What is a Short-Term Loan?

A short-term loan is a type of borrowing option with a relatively brief repayment period, typically ranging from a few weeks to a few months. These loans are designed to be quick and accessible for individuals who need immediate financial assistance for emergencies or unexpected expenses.

Can I Get a Short-Term Loan with Bad Credit?

Yes, it is possible to get a short-term loan with bad credit. Many lenders specialize in providing loans to individuals with less-than-perfect credit scores. However, it is important to note that the interest rates may be higher compared to those offered to individuals with better credit scores, as lenders perceive a higher risk.

What Are Same-Day Loans?

Same-day loans refer to short-term loans that are processed quickly, often within a single day. These loans are ideal for urgent financial needs as they promise speedy application, approval, and fund disbursement processes. However, availability may vary based on the lender's policies and cutoff times.

How Do Short-term Loans Work?

Short-term loans are a form of short-term loan intended to be repaid on the borrower's next payday. Typically, the loan amount is small, and the repayment is expected in one lump sum, including fees and interest. Borrowers should carefully consider the terms, as these loans often come with high interest rates and charges.

What Do I Need 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 valid ID, a steady source of income, and an active bank account. Some lenders may have additional requirements, so it is advisable to check their guidelines before applying.

How Can I Apply for a Short-Term Loan?

You can apply for a short-term loan online or in person through a lender. The process usually involves filling out an application form, providing personal details, and sometimes, documentation for income verification. Once submitted, the lender reviews your application and decides on approval based on their criteria.

What Are the Risks of Taking a Short-Term Loan?

Short-term loans can be helpful, but they come with risks such as high interest rates and fees. Borrowers may get trapped in a cycle of debt if they cannot repay on time. Understanding the terms of the loan, planning for repayment, and considering alternatives when possible can help mitigate these risks.

Fast & Easy Best Online Short-term Loans in Memphis, TN

Best Online Short-term Loans in Memphis

745 Cash

Loan agency

5.00

52 reviews

Apply Online View Details

Address: 3400 Elvis Presley Blvd, Memphis, TN 38116

Today's Business Hours: 9:00 AM - 6:00 PM

Phone Number: +1 (901) 255-1506

Website: 745cash.com/3400-elvis-presley-blvd

Services:

Payday loans Title loans

NiceLoans!

Check cash

5.00

9 reviews

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Address: 1268 Getwell Rd, Memphis, TN 38111

Today's Business Hours: 8:30 AM - 5:30 PM

Phone Number: +1 (901) 744-6500

Website: niceloans.com

Services:

Installment loans Payday loans Auto Repairs Financing Flex Loans Online Loans

Advance America

Financial institution

5.00

37 reviews

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Address: 4298 Summer Ave, Memphis, TN 38122

Today's Business Hours: 10:00 AM - 6:00 PM

Phone Number: +1 (901) 685-6474

Website: advanceamerica.net/store-locations/tennessee/4298-summer-avenue-memphis-38122

Services:

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Advance America

Financial institution

5.00

28 reviews

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Address: 3431 Austin Peay Hwy, Memphis, TN 38128

Today's Business Hours: 10:00 AM - 6:00 PM

Phone Number: +1 (901) 386-3017

Website: advanceamerica.net/store-locations/tennessee/3431-austin-peay-hwy-memphis-38128

Services:

Financing Flex loans Installment loans Line of credit Payday loans Signature loans Title loans 30 Days Loan Ach Loan Auto Repair Loans Bill Payments Christmas Loans Consumer Financial Services Consumers Loans Credit Counseling Debt Management Dollar Loans Easy Cash Loans Electronic Bank Emergency Loans Existing Loan Expanded Loan Financial Services Financial Solutions Holiday Loans Home Improvement Home Loans In-Store Cash Advance Loan Applications Loan Processing Loan Refinancing Money Loans Money Orders Money Transfer Service Money Transfers Netspend® Visa® Prepaid Card New Loan No Credit Check Loans Online Bill Payments Online Cash Advances Online Lending Online Personal Loan Payment Plans Personal Finances Personal Loans For Bad Credit Prepaid Cards Quick Loan Quick Loans Refinance Loan Repayment Plan Security Online Account Authentication Fraud Prevention Short Term Loan Short-Term Lending Short-Term Loans Single Repayment Loan Small Loans Term Lending Unsecured Loans Vehicle Insurance

