Short Term Personal Loan – Apply Online 2024

Last Updated : Feb. 2, 2024, 3:18 p.m.

Usually, it becomes difficult for an individual to meet his small financial needs for vacation, weddings, buying second-hand 2 wheelers, or any other needs. Borrowing money from friends and relatives has a bad record because ultimately it damages the relations. On the other hand, to fulfill small financial needs you can’t go for a heavy liability of personal loans. Therefore, the only option left with you is to apply for the Short Term Personal Loan. The name says it all, a loan taken for a period of less than 1 year is a short-term loan. The borrowed amount is also nominal and the repayment period is also quick. So, here you can see all the applications available in India that lend short term loans to the needy.

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Short Term Loan Applications

Here, you can go through the short term loan interest rate and all the applications that give you such loans. You can also see other benefits and the loan amount lend by these applications.

Short Term Personal Loan Eligibility Criteria

You will have to be eligible for taking a loan for the short term. If you aren’t eligible then you cannot borrow short term loans. Therefore, you must go through the eligibility criteria that you will have to fulfill before you apply for short-term personal loans.

• You should have a minimum age of 21 years.
• Salaried and Self Employed individuals can get a short term loan but it differs from application to application.
• You should have a stable source of income of more than INR 12000 per month.
• You should have a minimum Cibil Score of 600 and above.
• The applicant must know how to use the application on the mobile phone.

Documents Required for Short Term Personal Loan

If you are using the Short Term Personal Loan App to get a loan then you should know that you will have to submit all the documents digitally. You will have to scan the documents first and then upload them on the app from which you are borrowing the loan. Here are the most important documents you will have to upload to get the loan:-

• Aadhaar Card
• PAN Card
• Salary Slips
• Photograph
• Bank Statement or ITR (if asked)

How to Apply for Short Term Loans

You can apply for the Short Term Loans through the application of the respective lender. You can see the process to apply for the Short Term Personal loan below:-

• Open Play Store or App Store on your mobile phone.
• Search for the Instant Loan App and download the application.
• Launch the application and provide your basic details like name, mobile number, etc. to register.
• After registration, choose the loan amount you are willing to borrow.
• Upload the digital copies of the documents as the app asks.
• After submitting the valid documents and their verification, the loan amount will be credited into your account.

Why a Short Term Loan and not a Credit Card?

Many people think that a credit card can be a better option to meet emergency financial needs. But you must know that if you don’t pay the credit card bill on time then you will have to pay high interest on it. On the other hand. If you have a salary below INR 20,000 then you will not get a very high limit on credit cards. Therefore, in such a salary a short-term personal loan will be a better option because you can borrow a huge amount of funds and meet your financial needs. If you withdraw cash from a credit card, you will have to pay extra charges whereas no charges are there when you turn the short-term loan amount into cash.

Short Term Personal Loan FAQs

1. Which loan is best for the short term?

There are multiple Short Term Personal Loan options available above in the table and all of them are the best in their own way. They have unique offers and benefits so it is difficult to make a one-sided choice. On the basis of your needs, you can choose a loan that will eliminate your financial need. Every short term loan has a different rate of interest, tenure, and loan amount.

2. Can I borrow money for 3 months?

Yes, you can borrow money for 3 months. There are some short-term loans from Paysense, Cashe, Money View, Lazy Pay, and StashFin that give you the option to borrow a short-term loan for just 3 months.

3. Can I get a 1-month personal loan?

Yes, you can get a 1-month personal loan from these apps. The loan will be for a minimum of 3 months but you have the option to foreclose the loan after one month only.

4. What is a short term personal loan?

A loan given by lenders for a tenure of 12 months or less is known as a Short Term Personal Loan. In other words, if you repay the loan within 12 months of its disbursal irrespective of the tenure given by the bank, it is known as a short-term personal loan.

5. Does short term debt affect credit score?

No, the short term debt will not affect the credit score unless and until you skip any EMIs or have a bad repayment history of that loan.

6. What is an example of a short term loan?

A loan that is given for a period of 12 months or less is considered a short term loan. Any loan borrowed from an Instant Short Term Personal Loan app will be an example of a short term loan.

7. Why do people get short term loans?

People get short-term loans to meet their emergency fund needs and it can be sued for marriage, vacation, home renovation, clearing peer’s debt, and many other purposes.