loan, you will need to wait up to 2 weeks for your loan to be funded. PeerForm also charges several fees. You should expect to pay late fees when you do not pay your loan on time.

You can also pay an origination fee that is up to 5% of the loan amount. You may also paycheck processing fees. Unfortunately, PeerForm’s services are available in only 42 States.

  1.    Avant

Avant offers loans for borrowers at an APR that ranges from 9.95% to 35.99%. The rates you will pay will depend on your credit history and your income. You can borrow an amount that ranges from $2,000 to $35,000. The repayment term ranges from 24 to 60 months.

You can pay administration fee up to 4.75%. Avant is available in 46 states. With Avant, the amount, loan term, and APR of the loan the firm will offer to you will depend on your creditworthiness and the state in which you reside.


You can get a fast loan from this lender. You will complete the loan application in 3 simple steps. The APR ranges from 5.99% to 35.99% and the loan term vary. You can get a loan with a loan term as short as 3 months. You can also get a loan term that allows you to repay your loan in 5 years. You can get up to $35,000 in loans. Fortunately, this loan is available in all the 50 states.

It is good to note that is not a direct lender. They deal with several lenders who grant loans to people who apply on their website. Unfortunately, since this lender is not a direct lender, it is quite difficult to know any critical information before you actually apply.

  1.    UpStart

You can access up to $5,000 at an APR of 17.5%. you will need a minimum credit score of 620. This lender does not request for a minimum income or credit history. The origination fee ranges from 1% to 6%. Late payments also attract a late fee of 5% of the amount of $15 or whichever is greater. You will not pay processing fees if you pay your loan by check. The loan term is 3 years.

  1.    Upgrade

With Upgrade, you will need a minimum credit score of 620 to qualify for this loan. This loan attracts an APR of 29.5%. Although there is no minimum income requirement, however, you will need a minimum monthly free cash flow of $1,000. You should also have a three-year credit history or more.

The origination fee for this loan ranges from 1% to 6%. When you miss payment due dates, you will be given a 15-day grace period to make payments. If you are unable to make the payment within that period, you will pay a $10 late fee. The loan term is three years.

  1.    OneMail Financial

OneMail Financial does not specify a minimum credit score requirement, however, the average credit score of most applicants ranges from 600 to 650. There is no minimum credit score requirement. There is also no minimum credit history requirement. You will need to visit any of the branches of OneMail Financial to get the loan. The APR on this loan is 22.74% and the loan term is 3 years. You will be expected to pay an origination fee but this fee depends on the state you live in.

  1.    Marcus by Goldman Sachs

Marcus’s loan attracts an APR of 16%. You can apply for this loan with a minimum credit score of 580. You need to have a minimum credit history of 3 years. There is no origination fee, no late fee, and there is also no prepayment fee. This loan facility is available in all states except Maryland. The lender will verify your credit information before approving your loan.

When you want to apply for a loan, there are certain factors to consider. These will help you to choose the best loan option. You should consider the rates and fees that are attached to the loan. Some lenders do not charge you origination fees, processing fees, or late fees. Some lenders also charge lower than others. You should also consider the loan limit of the lender.

Are they willing to offer you the amount you are requesting for? You should also check if the website is secure and reputable. It is a bad idea to submit your information to a website without checking if the website is secure since your information may be stolen by hackers. You should also check the reviews from other websites to be sure that you are dealing with a firm that is trustworthy.