How to Get a Short Term Loan

If you need to borrow cash for a short period of time, there are several ways you can go about it. Some are more expensive than others, so it's important to assess your needs and shop around. For most people it's not difficult to get a short term loan, but comparing rates and fees from numerous sources can be confusing. To help determine the best source for your short term money needs, consider these options.

Instructions

1. Look into what's known as a "fast cash payday" loan. It's a loan designed to help you with financial emergencies until your next pay check arrives. Rates and fees are typically much higher than getting a loan from a bank, so you want to ensure you pay it back quickly.

2. Apply for a credit card to use for a short term loan. The application process is quick and even after you payoff the money you borrowed, you'll have the line of credit available for future emergencies.

3. Obtain an unsecured loan from a bank. You need a good credit history to get a loan without collateral, but if you can swing it you'll find it's the cheapest way to borrow money short term from a lender.

4. Ask a relative to lend you the money. You can offer to pay them back with interest and still save money over what it would cost to use a financial institution.

5. Borrow money from your 401k at work. Most companies have plans that allow you to borrow from your 401k and then make monthly payments to replenish it.

Tips & Warnings

• No matter where you borrow the money from, make sure you don't agree to repayment terms you can't afford. Being realistic about how and when you can pay back the loan will help build a good credit history and save you on interest and fees in the future.