If you’ve read our articles about short-term cash loans, payday loans, or other type of high-interest short terms loans, then you’ll know how we feel about this type of particular loan. It’s risky and very expensive, but sometimes, life happens and you have to make the hard decision to keep your life afloat.
So, instead of jumping in blindly trying to find the trusted short-term cash loans lender on a place that’s full of charlatan, we’ll just help you out instead with our recommended short-term cash loans lenders that we trust from doing business with them.
- TD Bank
Among the three lenders in our list, TD Bank is the only one that’s a bank for short-term cash loans. And due to it being a bank, you won’t have the benefits that’s often associated with these types of loans since most of them are online.
But, it’s way better to go through the hassle of visiting a branch than getting ripped off from sky-high APR and interest.
TD Bank provides unsecured, short-term cash loans to borrowers with good credit in the 15 east coast states as well as Washington D.C where their branch exists.
TD’s short-term cash loans that’s known as TD Fit Loan promise its borrowers fast approval and funding time. Borrowers will also have wide range of loan amounts options to choose form as well as three repayment options.
It has similar rates to other banks as well as the benefits of no origination fees or prepayment fees, by sacrificing other benefits such as discounts for automated or the ability to send the funds directly to creditors if you’re getting a debt consolidation loan.
This short-term cash loan known as TD Fit Loan is also good as a credit building exercise. The bank uses soft-credit check to pre-qualify its borrowers, which mean that your credit score won’t be affected. And it’d also report on-time payments or payments in general to the three major credit bureaus in the US.
Overall, TD Bank’s short-term loan is suited for people who values quick approval and funding, want to build their credit to be even better, requires good customer service support for potential issues, as well as having a somewhat flexible loan payment date.
- Possible Finance
When you’re thinking of getting a short-term cash loan from Possible Finance, there are three things that makes it stands out above the rest of personal payday loans.
Possible Finance is built as an alternative to payday loans, as such, you’ll have to apply through it’s mobile app. Everything is online. Second is that since they don’t have a minimum credit requirement, you can still get approved for a loan. Third and last, is that it has higher interest rates than most.
Despite advertising themselves as an alternative to the costly payday loans, Possible Finance’s short-term cash loans interest rates are still high, even reaching the triple digits that payday loans are notoriously known for.
It’s just that the difference with Possible Finance’s short-term loan you’d only have 100% to 200% APR instead of 400% APR that most payday loans come with.
And also, it’s worth nothing, when we say short-term cash loan, we really mean it for Possible Finance because you’ll only have two months to pay your loans.
This can be good and bad for different person, but since you’re on a page that lists the best short-term cash loan, then chances are it’s what you’re looking for right now.
Same with TD Bank’s loan above, Possible Finance’s loan can also be used to help build your credit score since they actually report to the three credit bureaus in the U.S. As such, on-time payments in full will results in you having higher credit than before.
But on the flip-side, it also means that if you fail to meet the due date, your credit score will only get worse instead of better. Which you obviously don’t want especially if you’re getting a short-term cash loan.
Possible Finance’s loan is also only available on seven states in the US, them being Idaho, California, Florida, Texas, Utah, and Washington.
So, what makes it worth considering as a loan lender? Well, Possible Finance can be very good for you if you’re looking for very fast funding for small loans, a way to help build your credit, and if you’re a resident on the seven states above.
The last and the least recommended of our short-term personal loan lenders is Personify. And yes, while most short-term loans are accompanied by high-interest rate, Personify decides to take it up a notch and makes it even higher.
It’s not an exaggeration to say that they have a sky-high interest rates even among short-term cash loan lenders in the U.S.
But, again, it’s an option for people with poor credit score and people looking for very fast funding.
It also doesn’t charge for early repayments, either. So if you’re confident you can pay off the loan before the due date, Personify might be an option for you.
We personally wouldn’t recommend it. The two options above are much better suited for short-term cash loans for all sorts of borrowers, so if you’re able to go with those two instead, it will be better for your financial situation in general for the future.
But, if you’re one of the people that have poor credit score due to some circumstances, you can get Personify because they don’t decide solely based on it, and you can build your credit for better loan rates in the future.
And with that, ends our article about our recommended short-term cash loans lenders that’s available in the U.S. As we’ve said time and time again, getting one of these loans is a no-no under most circumstances, but if you absolutely really have to rely on these sorts of loans, we hope this guide help you make a better decision.
That’s all from us for now, thank you for reading and making it through this far. We’ll see you some other time with another article involving loans and financial advices in general. Goodbye.