Personal loan terms often range from one to seven years. However, if you need a loan you can pay back quickly, such as for an unexpected expense, there are short-term loans available. Short-term personal loans are generally safer and less costly than payday loans and may still be available if you have bad credit.
While short-term personal loans aren’t an official term and generally don’t have published requirements, CNBC Select rounded up the top personal loan lenders offering shorter repayment terms and easier qualification requirements. (Read more about our methodology below.)
Best short-term loans for bad credit
Looking to consolidate debt or make home improvements? Consider these personal loan offers.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Annual Percentage Rate (APR)
Compare personal loan offers
Best for small loan amounts
Oportun
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Annual Percentage Rate (APR)
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Loan purpose
Quick cash, home improvement, deposits and more
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Loan amounts
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Terms
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Credit needed
No credit history required
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Origination fee
May charge an administrative fee of up to 10% of principal amount
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Early payoff penalty
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Late fee
Depends on the loan terms
Pros
- Open to borrowers with no credit history
- No early payoff fees
- Same-day funding available
- Loan amounts as small as $300
Cons
- May charge an administrative fee of up to 10% of the principal amount
- Not available in all states
Who’s this for? Oportun offers loans as low as $300 and as high as $10,000, making it ideal for those who don’t need to borrow a ton of money. By comparison, many personal loan lenders require you to apply for a minimum funding amount of at least $2,000 to $3,000 and have funding limits as high as $50,000 to $100,000.
Standout benefits: Oportun offers repayment term lengths starting at just 12 months. You can also pay off the loan quicker since there are no early payoff fees.
Best for no prepayment penalty
OneMain Financial Personal Loans
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Annual Percentage Rate (APR)
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Loan purpose
Debt consolidation, major expenses, emergency costs
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Loan amounts
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Terms
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Credit needed
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Origination fee
Origination fee starting at $25 to $500 or percentage ranging from 1% to 10% (depends on your state)
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Early payoff penalty
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Late fee
Up to $30 per late payment or up to 15% (depends on your state)
Terms apply.* Click here to see if you prequalify for a personal loan offer.
Pros
- Approves applicants with bad or fair credit
- No early payoff fees
- Reasonable loan minimums ($1,500) for smaller needs
- Can pre-qualify with a soft credit check (no hard inquiry right away)
- ACH funding within 1-2 business days (sometimes same day with proper paperwork)
- Option to apply for secured loan (with collateral) for potentially lower rates
- Borrowers can choose the date the bill is due each month
- Applicants may apply with a co-applicant or, if married, may apply for a loan separately from spouse
Cons
- High origination fee
- High interest rates
- No autopay APR discount
- No co-signers
*You must complete a loan application and continue to meet any criteria used to select you for a loan offer. Not all applicants are approved. Loan approval and actual loan terms depend on applicant’s state of residence and ability to meet OneMain Financial credit standards such as a responsible credit history, sufficient income after monthly expenses, and if applicable, availability of eligible collateral.
Not all approved applicants qualify for larger loan amounts, lower APRs, or the most favorable loan terms. For example, larger loan amounts typically require a first lien on a motor vehicle that is no more than ten years old, meets our value requirements, and is titled in applicant’s name with valid insurance. APRs are generally higher on loans not secured by a vehicle.
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
OneMain charges origination fees allowed by law. Depending on the state where the loan is opened, the origination fee may be either a flat amount or a percentage of the loan amount. Flat fees vary by state, ranging from $25 to $500. Percentage-based fees vary by state, ranging from 1% to 10% of the loan amount subject to certain state limits on the fee amount.
For information about these fees and minimum and maximum loan sizes available in certain states, visit omf.com/loanfees.
Current OneMain Customers: Loan offers presented to a consumer assume the individual has no active loan with OneMain or one of its affiliates. If a customer applies for a new loan offer, a OneMain representative will discuss available options.
Active-duty military, their spouse or dependents covered by the Military Lending Act (MLA) may not pledge any vehicle as collateral. If you are covered by the MLA, you are not eligible for secured loans.Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Time to Fund Loans: Funding within one hour after loan closing through SpeedFunds® must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after closing.
Who’s this for? OneMain Financial can help you save money if you think you’ll pay off your loan balance earlier than expected and don’t want to be hit with a prepayment penalty.
Standout benefits: OneMain Financial doesn’t have a published minimum credit score requirement for applying for and getting approved for a loan. This makes it a fairly flexible lender ideal if you apply with less-than-ideal credit.
