Even if you are one among the few Americans who practice good money management, you might still find yourself in a financial emergency that may require a short term loans.

short term loans

Finding a short term loans only means one thing-getting the money you need on time. The funds can be helpful when you want to solve a pressing financial problem.

Generally, short term loans have a repayment term of between 14 and 30 days. So you don’t have to worry about paying long-term debts. With the funds, you can quickly solve your financial problems and move on.

It can be difficult to repay a loan and at the same time manage your monthly expenses. But this is not the case with short term loans. Since the loans have a short repayment term, you can get back on foot as soon as you clear the debt.  The loans also help consumers to stay financially on schedule since it is directly deposited into the borrower’s account within one business day.

Short term loans for bad credit

short term loans for bad credit

You are probably considering applying for short term loans with bad or no credit history. The good news is that we have lenders in our network who are willing to help. If you want to get an installment loan or bad credit loan, you can start by applying for the loan and wait to find out whether the loan application has been approved.

We work with a large number of lenders within the country. This makes it easier for your loan application to get approved, which is contrary to when you are applying for the loan from one lender.  In fact, we increase your chances of getting approved for the loan, making Oak Park Financial a wise option to consider even when you have bad credit.

Getting a short-term loan with bad credit

Short term loans can be a relief for people with bad credit history. A lot of consumers with bad fico scores apply for the loans. Oak Park Financial and the lenders we work with make it easier for people who need short term loans to get the financing they need.

What are short-term loans?

Short term loans are loans that feature instant approval and have a short repayment term. People with short-term financial issues and those who find it hard to qualify for a bank loan can use the loans to get back on foot.

How do I apply for a short-term loan?

apply for short term loans

It is easy to apply for a short term loans online.  You only need to complete the online application process and get an instant decision. Completing the application successfully means that you are one step closer to qualifying for the funds that you really need. Here is a detailed description of short-term personal loans

Short-term loans online

short term loans online

Most lenders offer short-term loans for amounts ranging from $100 and $1500.  If you are borrowing for the first time, you can qualify for a short-term loan of between $300 and $500. Depending on the lender, the maximum amount for short-term loans can be $1000. As a rule of thumb, always ensure that you are borrowing a small loan amount to increase your chances of getting qualified.

If you require Canada payday loans, we are also the right guys to contact. We work with many lenders within the region who are willing to offer you the cash with flexible loan terms.  With short-term loans online, you will have the chance to get funds to cover your urgent short-term needs even when you have poor or no credit at all.

But even with all the benefits, it is still important to pay close attention to the terms and conditions of the loans and only apply if it is necessary. The loan term can be for several weeks. But most lenders require the funds to be paid in two weeks, except for installment loans that can have a term of up to several years. In order to find a lender who is comfortable with your terms, you have to keep the loan term as short as possible.


The APR for short-term loans, installment loans, payday loans and other loans online can vary significantly. The variations are mainly due to the difference in the loan amount and the loan term.  Before applying for the loan, it is important to know that short-term loans are only offered for a limited period of time, usually 2 weeks.

Financial implications

As stated, short-term loans are specifically used to meet immediate expenses. This means that you shouldn’t apply for the loan if you have any long term commitments.  One of the reasons behind this is that short-term loans are associated with high fee charges. But still, this fee is way less compared to the fees you will have to pay for a bouncing check, late credit card bill or when a utility disconnected.

Impact on credit scores


Short-term and payday loan lenders rely on the information provided by the three major credit bureaus to issue online loans.  Generally, a hard credit check is not performed when issuing out these loans, which means that your credit score will not be affected. Only a soft credit check is performed by some lenders.

However, how you behave with the loan can greatly impact your credit score. For instance, if you pay the loan on time, the information will be reported to the credit bureaus and your credit score can improve. On the other hand, defaulting on the loan or making late payments can affect your credit score negatively.

Short-term loan lenders also use their own criteria when issuing these loans. Most lenders have minimum income requirements which determine whether you can afford the loan repayments. Your payment history for the previous loans may also be considered.

Collection practices

If you default on a short-term loan, attempts to recover the funds are first made by the lender and not Oak Park Financial. Oak Park Financial only works with lenders within our network, we are not lenders ourselves.  Both you and the lender can agree on a flexible repayment plan that you are comfortable with and are willing to adhere to. If these attempts fail, the loan may be forwarded to a third-party collection agency that will also attempt to recover the debt in good faith.

The different types of short-term loans

types of short term loans

Short-term loans are available in two broad categories. These are payday loans and installment loans. Payday loans are also referred to as cash advances. With these loans, the lender will require the payment as soon as you receive your next paycheck.

Installment loans, on the other hand, are paid in equal monthly installments over a period of months or even years depending on the loan term. For both loans, lenders charge a fee that is usually paid with the loan repayments.

Lending made simple

Just like traditional bank loans, your personal information is also required when you apply for short-term loans online. Both parties (the borrower and lender) agree on the loan amount, repayment date and the loan term. Once they reach an agreement, the money is deposited directly into the borrower’s bank account.

Short-term loans can be approved within 24 hours of applying, unlike bank loans where you have to wait for weeks or even months to receive the funds. The waiting period is also determined by the lender, not Oak Park Financial. Not all lenders perform a credit check.

It is only your income that determines whether you qualify for the loan or not. Lenders also have varied methods of determining whether or not you are a ‘risky’ borrower.

Borrowing responsibly

The main use of small personal loans is to cater for emergencies and budget shortfalls. The loans can be a perfect alternative to getting an overdraft and being charged a fee for it.

For instance, you can apply for a short-term loan and avoid the overdraft charges that can be as high as 35 per occurrence.  With short-term loans, you also won’t have to worry about late fees or your credit score dropping.

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