Sometimes, life doesn’t cooperate with our plans and we may need to take advantage of short term loans online to help bail us out. Unexpectedly, life may throw you a curveball and you suddenly find yourself in desperate need of some quick cash. Money stress is one of the biggest sources of stress, especially when an emergency comes up and you don’t have enough cash to meet your needs. In fact, money issues has been the leading case for divorce for quite some time now. It could be a major medical expense, home or car repair, or maybe you just need help paying bills. It would be nice to simply withdraw the money from savings, but if that is not an option, you’re left trying to figure out where you’re going to get the money from.

Luckily, there is a solution! In recent years, the ability to get short term loans online has become a very easy and popular thing to do. You can apply in minutes, get an immediate decision, and have the cash in your bank account by the next business day! Don’t feel like you’re alone if you find yourself in a position where you need help paying bills ASAP. In today’s society, more and more people are struggling with their credit score and don’t have as much savings as people did in previous decades. You may need help with a big expense, or you may just need some quick cash to fill the gap. Getting payday loans online has become an easy way to help you get by until your next paycheck. This is a great short term solution when you only need to borrow some money for a few days. You can also get payday loans online with bad credit!

Here are some of the many benefits of getting a short term personal loan online, so you can get a better understanding of why they can be such a great resource.  Especially when you consider the convenience of not having to physically go to a bank. The loan officers and underwriters can take several days to process your application, and then may take a few more days after questioning items on your credit report. Then, they may decline your request while you’ve needed cash for a week!

1. Online Loans for All Credit Types
One of the biggest benefits of getting short term loans online is that bad credit is ok! It doesn’t matter how bad your credit is, there are MANY subprime lenders who will approve your application. In fact, usually for payday loans no credit check is required. Some lenders will only do a “soft-credit” check, so you can still get approved regardless of your credit. It doesn’t matter if you have a foreclosure, repossession, bankruptcy, or any delinquencies, because the lenders won’t even see this info! This is great because a lot of people who have a low credit score may have just experienced a tough situation, but they’re very responsible financially. They just got down on their luck for a short time. Learn more about personal loans for bad credit here.

2. Quick and Easy Application Process
You can easily apply on your phone, tablet, or computer in less than 2 minutes! The fact that the application is all online is a huge time saver. You don’t have to waste any time talking to a banker over the phone or in person.  Simply complete the requested fields, click on Apply, and you’ll have a decision in just a few short moments. There’s no reason to keep stressing over how you’re going to get your hands on some quick cash!

3. High Approval Rates
As previously mentioned, you don’t have to have good credit to get approved.  These online loans for all credit types are easy to get approved for.  In addition to the loose underwriting requirements, your application will likely be presented to many different lenders who are competing for your business. If one lender won’t approve you, another lender will see your application, grab it, and get you approved! This results in approval rates in the upper 90% range with a lot of lenders. Some lenders even offer bad credit loans guaranteed approval, as well as bad credit auto loans. So don’t assume that your credit is too bad too get approved – just apply and find out!

Approved Short Term Loans Online

4. Direct Deposit
Once you have been approved for a loan and accept the terms, then it’s time for funding. In some cases you can get funded the same day, but usually it will be the next day. You simply need to provide your checking account information and then the funds will automatically be direct deposited. Sure beats getting a check in the mail, driving to your bank, and then waiting a few days for the funds to clear! Plus, when you have a financial emergency, you need cash ASAP! 

5. No Collateral Required
These online loans are unsecured, meaning you don’t have to put up any collateral to secure the loan. If something happens and you’re not able to pay the loan, your credit will take a big hit. However, you don’t have to worry about losing your home, car, or any other valuable assets. True, you may pay a little bit more in interest since the lender is taking on more risk. The convenience and easy terms makes it worthwhile for most people though. 

6. Cash Can Be Used For Anything
While a loan application might ask what you are planning on using the funds for, it doesn’t really matter. You can use it for anything you want! Traditional banks can be a lot pickier, so it’s much easier to get a personal loan online. Once you receive the cash in your account, you are free to use it in any way you’d like. You could possibly use a credit card, but sometimes the amount you need is greater than the available credit line on your card. Getting a small loan can be better in this case, since you can usually get a loan for a higher amount. Maybe you need the cash for more than one reason, like catching up your utilities, rent, buying groceries, or again, you may just need help paying bills ASAP. You could also use the funds for debt consolidation.

We all know the relief we get once we figure out how we’re going to pay for an emergency expense. Getting short term loans online can be the fastest way to achieve this. If you are in need of some cash right now, apply at and get an answer right away!

Mike Lombardi, MBA

Mike Lombardi, MBA

Personal Finance Expert

Mike Lombardi earned his bachelor’s degree in Finance, as well as his MBA in Economics. He has been in the personal finance industry for 24 years. He spent 12 years working for a large bank as the loan operations manager before switching gears and managing client portfolios at a small wealth management firm. He enjoys helping people develop and implement a personal budget, formulate a strategy to improve their credit scores, and show them how to work towards becoming debt free by designing a debt reduction plan unique to each person’s situation.