Best for payment grace period
Avant Personal Loans
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Annual Percentage Rate (APR)
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Loan purpose
Debt consolidation, major expenses, emergency costs, home improvements
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Loan amounts
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Terms
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Credit needed
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Origination fee
Administration fee up to 9.99%
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Early payoff penalty
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Late fee
Up to $25 per late payment after 10-day grace period
Click here to see if you prequalify for a personal loan offer. Terms apply.
Pros
- Lends to applicants with scores lower credit scores
- No early payoff fees
- Can pre-qualify with a soft credit check (no hard inquiry)
- Quick funding (often by the next day)
- Late payment grace period of 10 days
Cons
- Origination fee
- Potentially high interest (caps at 35.99% APR)
- No autopay APR discount
- No direct payments to creditors (for debt consolidation)
- No co-signers
Who’s this for? Avant stands out for offering a 10-day grace period to make payments without a penalty. While it’s important to plan to make your repayments in full and on time each month, this grace period can help protect you from those one-off moments where things go awry with your payment.
Standout benefits: Avant offers personal loan funding as early as the next business day as long as your application is approved by 4:30 p.m. CT Monday through Friday.
Best for no credit history
Upstart Personal Loans
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Annual Percentage Rate (APR)
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Loan purpose
Debt consolidation, credit card refinancing, wedding, moving or medical
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Loan amounts
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Terms
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Credit needed
Credit score of 300 on at least one credit report (but will accept applicants whose credit history is so insufficient they don’t have a credit score)
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Origination fee
0% to 12% of the target amount
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Early payoff penalty
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Late fee
The greater of 5% of last amount due or $15, whichever is greater
Pros
- Open to borrowers with fair credit (minimum 300 score)
- Will accept applicants who have insufficient credit history and don’t have a credit score
- No early payoff fees
- 99% of personal loan funds are sent the next business day after completing required paperwork before 5 p.m. Monday through Friday
Cons
- High late fees
- Origination fee of 0% to 10% of the target amount (automatically withheld from the loan before it’s delivered to you)
- $10 fee to request paper copies of loan agreement (no fee for eSigned virtual copies)
- Must have a Social Security number
Who’s this for? Upstart can be ideal if you have a low credit score or your credit history is so insufficient that you don’t have a score yet. It considers factors beyond credit scores to determine eligibility, including your education, income, employment history and financial background.
Standout benefits: Upstart’s loan terms start at 36 months, which is a bit longer than the other lenders on this list. You can check your loan terms without a hard inquiry before you apply. Once approved, you can get the funds as quickly as the next business day.
Best for 6-month term
PNC Bank Personal Loans
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Annual Percentage Rate (APR)
5.99% to 28.74% APR (0.25% APR discount when you sign up for autopay)
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Loan purpose
Debt consolidation, home improvement, wedding, moving and relocation or vacation
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Loan amounts
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Terms
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Credit needed
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Origination fee
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Early payoff penalty
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Late fee
10% of the payment or $40, whichever is greater
Pros
- No origination fees, no early payoff fees
- Fixed rate APR
- Flexible repayment terms
- Loan amounts start at $1,000
- No collateral needed
Cons
- Charges a late payment fee
- Not the fastest funding (can take up to 10 business days)
- Rates and terms can vary based on your ZIP code
Who’s this for? PNC Bank offers loan repayment terms that start at just six months — the shortest term length on this list — and no prepayment penalties, making it ideal for those who plan to pay off their loans as quickly as possible.
Standout benefits: While PNC doesn’t disclose a specific credit score requirement, it considers several factors to determine eligibility for a loan, including your credit history, employment history, citizenship and more. You can get a 0.25% interest rate discount if you make automated payments from a PNC checking account, such as the PNC Bank Virtual Wallet®.
More on our picks for best short-term loans for bad credit
Oportun
Oportun is a financial services company that offers products such as loans, a savings account and a credit card. Oportun has disbursed $17.8 billion in loan funding so far. It offers prequalification which doesn’t impact your credit score and fast funding. Just note that Oportun loans aren’t available in every state.
Loan amounts
$300 to $10,000
Loan terms
12 to 53 months
Credit needed
No credit history required
OneMain Financial
OneMain Financial boasts over 1,300 physical branches across 44 states, so you can get in-person support if needed. Personal loans from OneMain Financial can be used for just about anything including debt consolidation, large purchases and emergency expenses.
Loan amounts
$1,500 to $20,000
Loan terms
24 to 60 months
Credit needed
Poor/Fair
Avant
Avant offers financial products such as loans and credit cards. Its loans range from $2,000 to $35,000 and can be used for almost anything from emergency expenses to medical bills. Avant also offers a convenient app for customers to view balances and manage their loans or credit cards. You can prequalify with only a soft inquiry.
