When You Should Get a Short-Term Loan

When life brings you unexpected expenses, a short-term personal loan can be a solution to consider, provided you borrow responsibly. Of course, “short-term” can be a relative phrase, referring to several different types of financing, and the right personal loan will depend on the length of the loan you need. Advance America short-term loans can help you hire a professional to do a car or home repair, pay upcoming bills, or fill in the financial gaps when you’re running short on cash due to the unexpected.

What is a short-term loan?

A short-term loan is designed to meet your temporary financial needs. You can usually repay short-term loans within a year, or even a few weeks. Many online and storefront lenders offering short-term loans have a quick application and decision process, and you may be able to get your funds within 24 hours of being approved.

Types of short-term loans

Here are some types of short-term loans:

Installment loan

With an installment loan, you can borrow a lump sum of money that you repay over a fixed period of time. You and the lender will decide on how long you have to pay back the loan, and you usually have to make monthly payments.

Payday loan

Payday loans are sometimes considered emergency short-term loans that can get you quick cash to help cover expenses before your next payday. You can pay back the money you owe in full within two to four weeks, depending on when you get your paycheck.

Line of credit

A line of credit lets you draw from a set amount of money whenever you need it. Like a credit card, you can take money out until you reach your credit limit. You only pay interest on the amount that you use and can either repay the money right away or over a specified time period.

Title loan

A title loan is a secured loan that uses your car as collateral. The repay time period of a title loan can vary by state, some are short-term while others can be a longer-term installment loan. You can continue to drive your car as you repay the loan.

Situations where you may need a short-term loan

Here are 5 situations when you might consider that applying for a short-term loan is right for you:

1. Medical emergency and bills.

Medical emergencies happen. Sometimes we’re out of town and need to visit an urgent care facility or an emergency room. Or, sometimes we just need the cash to make a co-pay at the doctor’s office. Other times, we may need to care for a sick friend or family member and need quick cash for emergency travel with Advance America short-term loans.

2. Education.

Going back to school can help you learn more about your current profession, help you make a career change, or help you get a promotion. Tuition or special fees for your education are an investment in yourself and your future.

3. Emergencies or Acts of God.

Depending upon where you live, wildfires, flooding, tornados, or hurricanes may be a fact of life, and, as a result, homes or vehicles can be subject to damage. While receiving an insurance check is helpful, sometimes, we can’t always wait until it arrives to make necessary repairs. A short-term cash loan may be the temporary rescue that you need.

4. Seasonal and work attire.

Some professions, such as medical personnel, require uniforms, whereas other jobs may have dress code requirements that are not financially covered by an employer. Short-term loans provide money for these needs. Also, kids in the family might need new school uniforms or new pairs of shoes or outfits due to seasonal changes.

5. Necessities.

Even though we work hard to make ends meet, sometimes we just fall a little short and need some extra money for rent or a mortgage payment, or for food and gas until our next paycheck. Applying for a payday loan can be a suitable alternative.

Advance America short-term loans can get you quick cash

Advance America offers payday loans, installment loans, and other short-term loans that can help you get the cash you need right away. After you fill out a quick application online or in-store, you may get an instant decision and receive the funds in your bank account the same day. Best of all, you don’t need good credit to get approved for our loans. Whether you need to cover an unexpected expense or get some extra cash before your next paycheck, Advance America loans can help meet your immediate financial needs.

The Advance America advantage

Since 1997, Advance America has helped millions of hardworking people with a variety of financial solutions including Payday Loans, Online Loans, Installment Loans, Title Loans and Personal Lines of Credit.
157+ million
loans issued
800+ stores
and online loans
25+ years
providing loans