Good short-term loans include SimpleFi’s limited-term offerings for emergency team personnel, teachers, administrators, police, firefighters and military personnel on active duty, according to NerdWallet. Other sources of good short-term loans include banks and credit unions, local Lending Circles, Hebrew Free Loan’s offerings for members of the Jewish community and Opportun’s loans for Hispanic borrowers.Continue Reading
Other sources of good short-term loans include family and friends, explains MyCreditUnion.gov. Those seeking for cash to deal with emergencies should also consider getting cash advances from their employers, using low-rate credit cards or seeking help from local or state governments. Payday loans, which are also referred to as check loans or cash advance loans, should always be a last resort due to their punitive interest rates.
Sources of good short-term loans for business owners include Small Business Administration lenders and investment lenders, as Entrepreneur details. These lenders are generally willing to offer long-term loans at reasonable interest rates. Business owners who are seeking short-term loans to pay suppliers should first consider asking for an extension even if it leads to a fee because it is still generally far cheaper than borrowing from online lenders. When Internet moneylenders are the only option, business owners should seek loans with as long a term as possible because those loans generally result in minimal daily payments, which places less strain on a business’ cash flow.Learn more about Personal Loans