Short Term Loans: Payday, Installment, Credit Line and Title Compared
| Repayment window | About 2 weeks to 24 months |
|---|---|
| Main types | Payday, installment, line of credit, title |
| Amounts | $100–$5,000 through our network |
| Credit | Bad credit can apply; income matters most |
| Funding | Often next business day after approval |
| Cost to use our form | Free, no obligation |
What counts as a short term loan?
A short term loan is designed to cover a gap, not finance a house or car. You borrow a smaller amount and pay it back fast, anywhere from your next payday to about two years. Because the amounts are smaller and the terms are shorter, decisions tend to be quick, the paperwork is light, and many lenders focus on your income and bank history more than a credit score.
The right type depends on how much you need, how quickly you can repay and what your state allows. Here's how the four main options line up.
Short term vs. long term loans
A long term personal loan or line of credit can stretch payments over three to five years, which lowers the monthly payment but keeps you in debt longer and usually costs more in total interest. Short term loans flip that trade-off: the payments are larger, but you're done sooner. For a one-time bill of a few hundred dollars, a short term loan is usually the closer fit. For a few thousand dollars, a short term installment loan of 12 to 24 months often balances payment size and total cost.
Short term loan types compared
| Type | How you repay | Typical amount | Good fit when |
|---|---|---|---|
| Payday loan | One payment on your next payday (2–4 weeks) | Generally $500 or less | A small bill and your paycheck will cover it |
| Short term installment loan | Fixed payments over a few months | $300–$5,000 | You want smaller payments spread out |
| Line of credit | Pay on what you draw | Set by your credit limit | Costs come in pieces over time |
| Title loan | One payment in 30 days, or installments where required | Based on your vehicle's value | You own a car and credit is a hurdle |
Availability depends on state law. Payday and title loans aren't allowed everywhere; installment loans are available in more states.
What $500 costs on each type
Here's a side-by-side on the same $500. These are illustrations based on common structures and state maximums; your lender shows the exact cost before you sign.
| Type | Example terms | Cost | Total repaid |
|---|---|---|---|
| Payday loan | $15 per $100, 2 weeks | $75 | $575 on your next payday |
| Installment loan | 36% APR, 6 monthly payments | About $54 | About $554 ($92.30 a month) |
| Title loan (Mississippi maximum) | $25 per $100, 30 days | Up to $125 | Up to $625 |
| Line of credit | Draw and balance fees vary by lender | Depends on how long you carry the balance | Varies |
Two things change the cost most: the fee structure your state allows and how long you keep the balance. Try your numbers with the payday loan calculator or personal loan calculator.
How much will I repay?
Estimate only. Your lender shows your exact cost before you sign.
Short term installment loans
Short term installment loans are the most flexible middle ground. You get the full amount up front and repay it in equal payments, usually over 3 to 24 months. That makes each payment smaller than a single payday payoff, and many installment lenders report on-time payments to the credit bureaus, which can help build your history. Common amounts run from a few hundred dollars to $5,000. Learn more in what is an installment loan.
See if you qualify — it takes about 3 minutes. Start your free request. There is no obligation to accept an offer.
Short term loans for bad credit
Bad credit doesn't stop you from applying. Many short term lenders look mostly at:
- Income: regular deposits from a job, benefits or self-employment.
- Your checking account: active, in your name, with a steady history.
- Alternative credit data: some lenders use specialty reports instead of a traditional hard pull from the big three bureaus.
- Collateral: for title loans, your vehicle's value.
Bad credit can affect the amount and price you're offered. See loans for bad credit and installment loans for bad credit for tips.
How fast can you get a short term loan?
Speed is the main reason people choose short term loans. A typical timeline:
- Apply online in about 3 minutes.
- Get a decision, often within minutes.
- Verify and e-sign the agreement.
- Receive funds, often the next business day, sometimes the same day if you're approved early on a weekday.
Bank transfers don't settle on weekends or federal holidays, so Friday afternoon requests usually fund Monday. See same day loans for more.
What you need to apply
Short term lenders keep requirements simple. Have these ready and the process moves faster:
- Age and residency: 18 or older (19 in some states) and living in a state the lender serves.
- Government ID and your Social Security number for identity verification.
- Proof of income: pay stubs, benefit letters or bank statements showing regular deposits.
- An active checking account in your name for the deposit and payments.
- A working phone and email so the lender can reach you quickly.
- For title loans: a vehicle title in your name.
Details are in payday loan requirements and personal loan requirements.
Choosing the right short term loan
- Match the term to your next income. If one paycheck can't cover the payoff plus your bills, a few installments are easier.
- Borrow what solves the problem. Smaller requests are easier to approve and cheaper.
- Compare the total to repay, not just the payment.
- Ask about early payoff. On installment loans, paying early usually saves interest.
- Check your state. State law lookup shows what's allowed where you live.
Get a short term loan through our network
Zebra Finance is a free loan-matching service, not a lender. One form reaches lenders in our network that serve your state, offering payday, installment and title loans where allowed. You'll see the amount, fees, APR and payment schedule before you accept, and there's no obligation.
See if you qualify — it takes about 3 minutes. Start your free request. There is no obligation to accept an offer.
Frequently asked questions
What is a short term loan?
A short term loan is a smaller loan repaid quickly, usually within two weeks to two years. Payday loans, short term installment loans, lines of credit and title loans are the main types. They're built for urgent costs and tend to have quick decisions and light paperwork compared with long-term loans.
Where can I get a short term loan with bad credit?
Online lenders and storefront lenders that focus on income often work with bad credit. Our free form reaches lenders in our network that serve your state, offering $100 to $5,000. Many look at income and bank history and may use alternative credit data instead of a traditional hard pull.
What is the easiest short term loan to get?
Loans that rely on income or collateral rather than credit score tend to be easier to qualify for, such as payday loans where allowed, small installment loans and title loans. Approval still depends on the lender's review of your identity, income and ability to repay.
How long are short term installment loans?
Most short term installment loans run from about 3 to 24 months, with equal payments on a set schedule. The term depends on the amount, your state's rules and the lender. Longer terms lower each payment but can raise the total cost.
Can I get a short term loan the same day?
Sometimes. If you apply early on a business day, verify quickly and your bank posts transfers promptly, some lenders can fund the same day. Most approved loans fund by the next business day. Weekends and federal holidays add time because banks don't settle transfers then.
Sources
- CFPB — What is a payday loan?
- CFPB — What is a personal installment loan?
- Miss. Code Ann. § 75-67-413 — Mississippi Title Pledge Act (DBCF copy)