How to Apply for a Short Term Loan

Do you need a loan to cover an unexpected expense? Short-term loans are great for covering the smaller necessities in life, such as vehicle repair, medical bills, appliance replacements and such. Once you have decided you need a short-term loan, then you have to apply for one. Depending on what kind of loan you choose and where you want to get it from, the application process can differ.

Choose Your Lender

Before you can start applying, you have to know where you want to get a loan from. For most people, the first choice that comes to mind may be their bank. However, if you don’t have very good credit, it won’t matter what your reputation is at your bank they aren’t likely to lend you any money. The loan officer probably isn’t the same person who sees you at the bank every month or so, and they don’t know you. They will be looking at cold, hard numbers, and if yours don’t tick all the right boxes, then your loan application is going to be turned down.

Your other options for short-term loans include payday lender and many other fast cash lending options. These will be less likely to ask for a credit score report from you, so you can get by with little to no credit when you choose them. However, you will need to be prepared to prove that you have regular income.

Gathering the Paperwork

Know that you will need to have some information prepared to give anyone you are applying for short-term loans with. They will want to know your ID number, where you work, how much you make and maybe what your monthly bills are. The bigger your loan is, the more involved the application process will be. If you are going for short-term loans, however, then it should be fairly simple and straightforward.

Most short-term lenders will want a copy of your paystub as well. If you don’t have one available, you may be able to request a copy of your last paystub from your employer. Be sure to have that on hand when you are ready to apply for the loan, as it is a requirement at most short-term lenders.

Choosing the Right Loan

You want to make sure that you pick a loan that you can handle. It needs to be able to cover your monetary needs, of course, but it also needs to be a loan that you can afford to pay back on time. Do not plan to pay later than the agreed upon date for the loan or pay less than the minimum payments, if it is set up on an installment plan. Doing so can ensure that you pay far more than the initial amount of the loan, as your interest rate will be increased and you will have to pay additional fees you did not plan on. It costs much more to pay late than to pay on time; so that is never a good option, if you can avoid it.

You have to approach the lending process with a plan in mind. Determine how you will pay back the loan and where you will have to make sacrifices in order to do so. Most short-term loans are designed to be paid back in weeks or months, and if you cannot come up with the necessary money by then, you will end up paying far more than you planned on.

It’s good to have a secondary plan in mind as you apply. Talk to friends and family and see if someone would be willing to cover you for the cost of the loan, should you fall behind on your payments. You can even get them to sign for the loan as a guarantor, if you feel that is necessary.


Once you are ready to apply for any short-term loans, you can start the process. Be aware that it may take a few hours for the application to process and be approved. There is no guarantee that you will be approved, but if you looked over the terms ahead of time, you should have a good idea if you qualify. It often takes up to 24 hours after approval for the money to actually be deposited into your bank account. Once it is, you can start using it right away. Just make sure you follow your plan to pay the money back on time.