Direct Payday Loans

Loan agency

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Address: 2618 Walker Ave, Memphis, TN 38111

Today's Business Hours: 7:00 AM - 7:00 PM

Phone Number: +1 (901) 390-9229

Website: directpdl.com/locations/memphis

Advance America

Financial institution

4.90

39 reviews

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Address: 3629 Hickory Hill Rd, Memphis, TN 38115

Today's Business Hours: 10:00 AM - 6:00 PM

Phone Number: +1 (901) 547-0821

Website: advanceamerica.net/store-locations/tennessee/3629-hickory-hill-road-memphis-38115

Services:

ACE Cash Express

Loan agency

4.80

10 reviews

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Address: 416 E Eh Crump Blvd, Memphis, TN 38126

Today's Business Hours: 8:00 AM - 7:00 PM

Phone Number: +1 (901) 948-2402

Website: acecashexpress.com/locations/tennessee/memphis/2140

Services:

Bill paying Business loans Cash for gift cards Direct deposits Flex loans Installment loans Line of credit Money orders Money transfers Payday loans Personal check cashing Signature loans Title loans Ace Cash Express Services Ace Elite™ Visa® Prepaid Debit Card Atm Services Auto Loans Auto Repair Car Repairs Cash Advances Cash Withdrawal Cash Withdrawals Check Cashers Child Tax Credit Consumer Loans Convenient Services Credit Cards Credit Counseling Deposit Account Emergency Cash Emergency Loans Express Online Payment Financial Literacy Financial Protection And Innovation Financial Solution Flexible Payment Options Home Mortgage Home Repair Id Verification Identity Verification Instant Loan Internet Loans Loan Application Loan Funding Loans Applying Online Cash Advances Pay Off Credit Cards Payment Processing Prepaid Debit Cards Quick Cash Quick Loans Registration Loans Revenue Service Secured Loans Short Term Loan Short Term Loans Online Tax Preparation Term Lending Visa Debit Cards ACE Flare Tax Services Business Services

Accent Jewelers & Loans

Financial institution

4.60

49 reviews

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Address: 5050 Poplar Ave #127, Memphis, TN 38157

Today's Business Hours: 9:30 AM - 5:00 PM

Phone Number: +1 (901) 682-8036

Website: memphis-gold-buyer.business.site

Services:

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Alternatives to Short-term Loans in Memphis

Short-term loans are financial products designed to offer quick access to funds for a brief period. Personal loans are often unsecured, require minimal documentation, and can be used for various purposes, but typically come with higher interest rates due to the lack of collateral. Installment loans provide borrowers with a fixed amount of money that is repaid over scheduled payments, offering the predictability of fixed rates but often requiring a good credit score. Title loans, on the other hand, are secured loans where borrowers use their vehicle's title as collateral; they're appealing for their speed and accessibility but can be risky due to the potential loss of the asset upon default.

Best Personal Loan

TitleBucks Title Loans

5.00

55 reviews

When it comes to personal loans, one of the best short-term options available is the payday loan. This type of loan is typically chosen for its fast approval process and minimal application requirements, making it appealing to those who need immediate cash. While payday loans can offer quick access to funds, it's crucial to be aware of their high-interest rates and short repayment terms which can range from a few weeks to a month. As a result, payday loans are best suited for situations where you can confidently repay the loan on time and in full to avoid any snowballing financial problems.

Best Installment Loan

World Finance

4.90

5 reviews

Installment loans are another common form of short-term borrowing, with peer-to-peer loans standing out as a strong choice. Peer-to-peer (P2P) lending platforms connect borrowers directly with individual lenders, typically through an online service. P2P loans often feature more competitive interest rates in comparison to traditional bank loans, since the services cut out the middleman. Furthermore, they offer predictable monthly payments and longer repayment terms than payday loans. This makes them an attractive option for borrowers who require a more structured repayment plan that fits within their budget constraints.

