If you’ve ever been in a financial bind, maybe you’ve considered dropping in and trying to get a loan.
However, there are plenty of online options for short term loans. It’s very easy to get money sent directly to your bank account, with no credit check. If you owe rent, or need to pay an electricity bill, or if your paycheck is a week late, then a short term loan may be the perfect thing for you.
What options are there for you? Well, if you’re an American citizen, aged 18 or older, with a job earning at least $1000 per month and a valid driver’s license, there’s plenty that you can do.
All of the options listed below are not lenders. Instead, they are portals that will allow you to apply for a multitude of potential loans directly on the website. You will be shown what you can apply for, then all you have to do is read and sign the forms given.
Money will be delivered to your bank account, accessible often as quick as 24 hours!
Which options are the best for your situation? We at Elite Personal Finance have reviewed many different lending portals and have come up with the 10 best companies for you to use in order to find reputable lenders in your area.
#1 – Personal Loans
Personal Loans, run out of Houston, TX, is a service that will pair you up with a lending institution that will lend you cash for any need: emergency, leisure, or to pay something due quickly.
We’ve ranked Personal Loans at #1 for a lot of reasons. First, it allows you to borrow the largest amount of any of these lending portals: up to $35, 000. Second, they accept applicants with any credit score. Third, they give you the longest time to pay: from 6 to 72 months to repay the loan without it going into collections!
In this list, we’ve compiled all the basic info needed to understand the service that you will be using. This way, you can easily determine what criteria we used to rank these loans, and you can make your decision based on the information given.
- APR Range: 6 to 36%. Smaller loans command higher APRs.
- Application Length: Short. They ask for contact info and employment verification, and they’ve separated the process into two easy steps.
- Maximum Loan Amount: $35, 000. Minimum of $1, 000.
- Total Score: 5/5
- Final Thoughts: Personal Loans offers the lowest APRs, the longest payback times, and the highest possible loan amounts. It’s simply the best on the list, and there’s no comparison. However, the biggest thing that makes it shine is the ability to borrow up to $35, 000. This could mean the ability to pay off medical bills, fixing a destroyed car, or some heavy home damage.
#2 – American Lending Store
American Lending Store is a service run out of Fremont, CA. Unlike the previous website, they only specialize in loans under $1, 000. You’re not guaranteed to get a loan for $1, 000, though. They accept borrowers with poor credit and will be able to pair you up with a lender in no time at all.
Since this company does not run a credit check, you can still get a loan even if your financial situation isn’t the greatest.
- APR Range: 23% and up. They’re not transparent about the APRs their lenders provide, which makes this less attractive of a choice.
- Application Length: Short. They ask for your name, driver’s license ID, address, employment information, SSN, and your bank information. They make it very easy to get the cash you need.
- Maximum Loan Amount: $1, 000, however you are not guaranteed in any way to get this amount. Most borrowers can expect around $500.
- Total Score: 4.5/5
- Final Thoughts: What makes this service ranked this high is that it promises to have your funds delivered in 24 hours after being accepted. The annoying part is that there’s a ‘live chat’ window that opens when you visit the website. Close this window, as it will not help you. The application is very short and easy to follow.
#3 – Cash Advance
Cash Advance, or Arrowhawk LLC, is a company chartered by the Ute Indian Tribe, which spans the length of Colorado and Utah. The name comes from the term “cash advance” which can refer to a cash withdrawal made on a credit card, a cash payment on a larger accounts payable, or a small, short duration loan. In this case, Cash Advance refers to the latter.
They, just like all the other companies on the list, do not represent a lender, bank, or financial institution. Instead, they simply direct people to places where they could potentially get loans for their immediate needs. Since this company is run by an Indian tribe, the list of lenders you will get may be totally different and will represent the interests of Arrowhawk, LLC instead.
These lenders are likely to also be run out of Indian tribes, with very high APRs. However, they can make you loans for the very short term, despite having high APRs, and will get you the money fast.
They state that the lenders will avoid running credit checks with the lending bureaus like Experian, TransUnion, or Equifax, because that is not part of their core business.
- APR Range: 200 to 2, 290%. These loans are very short term, thus have very high APRs.
- Maximum Loan Amount: $1, 000
- Application Length: Medium
- Total Score: 4/5
- Final Thoughts: The biggest flaw to this service is the high APRs. If you borrow money from this company, you have to be absolutely sure to pay it back, otherwise you could be owing an extremely large amount after all is said and done. This is a good company, however, and offers a high level of convenience.
#4 – iCashLoans
iCashLoans is based out of Reno, NV, and provides access to lenders that can provide quick cash loans. They also have operations in the UK and Canada, so for our international users, you could potentially have an option for your financial needs!
This company offers repayment terms up to 90 days, however not everyone will qualify for a 90 day repayment term. Their lenders do not run a credit check through the main bureaus like Equifax, Experian, and TransUnion, so an inquiry from this company will not affect your credit score.
Since one application is sent to a wide variety of lenders, you save a lot of time and energy by using iCashLoans.
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