What are some good short term loans?


Quick Answer

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.

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Full Answer

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.

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