Best Car Title Loan

TitleMax Title Loans

5.00

92 reviews

Title loans use the borrower's vehicle title as collateral and are typically characterized by their short repayment terms and high interest rates. The best title loans are those that provide fast access to funds with terms that are fair and competitively priced compared to other title loan offerings. These loans are usually chosen by those who need quick cash and have limited access to other credit sources. However, it's essential to be cautious with title loans, as the risk of losing the vehicle in the event of default is significant. The ideal title loan would have transparent terms, manageable interest rates, and options for working out repayment plans in case of financial hardship.

Loan Regulations in Tennessee

Tennessee’s short-term loan regulations have been established to ensure fair lending practices while providing consumers with quick access to cash. The state allows a maximum short-term loan amount of $500. The term of these loans can extend up to 31 days, offering a short-term financial solution for borrowers. When it comes to fees and interest rates, Tennessee permits payday lenders to charge a maximum fee of 15% of the total principal amount. Additionally, there are no restrictions on the annual percentage rates (APRs) that lenders can charge. To qualify for a short-term loan in Tennessee, borrowers generally need to provide proof of income, a valid bank account, and identification. These regulations are designed to balance the immediate financial needs of borrowers with consumer protection.

Short-Term Loan Calculator

Loan Amount:

Loan Term:

day(s)

Interest Rate:

Origination Fee:

Estimated Payment

$327.12

Total Principal Paid: $300.00

Financial Charge: $27.12

Loan Term: 150 day(s)

APR: 22.00%

Get Started

Where to Use Short-term Loan

Individuals who have availed a short-term loan can utilize it for essential services provided by local businesses. This includes medical services for healthcare needs, car repair services for vehicle maintenance, legal services for any legal obligations, funeral services for managing last rites, and appliance services for purchasing or repairing essential household electronics.

Car Accessories

3388 Gemini Drive, Memphis, TN 38109

+1 (901) 344-7929

Car Wash

4219 Riverdale Road, Memphis, TN 38141

+1 (662) 563-4604

Club & Association

175 Toyota Plaza, Memphis, TN 38103

+1 (901) 405-0700

College/University

496 Jack Carley Causeway, Memphis, TN 38113

+1 (901) 678-2000

Community Center

2907 North Watkins Street, Memphis, TN 38127

+1 (901) 357-9891

Fast Food

3215 South Perkins Road, Memphis, TN 38118

Fitness Club & Center

5160 Sanderlin Avenue, Memphis, TN 38117

+1 (901) 672-7142

Government Office

653 Beale Street, Memphis, TN 38103

+1 (901) 577-2047

Hospital

20 Dudley Street, Memphis, TN 38103

+1 (901) 866-1400

Hotel

6101 Shelby Oaks Drive, Memphis, TN 38134

Library

119 South Main Street, Memphis, TN 38103

+1 (901) 578-3499

Movie Theater

630 Hoskins Road Extension, Memphis, TN 38111

+1 (901) 682-7823

Museum

1939 Poplar Avenue, Memphis, TN 38104

+1 (901) 272-5122

Opera House

6745 Wolf River Boulevard, Memphis, TN 38120

+1 (901) 257-3100

Pharmacy

3955 Vantech Drive, Memphis, TN 38115

+1 (901) 290-7822

Table of Content

Best Online Short-term Loans in Memphis
Alternatives to Short-term Loans in Memphis
Loan Regulations in Tennessee
Short-Term Loan Calculator
Where to Use Short-term Loan

Best Online Short-term Loans in Memphis

Best Online Short-term Loans in Memphis

Alternatives to Short-term Loans in Memphis

Best Personal Loan

Best Installment Loan

Best Car Title Loan

Loan Regulations in Tennessee

Short-Term Loan Calculator

Where to Use Short-term Loan

Table of Content

Short-term Loans by State

FAQ

What is a Short-Term Loan?

Can I Get a Short-Term Loan with Bad Credit?

What Are Same-Day Loans?

How Do Short-term Loans Work?

What Do I Need to Qualify for a Short-Term Loan?

How Can I Apply for a Short-Term Loan?

What Are the Risks of Taking a Short-Term Loan?

Find Short-term Loans Near Me

Memphis ZIP Codes