Loan amounts
$2,000 to $35,000
Loan terms
24 to 60 months
Credit needed
Poor/Fair
Upstart
Upstart considers factors like education, employment, credit history and work experience when determining how creditworthy its applicants are. More specifically, borrowers who have a credit score need to meet a minimum requirement of at least 300. It charges no prepayment penalty fees but its loans can still potentially come with high costs, such as up to 12% in origination fees.
Loan amounts
$1,000 to $50,000
Loan terms
36 and 60 months
Credit needed
Credit score of 300 on at least one credit report, but may accept applicants with insufficient credit history
PNC Bank
Founded in 1845, PNC Bank is one of the nation’s oldest and largest banks. It offers loans in all 50 states and has over 2,300 branches. PNC Bank’s loans don’t require borrowers to put up any collateral and come with no application fee, origination fee or prepayment penalties.
Loan amounts
$1,000 to $35,000
Loan terms
6 to 60 months
Credit needed
Not disclosed
Compare checking accounts
What is a short-term personal loan?
A short-term personal loan is a loan that can be paid off within a couple of years, usually one to three years. By contrast, most personal loan lenders have repayment terms that range from one to seven years. Some outliers can have loan terms that are as long as 12 years.
There are a handful of advantages to paying off your loan sooner rather than later, including the fact that you’ll save on interest charges compared to the same loan with a longer repayment term.
Additionally, paying off your loan sooner means you free up room in your budget sooner to use for other expenses.
How is your loan term determined?
Lenders consider factors like your credit history and how much money you’re applying to determine the loan repayment terms you can qualify for. Generally, the higher your credit score and the better your credit profile, the more likely you receive a longer loan term.
Of course, loan terms also depend on the lenders. Most lenders have a minimum term range of three years but it is possible to find lenders that offer even shorter terms.
Alternatives to getting a short-term loan
If a personal loan isn’t the right option for you but you still need another funding option, you might consider a 0% intro APR credit card as an alternative. Many of these cards don’t come with an annual fee and allow cardholders to make purchases at 0% interest for an introductory period.
Just keep in mind that the card works best when you can pay off your balance within that introductory period.
The Citi Simplicity® Card is one of the strongest options since it has no annual fee and has a 0% intro APR period of 12 months for new purchases from the date of account opening (then 19.24% to 29.99%) and 21 months for balance transfers from date of first transfer (then 19.24% to 29.99%). There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Citi Simplicity® Card
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Rewards
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Welcome bonus
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Annual fee
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Intro APR
0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening.
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Regular APR
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Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
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Foreign transaction fee
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Credit needed
Pros
- No annual fee
- Balances can be transferred within 4 months from account opening
- One of the longest intro periods for balance transfers
Cons
- 3% foreign transaction fee
- No rewards program
FAQs
Can you get a short-term personal loan?
You can get a short-term personal loan from traditional banks, online banks and lenders and credit unions. Your loan terms are generally dependent on your credit profile and how much money you’re borrowing but each lender has its own repayment range.
Do short-term loans hurt your credit?
As with any other form of credit, your credit score can be damaged if you fail to make on-time payments in full each month, or if you have frequent late payments. This is not exclusive to short-term personal loans.
What is the minimum credit score for a personal loan?
The minimum credit score depends on the lender. Some lenders require a credit score of at least 300 while others have minimums in the 500s or even in the 600s. Double-check with your desired lender before applying.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal loan article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best short-term personal loans for bad credit.
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Our methodology
To determine the best short-term personal loans for bad credit, CNBC Select analyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks.
When narrowing down and ranking the best personal loans, we focused on the following features:
- Credit score requirements: We considered lenders that accept applicants with poor credit or insufficient credit history.
- Loan terms: We considered lenders with minimum repayment terms of 24 months or less, except for one lender with a minimum repayment term of 36 months since this lender uniquely considers applicants with no credit score.
- Flexible minimum and maximum loan amounts/terms: Each lender provides a variety of financing options that you can select from.
- Streamlined application process: We considered whether lenders offered same-day approval decisions, a fast online application process and next-day funding.
- Fund disbursement: The loans on our list deliver funds promptly through either an electronic wire transfer to your checking account or in the form of a paper check.
- Creditor payment limits and loan sizes: The above lenders provide loans in an array of sizes, from $300 to $50,000.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
Note that the rates and fee structures advertised for personal loans are subject to fluctuate in accordance with the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
