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Best Online Short-term Loans in Birmingham

Need cash fast? You're not alone. Life's unexpected expenses can strike at any moment, leaving you scrambling for solutions. Don't let short-term financial hiccups keep you up at night. With our Best Cash Advance Short-term Loans, you'll breeze through monetary hurdles effortlessly. Designed for your immediate needs, our quick and easy loans deliver funds without the stress. A tight budget shouldn't compromise your peace of mind. Choose our short-term loans and regain control of your finances today!

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Best Online Short-term Loans in Birmingham

Bloomfield Capital
Loan agency

Address: 700 Forest Ave, Birmingham, MI 48009

Today's Business Hours: 8:00 AM - 5:00 PM

Phone Number: +1 (248) 745-1700

Website: bloomfieldcapital.com

Services:

Business loans Payday loans Signature loans Closed Loans Commercial Bridge Loan Commercial Properties Commercial Real Estate Finance Conventional Loan Cre Loans Equity Investment Investment Adviser Investment Advisor Joint Venture Equity Mezzanine Loan Real Estate Funding Real Estate Investment Real Estate Loans Retail Property Acquisition Senior Housing Urgent Loans

Alternatives to Short-term Loans in Birmingham

Short-term loans are financial solutions designed for those needing quick funds, typically repayable within a year. Personal loans are unsecured, allowing borrowers to use the funds for various needs without collateral, but they often come with higher interest rates due to the lack of security. Installment loans require borrowers to repay the borrowed amount in fixed monthly installments over a predefined period, providing predictability in payments. Title loans, on the other hand, are secured loans where borrowers use their vehicle's title as collateral, offering immediate access to cash but posing a risk of losing the vehicle if repayment terms are not met.

Best Personal Loan

Rockwood Mortgage
5.00
16 reviews

Short-term personal loans are a popular option for individuals seeking quick access to cash for unexpected expenses or emergencies. These loans are typically unsecured, meaning they do not require collateral, and they have shorter repayment terms compared to traditional loans. One of the best choices in this category is LightStream, known for its low-interest rates and flexible loan amounts that cater to different financial needs. LightStream also offers same-day funding in many cases, making it convenient for borrowers who need immediate access to funds.

Best Installment Loan

Lenderful
0.00
0 reviews

Installment loans are another popular type of short-term loan that allows borrowers to repay the loan over a series of scheduled payments. A top choice for installment loans is a peer-to-peer loan, which connects borrowers with individual lenders via an online platform. This option often offers competitive interest rates compared to traditional financial institutions and provides more flexible repayment terms, making it an attractive choice for those with a good credit score seeking manageable monthly payments.

Best Car Title Loan

Care Mortgage
5.00
3 reviews

Title loans are a form of secured loan where borrowers use their vehicle title as collateral. These loans are advantageous for individuals who need quick access to cash and are confident in their ability to repay the loan swiftly, often within 30 days. While title loans can offer fast approval and no credit check, they come with significant risks, such as high-interest rates and fees. Additionally, failure to repay on time can lead to the loss of the borrower's vehicle. Thus, title loans are typically recommended only as a last resort for borrowers who are in immediate need of funds and possess a clear plan to repay the loan promptly.

Loan Regulations in Michigan

In Michigan, short-term loan regulations are designed to protect borrowers while providing access to quick funds. The state permits a maximum short-term loan amount of $600 per lender; however, individuals can have up to two outstanding loans with a combined total of $600. The loan term ranges from a minimum of 14 days up to a maximum of 31 days. Regarding fees, lenders can charge up to 15% on the first $100, 14% on the second $100, 13% on the third $100, 12% on the fourth $100, and 11% on the fifth and sixth $100. This structure means the maximum finance charge for a $100, 14-day loan is $15, equating to an Annual Percentage Rate (APR) of approximately 391%.

Eligibility criteria for short-term loans in Michigan are straightforward. Applicants must be at least 18 years old, have a steady income source, and possess a valid checking account. Some lenders may require additional documentation.

Short-Term Loan Calculator

day(s)
%
$

Estimated Payment

$327.12
Total Principal Paid: $300.00

Financial Charge: $27.12

Loan Term: 150 day(s)

APR: 22.00%

Where to Use Short-term Loan

Individuals who have taken out a short-term loan can efficiently utilize the funds across a range of essential local services. Medical facilities offer treatment and care, car repair shops can address urgent vehicle issues, and legal services provide critical assistance with legal matters. Additionally, funeral homes offer compassionate support during times of loss, while appliance service centers ensure necessary household equipment remains functional.

Banquet Rooms
33680 Woodward Avenue, Birmingham, MI 48009
+1 (248) 792-6263
Car Repair and Service
33300 Woodward Avenue, Birmingham, MI 48009
+1 (248) 645-6919
Car Wash
34745 Woodward Avenue, Birmingham, MI 48009
+1 (248) 646-5533
College/University
217 North Eton Street, Birmingham, MI 48009
+1 (248) 593-8130
Community Center
725 South Adams Road, Birmingham, MI 48009
+1 (248) 203-2273
Dentist
751 Chestnut Street, Birmingham, MI 48009
Government Office
2436 West Lincoln Street, Birmingham, MI 48009
+1 (248) 203-4300
Hospital
755 East Maple Road, Birmingham, MI 48009
+1 (248) 534-4489
Library
300 West Merrill Street, Birmingham, MI 48009
+1 (248) 647-1700
Local Post Office
1221 Bowers Street, Birmingham, MI 48012
+1 (248) 646-0723
Movie Theater
207 Hamilton Row, Birmingham, MI 48009
+1 (248) 593-7156
Museum
479 South Old Woodward Avenue, Birmingham, MI 48009
+1 (248) 382-8640
Pharmacy
401 South Old Woodward Avenue, Birmingham, MI 48009
+1 (248) 644-3214
Rent-a-Car Facility
1000 East Maple Road, Birmingham, MI 48009
+1 (248) 540-1217
Resort
751 Chestnut Street, Birmingham, MI 48009
+1 (248) 712-4641

FAQ

What are short-term loans?

Short-term loans are financial products designed to be repaid relatively quickly, typically ranging from a few weeks to a few months. They are often used to cover unexpected expenses or bridge financial gaps until the next payday.

Can I get a short-term loan with bad credit?

Yes, it's possible to obtain a short-term loan even with bad credit. Many lenders offer products specifically tailored for individuals with less-than-perfect credit scores. However, interest rates might be higher compared to those for individuals with good credit.

What is a same-day loan?

A same-day loan is a type of short-term loan where the application, approval, and funding process are expedited so that the borrower receives the funds on the same day they apply. These loans are useful in urgent financial situations.

Are short-term loans the same as short-term loans?

Short-term loans are a type of short-term loan. They are typically due on the borrower's next payday and are known for their high-interest rates and fees. While all short-term loans are short-term loans, not all short-term loans are short-term loans.

How can I apply for a short-term loan?

You can apply for a short-term loan through various lenders, including banks, credit unions, and online lenders. The application process usually involves submitting personal, financial, and employment information, and it can often be completed online.

What are the typical requirements to qualify for a short-term loan?

To qualify for a short-term loan, you generally need to be at least 18 years old, have a steady source of income, be a resident of the country where you're applying, and have a valid bank account. Specific requirements can vary between lenders.

What are the risks associated with short-term loans?

The risks of short-term loans include high-interest rates, potential for debt cycles if not repaid on time, and additional fees and charges. It's essential to understand the terms and ensure you can repay the loan by the due date to avoid financial challenges.

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Birmingham ZIP Codes

48009
48012
48304